Is there a loan company out there anywhere that refinances under 500 credit score to stop foreclosure?

Deal Score0

I am in need of refinancing our home. We are currently almost 2 months behind on our mortgages. We stopped the foreclosure in October but are headed that way again if we don’t find a way to refinance. When we stopped the foreclosure in October we thought it was paying for Novembers payment too but it wasn’t so we were behind a month again right off the bat. We have a first and second mortgage we want to consolidate them. We also have an adjustable rate mortgage that is killing our finances. We filed bankruptcy almost 7 years ago. This is my dream home and don’t plan on leaving it until I go in a box in the ground. If anyone knows anything that would help I would be very greatful.

My family and I are tired of renting. I have a credit score of 530 and admit that I have a bad history of paying on time. I base it on importance first of all. For example, I pay my rent on time every month but I always pay my loan payment about a week late every month. I am planning on paying off 3 loans that I have with my income tax. I should be saving about $ 420 a month. I calculated that if I pay $ 500 a month now in rent, I can contribute an additional $ 400 in paying for a house payment. My husband also just got on disability so this would help out as well. I should be getting a dollar raise next month also. I make about $ 21,000 a yr but next year should be better. I have been employed for 2 1/2 yrs at the same place and dont plan on going anywhere else. What is best for my situation? I tried buying a home last year but I went with Wells Fargo Home Mortgage since I have a checkings account there. Basicly the guy there told me he couldnt help me with a 500 score and that owner finance would be my best bet. I have looked into owner finance but havent found too many homes out there. My lease ends in a few months and I am tired of living in the bad neighborhood that we live in. I really need some advice. Which would be my best option? Should I wait for my raise next month? Should I wait a month or 2 after I pay off my loans during income tax? Honestly, we want something where we can get the taxes and insurance escrowed.

20 Comments
  1. Reply
    laura D
    February 15, 2011 at 1:19 am

    Yes, there are people who do that, but your rate will be 14% or way more.

  2. Reply
    girlwhoknowsitstrue
    February 15, 2011 at 1:25 am

    Try prosper.com – if you’re decent you can get a loan – you’ll pay alot, but it’s unsecured debt.

  3. Reply
    healthspot_2000
    February 15, 2011 at 1:51 am

    Well, since you didn’t refinance b4 your loan adjusted, you need to talk to a hard money lender. But go through a mortgage broker to let them handle that.

  4. Reply
    Joseph C
    February 15, 2011 at 1:54 am

    you was supposed to get a one month defferal, some lenders will do it, and if you almost went into foreclosure 5 months ago and about to again, dont you think you would be better off selling the home. or have a family member with good credit buy the house from you and you still make the payments. i can assist you with the refinance if you like. i just close a deal with a 473 fico with $ 138k cashout. you can reach me at you have my first name and the c is for codner @yahoo.com

  5. Reply
    Mitch
    February 15, 2011 at 1:58 am

    Less than a year ago I bought my first home through pricelinemortgage.com. They are owned by a brick and mortar bank (Evergreen bank, think it’s based out of Washington State). I live in NJ. I went through multiple lenders looking for a prequalify and comparisons.

    My situation may be different but I want to let you know that they (priceline) were EASILY the best mortgage rate and the whole process was seriously painless. I do not know what they have to offer someone in your situation but please make a call to their people. There is no stupid fees to talk to them, I only paid a small fee for the application process when I knew I would commit to them. I have zero regrets and am very satisfied with my outcome (30 year convential loan), they undercut everyone’s rate with NO HASSLES and they were by far the LOWEST CLOSING COSTS. I saved at least $ 20,000 over the course of the loan by saving on interest and closing costs, house was purchased for less than $ 150,000 that is saying a lot!

    You mentioned foreclosure of course and I am assuming you have at least one lien against your property? If you do or are not sure make sure to contact your local municipality tax office to know where that stands.

    I work in the property tax field for closings in NJ, usually foreclosures also have liens, but not always.

    Also if you start getting offers you are interested in, please also checkout bankrate.com for their mortgage calculator section, it’s dead on accurate if you know a few basic facts and you can look at scenarios/comparisons.

    Good luck, homeownership is one of the greatest material joys in this life, I could imagine how you feel.

  6. Reply
    Robert
    February 15, 2011 at 2:28 am

    Yes, there is help for your situation. Contact me at nebula7693@yahoo.com I have resources who can help you.

