Posted on: 14th Dec, 2009 08:09 pm
i lost my job, and my husband and i have fallen behind in everything and cannot catch up. we have a son in college, and a daughter getting married in the spring. i have since found full time work, but had to take a significant pay cut and work less hours. we are hard working honest people and are tired of being treated like less. isn't there any place we can turn to to help us? we would like to refinance with cash out to bail ourselves out and start over. we are willing to work with someone if they are willing to work with us. we live in naperville il.
nobody these days is willing to take on that kind of risk. your two lates in recent history are a deal-killer. i'd venture to guess that a hard-money lender (read atrocious interest rates) might take a flyer, but no "reasonable" lender would touch it.
What is your equity in the property like? also have you considered a loan mod? Might be a better option for you than a refinance.
That said, there are plenty of places to get online refinance quotes - there's one in my sig if you want to check it out. Sounds like income is going to be your main stumbling block - how long are you paying the mortgage off over? could you extend the repayemnt term to reduce your payments?
That said, there are plenty of places to get online refinance quotes - there's one in my sig if you want to check it out. Sounds like income is going to be your main stumbling block - how long are you paying the mortgage off over? could you extend the repayemnt term to reduce your payments?
Our balance on our first mtg. is 18,000 and the property is worth about 230,000 to 240,000 but have not had an inspection. Just going by Google satelite and other sites. So, we also have a 2nd mortgage of $50,000 that we would like to get out from under. So that leaves a little equity in the house. Our daughter is getting married and we will have our son's tuition next year for his senior year in college. I have aquired a raise at work, and am able to pick up more hours to come close to 80 hrs. per week. I am also ernestly looking for a 2nd job to suppliment our income and to help get above this storm. Who will help us with this? Are there any financial groups out there willing to take a chance on us? They will not be sorry, as we are desperate.
Hi Su!
Welcome to forums!
You can speak to your current lender and apply for a refinance. The lender will approve you for a refinance depending upon your income, credit score, debt to income ratio, etc. If you meet the required criteria of the lender, he will definitely refinance the mortgage. You can even seek a no obligation free mortgage consultation from the lenders of this community. This may help you know whether or not you would qualify for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can speak to your current lender and apply for a refinance. The lender will approve you for a refinance depending upon your income, credit score, debt to income ratio, etc. If you meet the required criteria of the lender, he will definitely refinance the mortgage. You can even seek a no obligation free mortgage consultation from the lenders of this community. This may help you know whether or not you would qualify for a loan.
Feel free to ask if you've further queries.
Sussane
with the updated details, it may be easier to say you have a moderately decent chance at refinancing. your equity sure seems to put you in better shape despite the lates, and one thing i didn't mention earlier that i usually do is that there are often community-type banks who do portfolio lending and don't kowtow to the secondary market's requirements. if one is anywhere near your location, you might just squeeze through with a decent rate there. in addition, if you have a local credit union with whom you can establish membership, that might be a good source. many credit unions are also portfolio lenders with reasonable interest rates.