10-31-2007, 02:09 PM
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#1 |
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Piggy Bank
Join Date: Jul 2006
Posts: 63
Rep Power: 6  |
3 Year Arm is Up, Need Mortgage Refinance with Poor Credit?
Three years ago, my parents got caught up in the sub-prime market and signed 2 mortgages, one with a 3 year arm and is an interest only 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 payment will rise significantly. They can't afford this and are contemplating foreclosure. They tried 6 companies and no one will help. Does anyone have any advice on who can refinance a loan with poor credit?<br />BTW, the house is located in castle rock, colorado and there is no equity in the house or they would have sold it. They refinanced the second loan a while back to borrow money and have used up what small amount of equity there could be since the market has been so bad.<br />
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10-31-2007, 02:09 PM
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#2 |
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Greenhorn
Join Date: Jul 2006
Posts: 16
Rep Power: 0 |
3 Year Arm is Up, Need Mortgage Refinance with Poor Credit?
www.naca.com
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10-31-2007, 02:09 PM
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#3 |
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Greenhorn
Join Date: Jan 2007
Posts: 8
Rep Power: 0 |
3 Year Arm is Up, Need Mortgage Refinance with Poor Credit?
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. |
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10-31-2007, 02:09 PM
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#4 |
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Greenhorn
Join Date: Jul 2006
Posts: 16
Rep Power: 0 |
3 Year Arm is Up, Need Mortgage Refinance with Poor Credit?
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 |
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