Financial Information
Is it possible to refinance your mortgage to be taken on the bills and mortgage payments late?
We refinanced our home twice in a bank to try again on mortgage payments, we will be behind you and a few home repairs, but we do not hold so, because we have, in fact, behind the house several payments made to say. Is there someone to refinance you in this situation?
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#2 written by Chris 1 year ago
There isn’t an easy answer to this question: it really depends on a lot of factors not addressed in your note. I’m a broker and in most cases I’ve been able to assist clients who were behind on mortgage payments. However there is a lot of other information that comes into play.
I’d strongly recomend talking to a good and honest broker – most of the time brokers have access to programs that banks can’t offer you. Banks have a limited program menu, and if you don’t fit their guidelines they can’t lend to you. However a broker has access to many direct lenders that offer more specialized programs for specific clients.
For lack of a better analogy, when it comes to mortgages lending a bank might be like a Nike store and a broker like a athletic shoe store: if all you want it Nike, go to their store. But if you want a selection beyond Nike, go to the store with more of a selection. LoL – that’s not perfect, but I hope you get my point.
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#4 written by loancareer 1 year ago
Here are three options to explore:
1. – Can you borrow the money from somewhere to get yourself current on your mortgage? FHA will do a loan for you up to 85% LTV. However you must be able to show income to support the loan.
2. – If this is not an option your current lender will probably be willing to enter into a forberance agreement with you allowing you to spread what you are currently behind over a period of time, usualy 12-months. This might not be the answer for you as it sounds like you can’t make the payments you have currently.
3. – Debt consolidation and restructuring may be the best alternative. If your current debt payments (non-mortgage) were cut in half could you afford to stay current then? If so speak to a reputable credit counselor to see if they can get you involved in a repayment program. It’s going to wreak havoc on your credit but it sounds to me like you’re past that point anyway.
What ever you decide to do be sure to communicate with your creditors. Ignoring the problem will only make it grow.
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#5 written by ed m 1 year ago
right now it is going to be extra hard to find some one to refinance your home — i would rather see you gather all the family around the table and say for the next 12 months we are going to get out act together and get out finances in order and to do that we are going to down size — we are just keeping what we need and nothing we want — such as interent service — cable tv — cell phones — and any other nice but not required items — i am sure you could save enough to get your selves back on your feet!!!
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#6 written by girlfriday 1 year ago
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#7 written by shamieya 1 year ago
wehn you refinance you are essentially applying for a new mortgage and lenders usually have restrictions on how many late mortgage payments you could have had in the past year, usually from 0 to 3. You should talk to a mortgage broker who can find a lender that allows more or unlimited late payments. Your rate will definitely not be the best or may not be good enough to refinance.
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#9 written by Tapestry6 1 year ago
Go to a lawyer and get a Chapter13, this is a court action that will not be detrimental to your credit because it means you got yourself in a hole financially but you have all intent to pay. You end up paying the court a certain amount each month and that way you can keep your home and what you have and the bank you owe can’t foreclose. Your not the only one in this situation a lot of lenders raised their rates and in doing so made payments impossible for people to keep up with its a bad situation but its the best way to get out of this one. Also understand you will have to pay the lawyer a couple of grand to file and you have to take a class online.
But once it is done you will feel a lot better! - Comment Feed for this Post
Since you’re behind on your mortgage as well as your other bills, it’s going to be rough to get financing. I suggest you call some mortgage brokers that work with hard to place financing. If that does not work, you might have to retain an bankruptcy atty in order to stop any actions. I could assure you you’re not the only with this problem. Best of luck.