Question : Is it possible to refinance your mortgage to get caught up on bills and late mortgage payments?
we have tried twice to refinance our house through a bank in order to get caught back up on the mortgage payments that we are behind and to do some home repairs, etc however we keep being told no because we are in fact behind several house payments. Is there anyone out there who will refinance you in a situation such as this?
- asked by Donna C
All Answers:
Answer #1
Try out any bank
- answered by gowri s
Answer #2
Go to a lawyer and get a Chapter13, this is acourt action that will not be detrimental to yourcredit because it means you got yourself in a holefinancially but you have all intent to pay. Youend up paying the court a certain amount eachmonth and that way you can keep your home and whatyou have and the bank you owe can't foreclose. Your not the only one in this situation a lot oflenders raised their rates and in doing so madepayments impossible for people to keep up with itsa bad situation but its the best way to get out ofthis one. Also understand you will have to paythe lawyer a couple of grand to file and you haveto take a class online. But once it is done youwill feel a lot better!
- answered by Tapestry6
Answer #3
If you are late on mortgage payments, you are in atough situation. Best get healthy on your backpayments, then talk to the bank currentlyservicing your loan. They are most likely to workwith you, but may have a higher interest rate.
- answered by cbmttek
Answer #4
wehn you refinance you are essentially applyingfor a new mortgage and lenders usually haverestrictions on how many late mortgage paymentsyou could have had in the past year, usually from0 to 3. You should talk to a mortgage broker whocan find a lender that allows more or unlimitedlate payments. Your rate will definitely not bethe best or may not be good enough to refinance.
- answered by shamieya
Answer #5
Refinancing is still a loan that is going torequire good credit and on time payments. If youare behind on your current mortgage and/or otherbills, then you are probably NOT going to findanyone who will do a refinance for you. Sorry,but those are the facts.
- answered by girlfriday
Answer #6
right now it is going to be extra hard to findsome one to refinance your home -- i would rathersee you gather all the family around the table andsay for the next 12 months we are going to get outact together and get out finances in order and todo that we are going to down size -- we are justkeeping what we need and nothing we want -- suchas interent service -- cable tv -- cell phones --and any other nice but not required items --- i amsure you could save enough to get your selves backon your feet!!!
- answered by ed m
Answer #7
Here are three options to explore:1. - Can youborrow the money from somewhere to get yourselfcurrent on your mortgage? FHA will do a loan foryou up to 85% LTV. However you must be able toshow income to support the loan.2. - If this isnot an option your current lender will probably bewilling to enter into a forberance agreement withyou allowing you to spread what you are currentlybehind over a period of time, usualy 12-months.This might not be the answer for you as it soundslike you can't make the payments you havecurrently.3. - Debt consolidation andrestructuring may be the best alternative. If yourcurrent debt payments (non-mortgage) were cut inhalf could you afford to stay current then? If sospeak to a reputable credit counselor to see ifthey can get you involved in a repayment program.It's going to wreak havoc on your credit but itsounds to me like you're past that pointanyway.What ever you decide to do be sure tocommunicate with your creditors. Ignoring theproblem will only make it grow.
- answered by loancareer
Answer #8
yes you can find lenders it looks like you need aforeclosure bailout. and some extra cash to payoff bills. here's aplace that can do this for youASAPwww.directrlendg
- answered by crey r
Answer #9
There isn't an easy answer to this question: itreally depends on a lot of factors not addressedin your note. I'm a broker and in most cases I'vebeen able to assist clients who were behind onmortgage payments. However there is a lot of otherinformation that comes into play. I'd stronglyrecomend talking to a good and honest broker -most of the time brokers have access to programsthat banks can't offer you. Banks have a limitedprogram menu, and if you don't fit theirguidelines they can't lend to you. However abroker has access to many direct lenders thatoffer more specialized programs for specificclients. For lack of a better analogy, when itcomes to mortgages lending a bank might be like aNike store and a broker like a athletic shoestore: if all you want it Nike, go to their store.But if you want a selection beyond Nike, go to thestore with more of a selection. LoL - that's notperfect, but I hope you get my point.
- answered by Chris
Answer #10
Since you're behind on your mortgage as well asyour other bills, it's going to be rough to getfinancing. I suggest you call some mortgagebrokers that work with hard to place financing. Ifthat does not work, you might have to retain anbankruptcy atty in order to stop any actions. Icould assure you you're not the only with thisproblem. Best of luck.
- answered by stan c
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