Question : Is it possible to refinance a home with bad credit and no job?
Heres the situation. My mother is a homeowner and has poor credit and is not employed. The house is valued at $400,000+, the remaining balance to pay off is $260,00. She has been turned down a couple of times. So is it still possible for her to refinance or any other options? Thanks.Me and my sister still live at home and pay her monthly to cover the house payment and all bills. We just want to get a lower monthly payment and pay some debts.
- asked by infinite357
All Answers:
Answer #1
what income does she have? how will she pay forthe loan? no creditor will give a loan withoutknowing how they will be paid back.
- answered by freakboynv2000
Answer #2
ideally refinance gives you a longer time topay on the principal. however if your income is not improving then have an honest talkwith your creditors and have a stand by creditor re negotiate the terms of the mortgage.
- answered by howardramclam
Answer #3
It is possible that she will be offered a loan,however the interest rate is likely to besubstantially higher. What is your purpose forrefinancing? Cash out or lower payment. It makesa difference. Since she is unemployed, she won'tbe able to repay the loan. Has she consideredselling the house and purchasing something withthe equity for cash?
- answered by sunrisecitycarpets
Answer #4
There are hundreds if not thousands of websites onthe internet enumerating the ways to apply andreceive home loan when you are plagued with badcredit issues. These sites help consumers with badcredit scores to increase the viability of theirexisting credit scores and set up loans regardlessof their credit history.Companies that specializein bad credit home loans; usually offer a widerange of options for consumers with badcreditBadcredit hasn't stopped them from purchasing a home.There are several programs available for peoplewith bad credit that helps to restore their creditstatus and to live debt free lives.
- answered by melaton m
Answer #5
Why would anyone loan money to someone with no jobAND bad credit? Think!
- answered by shelcom
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