Question by alldayworker: refinance what a struggle?
I am having a horrible time trying to refinance my current mortgage.Here is my issue, i amd in a intrest only mortgage that i want to refinance under the current rates to a principal and intrest, i owe 419000 but i have the cash to buy it down to be under the 417000 rate. My current bank that holds the mortgage is saying because i was late and have other loans under my name they wont refinance it. My credit union started to refi it and they ran my credit report because i was late about 4 months ago they reported it now my credit rating went from 680-690 to low 603. I added my wife to the refi so we can refiance we both make enough to pay the loan i am current on all my car loans and my mortgage is current i explained to the credit union i was late by 2 days about 4 months ago because of a issue i could not avoid. They dont care and now im struggling to refi and how come the 3 credit report companies rate my score from in the 550 to 650 and my wife who has a collection against her from a bill she refuses to pay she has ratings from 550 to 692 this rating stuff is bogus attempt to screw people up. I have over 20 k in the bank cash and i have over 250 k equity maybe more in my home and still they dont care what is your advise to help me refiance i always been given a loan in a week now its just impossible what should i do help please.
Best answer:
Answer by debijs
~~There are literally hundreds of people in your position. Because of the economy, most people don’t have steady income and have bad credit ratings as a result of that.
President Obama said last week there is going to be help for people who have credit problems due to the economy which will allow refinancing their homes to lower their payments. However finding a lender who has clue about any of this has been impossible so it’s a merry-go-round for the consumer!
I wrote to the task team about this on www.whitehouse.gov Hoping for an information line on who to contact to get a lending company’s number under this program. I have yet to receive a reply.
Please go on the website and relay your situation. It may help to urge them to get this info to the public quicker when they keep getting the same question put to them. It has been extremely frustrating. You may also be able to locate the information on the website, maybe I’m just not seeing it. I just hope help information is given quickly because it is a frustrating and stressful situation to live in and try to deal with.
I will save your question and send you any info I find or get answers on. Please do the same for me! I feel your frustration, so maybe we can all help each other!~~
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