Can you tell me if someone who is having challenges with credit, late a few months on the mortgae can still?

Asked by Agent, Orlando, FL Tue Jul 1, 2008

get a refinance just to get back on track with a fix rate.

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Vicky Chrisn…, , 20176
Tue Jul 1, 2008
This came from the Federal Reserve Meeting yesterday: The Senate voted 83 to 9 to consider authorizing the Federal Housing Administration (FHA) to help troubled borrowers refinance into more affordable loans if their bankers agree to forgive a portion of their debt.

Sounds promising, but being already behind you must start talking quickly.

Also consider calling - 1-888-995-HOPE A HUD-approved counselor affiliated with the non-profit Homeownership Preservation Foundation is available 24/7 to help you examine options. These counselors will help you understand opportunities that might be available to you to help save your home; and they’ll even talk to the bank on your behalf. NeighborWorks

A short sale may be another option, but consider it carefully.
1 vote
PoincianaHome, , Poinciana, FL
Wed Jul 2, 2008
Two recommendations:

1. Go to you local, community bank or credit union and ask about HUD loans.
2. Get a copy of your credit reports immediately. (See our "Web References" below to start.)
0 votes
Tue Jul 1, 2008

It depends on a few things....

Do you know what your current FICO (credit) scores are? What is the current mortgage balance on the home? How much is the property worth in today's market? Was the cause of the late payments due to an Adjustable rate mortgage adjusting? Send me an email at and I will see if there is anything that we can do.

Thank you,

Tino Muratore
0 votes
Shonda Campa…, Agent, Jacksonville, FL
Tue Jul 1, 2008
My suggestion would be to talk to your current mortgage company and explain to them what is going on. They may be willing to work with you. With all the short sales and foreclosures going on we are seeing more lenders willing to work with their clients to prevent this.
0 votes
Mott Marvin…, Agent, Sunny Isles Beach, FL
Tue Jul 1, 2008
I'd say usually not; especially in this market. The value of the subject property that you would be doing the re-fi on is probably already beyond the acceptable LTV. BUT,when there is a will- there is a way.

Good Luck!
0 votes
Scott Roberts, , Olympia, WA
Tue Jul 1, 2008
It will (mostly) depend on your aggregate credit score. Contact a mortgage professional near you.
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0 votes
Mark Roncone, , Naperville, IL
Tue Jul 1, 2008
Maybe. Contact Tino Muratore at He may be able to help!
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