How do we get help with our subprime loan?
My husband bought the house in 2005 before we were married. (we were living together for 6yrs.) His credit score was 620. We had no money down and recieved 12% interest rate and 2 different loans to total the $ 115,000 for the house. We were told we would have to refinance in 3yrs. That would be no problem except in the last year my husband was without a job for 6months (I go to college) and we got 2months behind on the mortgage and had our car reposessed. We have 6 children combined together and are very low income. Now my husbands credit score has dropped significantly and we dont see how we can refinance. We definitly have a “subprime” loan and shouldnt have been granted the loan to begin with. What can we do if anything now after the fact?
Just FYI we dont smoke, dont drink and I am 2terms away from being a nurse and making good money. Also kids cant get jobs as the oldest is 11.
oops forgot one thing. We buy all our clothes at goodwill. mine and husbands as well. and we dont have cable.