Hello Sageliee,
Welcome to Mortgagefit.
Being 7 months behind in your payments means foreclosure. Right now, as you stated, your credit score is low and with so many lates, lenders will not want to refinance you unfortunately. There are a few options.
1- If you can borrow money from family or friends to pay the balance due as of current.
2- You can contact 'www.Acornhousing.com' phone number 888-409-3557 and see if they will be able to communicate with your lender to give you a work out plan.
3-If those are not the options that you are looking for then you can consider a deed in lieu of foreclosure. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender. The principal advantage to the borrower is that it immediately releases him from most or all of the personal indebtedness associated with the defaulted loan. The borrower also avoids the public notoriety of a foreclosure proceeding and may receive more generous terms than he would in a formal foreclosure. Advantages to a lender include a reduction in the time and cost of a repossession, and additional advantages if the borrower subsequently files for bankruptcy.
Hope this helps.
Thanks,
Jean
edited per forum rules
Welcome to Mortgagefit.
Being 7 months behind in your payments means foreclosure. Right now, as you stated, your credit score is low and with so many lates, lenders will not want to refinance you unfortunately. There are a few options.
1- If you can borrow money from family or friends to pay the balance due as of current.
2- You can contact 'www.Acornhousing.com' phone number 888-409-3557 and see if they will be able to communicate with your lender to give you a work out plan.
3-If those are not the options that you are looking for then you can consider a deed in lieu of foreclosure. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender. The principal advantage to the borrower is that it immediately releases him from most or all of the personal indebtedness associated with the defaulted loan. The borrower also avoids the public notoriety of a foreclosure proceeding and may receive more generous terms than he would in a formal foreclosure. Advantages to a lender include a reduction in the time and cost of a repossession, and additional advantages if the borrower subsequently files for bankruptcy.
Hope this helps.
Thanks,
Jean
edited per forum rules
Hello Sagielee,
Do you have an adjustable rate mortgage at present? And was that adjusted recently?
In such a case you may try for the FHA Secure Loan.
Otherwise refinancing appears to be a bit difficult for you. You should talk to your lender immediately and see if he is willing to work out some alternative repayment option with you to make the payments regular.
Do you have an adjustable rate mortgage at present? And was that adjusted recently?
In such a case you may try for the FHA Secure Loan.
Otherwise refinancing appears to be a bit difficult for you. You should talk to your lender immediately and see if he is willing to work out some alternative repayment option with you to make the payments regular.
at seven month behind even an FHA secure wont hlep you the only options are as described by jeanete
