Is there a loan company out there anywhere that refinances under 500 credit score to stop foreclosure?

Question by loveystar1: Is there a loan company out there anywhere that refinances under 500 credit score to stop foreclosure?
I am in need of refinancing our home. We are currently almost 2 months behind on our mortgages. We stopped the foreclosure in October but are headed that way again if we don’t find a way to refinance. When we stopped the foreclosure in October we thought it was paying for Novembers payment too but it wasn’t so we were behind a month again right off the bat. We have a first and second mortgage we want to consolidate them. We also have an adjustable rate mortgage that is killing our finances. We filed bankruptcy almost 7 years ago. This is my dream home and don’t plan on leaving it until I go in a box in the ground. If anyone knows anything that would help I would be very greatful.

Best answer:

Answer by laura D
Yes, there are people who do that, but your rate will be 14% or way more.

Know better? Leave your own answer in the comments!

13 Comments/Reviews

  • Carlos Cruz says:

    There are companies that can help. However you may be better off attacking your issue by resolving your credit issues so that you can raise your credit score. It sounds as though you are going in circles.

    The link below can offer many answers to your questions.

  • koifishlady says:

    mortgage payments are usually a month behind. get out from that adjustable rate. i think you would have a hard time obtaining a loan from a lender right now. can you or your spouse get another job.

  • northcountry57 says:

    been there, done that… my problem was with a lousy mortgage company but the end result was the same. i don;t have a second mortgage though. i went through so many of the brokers who all promised they could refinance my house only to have them all fall away. my credit was mid 500’s when i started. i ended up in a chapter 13 bankruptcy to save my house when every loan promise fell through and i was a week away from the auction block. act now and either sell while you may still be able to get some equity out or sell to a family member who will either rent back to you or sell back to you on a land contract or something (not usually a real situation unfortunately). check with a bankruptcy attorney and see if there is a way to go that route, but going that way you have to be able to afford the payments plus payments on all your other debts as drawn up in the chapter 13 plan. good luck, i hope things work out for you!

  • The King says:

    hi

  • plzpatience says:

    Thesedays “Foreclosure Service Company” dose everything for you. After you answer simple questions then based on the information they find the best solution for you and of course that’s free. I think it’s worth to try because that’s free for home owners.

  • mary s says:

    You need to speak with Frank at

    http://www.refn.citymax.com.
    He has 30 years experience in this area and can definitely help you. Or you can call him directly at 866-728-8587 or 919-373-4120. He save my house and I’m sure he can save yours

  • britt_alex22 says:

    hello

    if you send me an e-mail so i can get some more info from you i might just be able to help you with your sitiation.

  • jack says:

    i think that the below website will help you to find the right solution

  • Robert says:

    Yes, there is help for your situation. Contact me at nebula7693@yahoo.com I have resources who can help you.

  • Mitch says:

    Less than a year ago I bought my first home through pricelinemortgage.com. They are owned by a brick and mortar bank (Evergreen bank, think it’s based out of Washington State). I live in NJ. I went through multiple lenders looking for a prequalify and comparisons.

    My situation may be different but I want to let you know that they (priceline) were EASILY the best mortgage rate and the whole process was seriously painless. I do not know what they have to offer someone in your situation but please make a call to their people. There is no stupid fees to talk to them, I only paid a small fee for the application process when I knew I would commit to them. I have zero regrets and am very satisfied with my outcome (30 year convential loan), they undercut everyone’s rate with NO HASSLES and they were by far the LOWEST CLOSING COSTS. I saved at least $ 20,000 over the course of the loan by saving on interest and closing costs, house was purchased for less than $ 150,000 that is saying a lot!

    You mentioned foreclosure of course and I am assuming you have at least one lien against your property? If you do or are not sure make sure to contact your local municipality tax office to know where that stands.

    I work in the property tax field for closings in NJ, usually foreclosures also have liens, but not always.

    Also if you start getting offers you are interested in, please also checkout bankrate.com for their mortgage calculator section, it’s dead on accurate if you know a few basic facts and you can look at scenarios/comparisons.

    Good luck, homeownership is one of the greatest material joys in this life, I could imagine how you feel.

  • Joseph C says:

    you was supposed to get a one month defferal, some lenders will do it, and if you almost went into foreclosure 5 months ago and about to again, dont you think you would be better off selling the home. or have a family member with good credit buy the house from you and you still make the payments. i can assist you with the refinance if you like. i just close a deal with a 473 fico with $ 138k cashout. you can reach me at you have my first name and the c is for codner @yahoo.com

  • healthspot_2000 says:

    Well, since you didn’t refinance b4 your loan adjusted, you need to talk to a hard money lender. But go through a mortgage broker to let them handle that.

  • girlwhoknowsitstrue says:

    Try prosper.com – if you’re decent you can get a loan – you’ll pay alot, but it’s unsecured debt.

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