bgspoiled, Home Owner in South San Francisco,...

have a huge amt of credit card debt. not behind in mortgage payments. due to low credit score unable to get a low mortgage rate. 6.375 currently

Asked by bgspoiled, South San Francisco, CA Wed Apr 24, 2013

considering chapter 13. share the 1st and 2nd mortgage with domestic partner. are we going to be stuck with this interest rate and not qualify for a lower interest rate because of credit score being low???

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Answers

6
have you try Making Home Affordable Program (MHA) is an Obama Administration's comprehensive plan to stabilize the U.S. housing market by helping homeowners get mortgage relief and avoid foreclosure.

This program is free You can go to http://www.makinghomeaffordable.gov/programs/Pages/default.aspx
to find out more.
0 votes Thank Flag Link Thu May 9, 2013
Impossible to answer without knowing your credit score, equity position, etc. I'd be happy to help but need more info.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Wed Apr 24, 2013
I agree with the others...you need to speak with an attorney. If you want to get a home, perhaps it's time to stop spending on credit, and pay down some debts....
0 votes Thank Flag Link Wed Apr 24, 2013
Not sure how low your credit score is, but assuming you have equity, I would suggest contacting a mortgage broker (one that represents many banks, rather than a direct lender whom only represents one lender). There are many different loan options including FHA, I am pretty sure one will fit your needs. Another option would be to apply for a loan modification. This will take perseverance but might me possible. Contact me if you need names of mortgage brokers.
good luck!
0 votes Thank Flag Link Wed Apr 24, 2013
6.375 is not a high interest rate. I don't know how much debt you have or how much you earn, but bankruptcy should be taken very, very, seriously. You're going to need the advice of an BK attorney for sure.
0 votes Thank Flag Link Wed Apr 24, 2013
I would suggest you talk with a BK attorney for advice and also a mortage banker first. If you eliminate the CC debt, you will have a BK and most likely wont be able to refi because of your credit.

Good luck,

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0 votes Thank Flag Link Wed Apr 24, 2013
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