Posted on: 16th Apr, 2009 06:18 pm
i filed ch13 then coverted to 7. in june it will be 2 years. what do i need to do to prepare for refi. i have excellent history for the past three years but my fico score is only 590. is ther a chance someone will refi me. right now my rate is 11.25. im paying 874 a month and that doesnt include my taxes and insurance. for a 90,000 loan. i know its ridiculous but the killer is i dont live in the house. my new wife bought our house in her name and the rental is costing me money monthly. the market is too bad to sell it right now and im scared of messing up my credit any more. the most i could get for the rent is 750. so im in a bad spot right now. i just want to refi so at least it pays for itself. i hear conventional loans require at least three years out of bk and fha 2 but my credit isnt good enough for either. what can i do to get back in a good situation. i even tried a lender. they went through all the motions and i was out of pocket 425 for a inspection. i know it sounds like a mess. i tried goverment programs but they are saying that i need to be behind to help at all. all this came about because of a divorce. is there any programs that will at least lower my payment/ rate
I dont know of any programs off hand that can help you. If it was your primary I could have helped you with an FHA loan. I can do loans as low as a 500 credit score with no mortgage lates. Unfortunateley this is an investment property, and FHA only allows for primary.
Your best bet would be to call your current lender and see what they can do in terms of a modification.
Your best bet would be to call your current lender and see what they can do in terms of a modification.
thanks for your response. however i did not know it was possible to refi with no late pay with a credit score as low as 500. trust me im desparate so need more info. is it at all possible for me to talk to you in person.
hi
the situation you've described here is indeed messy. with the way the market is, hardly any lender would want to refinance your loan, unless you improve your credit score. there's little i can do to help you. but i think you can seek a no-obligation free consultation with the lenders participating in this community and see if any of them can help you with a refinance.
the situation you've described here is indeed messy. with the way the market is, hardly any lender would want to refinance your loan, unless you improve your credit score. there's little i can do to help you. but i think you can seek a no-obligation free consultation with the lenders participating in this community and see if any of them can help you with a refinance.