Posted on: 21st Oct, 2009 05:10 am
we are behind on our land taxes and our monthly morgage note and are facing forecloser i am wanting to refinance at a fixed % rate can we do this?it is a 1976 model moble home with a front add on room added to it.
Hi trlalumandier!
Welcome to forums!
As you are delinquent on your mortgage payments, lenders won't be ready to refinance the loan in your name. If you want to refinance the loan, you will have to bring the loan current.
In my opinion, it would be a better option to ask for a loan modification from your lender. This may help you make your loan payments affordable to some extent as the lender may reduce your interest rate for paying off the monthly dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you are delinquent on your mortgage payments, lenders won't be ready to refinance the loan in your name. If you want to refinance the loan, you will have to bring the loan current.
In my opinion, it would be a better option to ask for a loan modification from your lender. This may help you make your loan payments affordable to some extent as the lender may reduce your interest rate for paying off the monthly dues.
Feel free to ask if you've further queries.
Sussane