3 Year Arm is Up, Need Mortgage Refinance with Poor Credit?
Tags:castle rock colorado, interest only loan, poor credit, sub prime market, variable rate,
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Three years ago, my relatives got held up in a sub-prime marketplace as well as sealed 2 mortgages, a single with a 3 year arm as well as is an seductiveness usually loan. The 3 year arm is roughly up as well as they were told by countrywide which they will be switched to a non-static rate as well as a monthly remuneration will climb significantly. They can’t means this as well as have been considering foreclosure. They attempted 6 companies as well as no a single will help. Does any one have any recommendation upon who can refinance a loan with bad credit?
BTW, a residence is located in palace rock, colorado as well as there is no equity in a residence or they would have sole it. They refinanced a second loan a whilst behind to steal income as well as have used up what tiny volume of equity there could be given a marketplace has been so bad.
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Which companies did they check with? Were they big name banks? This might be a situation where a mortgage broker may come into play. Is there any equity in the house? I’d be happy to look at the situation for you if you’d like. I would just need to know a little more information such as what state you’re in, what’s wrong with 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 has 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 help your parents.
Good luck.
http://www.naca.com
try Mycommunity or FHA….you maybe able to do the financing if there’s not credit lates in the4 last 12months.
a problem that you may have is that it will be a refinance cash out……if you took out the 2nd loan after the first loan