Posted on: 11th Dec, 2008 09:40 am
Are there agencies that will refinance my mortgage with a credit score below 500?...I am currently behind on my mortgage b/c I lost my job last year. I am working again, but unable to bring my mortgage current. I need some assistance with my mortgage. I have reached out to orginazations that I could find onling but no one has been able to assist me.
Good Afternoon WendPerry
you will need to do a loan modification.
An attorney can help you with this as they can help you renegotiate your terms for your current loan. Please post back if you have any questions
thanks
robert
you will need to do a loan modification.
An attorney can help you with this as they can help you renegotiate your terms for your current loan. Please post back if you have any questions
thanks
robert
Hi wendyperry!
Welcome to forums!
In today's market situation, I think it is impossible to get a refinance with a credit score below 500. Even FHA needs a minimum of 580 credit score. I agree with Banker here. You should speak to your lender and look for a loan modification. In a loan modification, the lender will offer you a alternative repayment plan to pay off the debt. You can also check out the option of forbearance. In this process, the lender will either reduce or suspend your payments for few months depending upon your situation. The lender will also give you a repayment plan.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
In today's market situation, I think it is impossible to get a refinance with a credit score below 500. Even FHA needs a minimum of 580 credit score. I agree with Banker here. You should speak to your lender and look for a loan modification. In a loan modification, the lender will offer you a alternative repayment plan to pay off the debt. You can also check out the option of forbearance. In this process, the lender will either reduce or suspend your payments for few months depending upon your situation. The lender will also give you a repayment plan.
Feel free to ask if you have further queries.
Sussane
