Question by Chad G: How can I get refinanced with a bad credit score?
I have been facing foreclosure since March. I have been getting 30 day late marks on my credit since Dec. and now I am getting 60 day late hits. I have talked to my mortgage company and they have set me up with a loan adjustment program, but while I am doing this it is still giving me 60 day late hits on my credit. I’ve tried to refinance thru another company because, apparently, my mortgage company doesn’t refinance but I’m being turned down because of my 527 credit score and my late payments with my mortgage. I haven’t made any late payments since March when they started the loan adjustment, but I am still delinquent 2 house payments. Is there any company out there that can help me refinance? How can I fix my credit score if I can’t get out of being delinquent 2 payments? Or any other advise is appreciated.
Best answer:
Answer by Judy
With a score that low, no legitimate lender is going to offer a refinance. Sounds like your mortgage company is working with you with the loan adjustment program. About all you can do to fix your credit is try to get caught up on your payments – not easy, I realize.
Good luck, and don’t fall any further behind.
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With a 527 you’re probably not going to have much luck no matter where you go. My company no longer lends to people with below a 640 with low LTV or a 680+.
Credit scores range from 450-850 so a 527 is not good. If you can’t catch up on the two months of payments you’re behind, the bank will probably take your house soon. Whenever you first made a late payment, I would’ve gone out and gotten a second job to get those payments in-line ASAP. You can still do that, ask the bank for an extension before foreclosing- and go get a second job, weekend job, night job, anything to make up those payments.
There are no excuses in this market and you can get a silly job for a few months anywhere. My mom works 3 jobs to make the mortgage payments.
My company will take a 580 but very circumstantial. They will always show those late payments because you were late. Pay on time from here on out & maybe you can build up your credit score. Have you considered selling the house?