The answer is - yes you can get financed again, BUT..... you must get out of this deal with your credit as is. My advice is to find someone that is into "short sells" and let them take the house off your hands and buy a smaller, cheaper home. One within your budget.

Or, you might consider just finding someone to take over the notes for you. Of course, the home will no longer be mortgaged in your name. They have investors that do that "walk away" thing whereas they give you enough money to move and you simply "walk away". If you can't find anyone to help you with finding such investors, get back to me and I'll give you a lead or two.

Once you're out of the deal, the other part will be fairly easy.

Khazeem Asadullah

info@serapisdebtservices.com

Fri Mar 28 2008, 16:50

call your lender
try to get a fixed rate
keep the house
not a good time to sell

anyways

good luck

Fri Mar 28 2008, 15:32

The big question is how many times have you been late? Once can be handled. Many times is a huge problem. A co-signor does not change credit, but adds stability. By the way, I am assuming you are referring to be over 30 days late as that is all that counts. Go on line to your current lender and see how many times over 30 you havfe been late,

I work for a conservative company, but I think most lender today would follow what we do. Once not so bad, more than once in a year, it would be the kiss of death.

Sally W.Hamby, Sunshine Mortgage, Atlanta, GA

Fri Mar 28 2008, 14:25