I own a home that I have at least $100,000. equity in it. My interest rate is at 6.% right now and I have terrible credit. I do have a monthly
pension that is guaranteed for the rest of my life and would like to know if there is any chance of me refinancing my home with the terrible credit that I have right now? I have never claimed bankruptcy but I was behind on most of my bills for quite some time and have been slowly getting them caught up. I joined a debt consolidation program to get my credit card debts paid but they told me it would take at least 6 months before it starts making any kind of impact on my credit. I was off work for quite sometime and this got my bills real behind until my job place recently pensioned me out for life I would like to get some equity out of my home but don't know if my bad credit would make it impossible for me to do.
Teresa,
My first thought is what is horrible credit? We are always a lot harder on ourselves and you may still have a do able situation. second thought is did you get behind on your mortgage? Have you contacted your current lender to see if a modification is available? these are some some quick thoughts. Please feel free to get back to me!
Hi, Teresa
If you're in a FHA or VA loan you can still possibly refinance now. So long as you've not been 30 days or more late on your mortgage within the last 12 months and your scores is still above 620, you will be find. FHA and VA rate refinance only look at your mortgage history. Hope this helps you.
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