3 Year Arm is Up, Need Mortgage Refinance near Poor Credit?
Three years ago, my parents got caught up within the sub-prime market and signed 2 mortgages, one with a 3 year arm and is an interest with the sole purpose loan. The 3 year arm is almost up and they were told by countrywide that they will be switched to a variable rate and the monthly money will rise significantly. They can't afford this and are contemplating foreclosure. They tried 6 companies and no one will help. Does anyone hold any advice on who can refinance a loan with poor credit?
Answers:
try Mycommunity or FHA....you maybe competent to do the financing if there's not credit lates in the4 last 12months.
a problem that you may own is that it will be a refinance cash out......if you took out the 2nd loan after the first loan Source(s): http://carolinahomerates.com
www.naca.com
Which companies did they check beside? Were they big name banks? This might be a situation where on earth a mortgage broker may come into play. Is there any equity in the house? I'd be thrilled to look at the situation for you if you'd like. I would just entail to know a little more information such as what state you're in, what's wrong beside their credit, what's their credit score, how much do they owe and the value of the home. If that doesn't work I know Countrywide have several programs to help out. My daughter works in their servicing dept. If you want you can email me the information and I'll see what I can do to minister to your parents.
Good luck. Source(s): 22 years lending experience
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Answers:
try Mycommunity or FHA....you maybe competent to do the financing if there's not credit lates in the4 last 12months.
a problem that you may own is that it will be a refinance cash out......if you took out the 2nd loan after the first loan Source(s): http://carolinahomerates.com
www.naca.com
Which companies did they check beside? Were they big name banks? This might be a situation where on earth a mortgage broker may come into play. Is there any equity in the house? I'd be thrilled to look at the situation for you if you'd like. I would just entail to know a little more information such as what state you're in, what's wrong beside their credit, what's their credit score, how much do they owe and the value of the home. If that doesn't work I know Countrywide have several programs to help out. My daughter works in their servicing dept. If you want you can email me the information and I'll see what I can do to minister to your parents.
Good luck. Source(s): 22 years lending experience
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