Posted on: 19th Jan, 2008 07:49 am
our mortgage payment is very high, we are on-time with our payments every month with the exception of a payment extension mid-last year. our issue is the payment is so high that our other payments cc's, personal loans etc. are not gettting paid thus lowering our credit score. i'm not sure what it is right now, but would estimate it to be very low. we have a pre-payment penalty on our mortgage until june of 08, do you think we should try to refinance at that time? or do you think because of our score it will nto make much difference?
thanks,
lynn
thanks,
lynn
Do you know what your credit scores are? What is the value of your home and what do you currently owe?
I'm not sure what our credit score is I'm thinking that it's pretty low maybe in 400's. The value of our home is about 220,000.00 and our current mortgage is 196,000.00
Hi Lynn59,
Unfortunately with your credit score you wont be able to refinance the home. If you are sure that you can't afford the credit card payments, you might want to look into counsumer credit counseling or bankruptcy. Then after a year to two, refinance at that time. If you are able to bring the payments current and still make your mortgage payments on time, of course that would be the ideal way of bringing up your score.
Unfortunately with your credit score you wont be able to refinance the home. If you are sure that you can't afford the credit card payments, you might want to look into counsumer credit counseling or bankruptcy. Then after a year to two, refinance at that time. If you are able to bring the payments current and still make your mortgage payments on time, of course that would be the ideal way of bringing up your score.
The previous post was from me. I was not logged in
it is probably worthwhile for you at this time to review your own credit and purchase the scores (about $30). this way you are armed and ready to head to a lender (assuming they are on the north side of 500) and ask about refinancing.
you are not necessarily out of luck, though the more late payments you make, the lower your score is likely to decline.
you are not necessarily out of luck, though the more late payments you make, the lower your score is likely to decline.
