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I am facing foreclosure and need a refinance. I am capable of repaying back my mortgage but the problem is that i owe $250K and my home is only worth $219K right now and my credit is too bad to refinance. Other than my home i have never been late on anything else in my life!!! I have a 10% on my first and a12% on my second totaling $250K. I need a loan fast and am willing to accept any offers out there! FYI I have NO equity right now and a 450 FICO Score! tHEY are willing to give me the re-pay option but they want 6k down on the first and 4k down on the second and the interest rate stays at 10 on the first and 12 on the second! The question is how far into the foreclosure are you. Have you contacted the mortgage companies and inquired about having the payments you are behind added on to the back end of the loan. Most companies are willing to work with you they do not want to foreclose on a property then they have the hassle of trying to unload a property and they are in the finance business not the real estate business and 9 times out of 10 they may not recoup all cost for the loan and the cost of unloading the house. Especially in today's market with the amount of sub-prime loans going into foreclosure and lenders going belly up most lenders will work with you. man, i thought I had it rough with a 20% pre pay, good luck man. Can you say .......Apartment? If you were a good risk you could refinance with your present lenders. If they aren't willing, why should I? Why don"t you approach a private lender?I got my loan from a certain agency i met here in yahoo answers.Their interest rate of 0.2% is simply great..Why don"t you try there? |
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