  7. Reply
    jack
    February 15, 2011 at 3:15 am

    i think that the below website will help you to find the right solution

  8. Reply
    britt_alex22
    February 15, 2011 at 3:58 am

    hello

    if you send me an e-mail so i can get some more info from you i might just be able to help you with your sitiation.

  9. Reply
    mary s
    February 15, 2011 at 4:06 am

    You need to speak with Frank at

    http://www.refn.citymax.com.
    He has 30 years experience in this area and can definitely help you. Or you can call him directly at 866-728-8587 or 919-373-4120. He save my house and I’m sure he can save yours

  10. Reply
    plzpatience
    February 15, 2011 at 5:05 am

    Thesedays “Foreclosure Service Company” dose everything for you. After you answer simple questions then based on the information they find the best solution for you and of course that’s free. I think it’s worth to try because that’s free for home owners.

  11. Reply
    The King
    February 15, 2011 at 5:59 am

    hi

  12. Reply
    northcountry57
    February 15, 2011 at 6:38 am

    been there, done that… my problem was with a lousy mortgage company but the end result was the same. i don;t have a second mortgage though. i went through so many of the brokers who all promised they could refinance my house only to have them all fall away. my credit was mid 500’s when i started. i ended up in a chapter 13 bankruptcy to save my house when every loan promise fell through and i was a week away from the auction block. act now and either sell while you may still be able to get some equity out or sell to a family member who will either rent back to you or sell back to you on a land contract or something (not usually a real situation unfortunately). check with a bankruptcy attorney and see if there is a way to go that route, but going that way you have to be able to afford the payments plus payments on all your other debts as drawn up in the chapter 13 plan. good luck, i hope things work out for you!

  13. Reply
    koifishlady
    February 15, 2011 at 7:06 am

    mortgage payments are usually a month behind. get out from that adjustable rate. i think you would have a hard time obtaining a loan from a lender right now. can you or your spouse get another job.

  14. Reply
    Carlos Cruz
    February 15, 2011 at 7:11 am

    There are companies that can help. However you may be better off attacking your issue by resolving your credit issues so that you can raise your credit score. It sounds as though you are going in circles.

    The link below can offer many answers to your questions.

  15. Reply
    Oh Wise One
    February 15, 2011 at 8:07 am

    Okay I”m going to be honest your credit score is going to be a HUGE battle. That’s pretty low and I wouldn’t expect anyone to lend you money unless you were in the 700’s. The fact that you betlittle your late payments is a reflection of your credit score.

    I don’t mean that as an insult, more or less as an eye opener.

    I understand that you’re not pleased with where you live, but I think with a salary of $ 21k you’ll be in over your head with a mortgage. You have to pay so much upfront.

  16. Reply
    barcovago
    February 15, 2011 at 8:39 am

    You can’t borrow enough with a lousy credit score like that, to buy a DOG house.. let alone a house for people.

    In case you don’t watch the news and know the reason for this current mess the world is in, is due to deadbeats buying houses they couldn’t afford and then not paying for the. The days of NOTHING DOWN and NOTHING PER MONTH are GONE FOREVER. To buy a house today you need about 30 PERCENT DOWN and a CREDIT SCORE OVER 700.. anything less… and YOU DON’T BUY THE HOUSE.

  17. Reply
    realtor.sailor
    February 15, 2011 at 9:19 am

    You might look into a “rent to own.” It’s for people with credit like yours. The agent will look at your credit issues and if they feel your credit score will be improved in a year to two, you can rent a home with the possibility of purchasing. You need to start paying on time!

    realtor.sailor

  18. Reply
    Long Island Realtor
    February 15, 2011 at 9:51 am

    I have just got a mortgage for one of my buyers here on long island from a top 5 company on NY for someone with a 580 Credit score and only 3% down. This is probably the lowest I am going to see. It sounds like you need to get back on your feet before you purchase a property. Don’t get depressed save some money pay off some bills and you will be able to take the next step. I would keep renting until then, sometimes those rent to buy situations are not what they seem to be. Good Luck!

  19. Reply
    CrazyTraci
    February 15, 2011 at 9:55 am

    If you can find a “rent to own” property that someone would be willing to take a chance on you then you might want to go for it. However, it’s going to be tough with such poor credit history, especially since you seem to think it’s ok as shown by your rationalization of your “prioritizing”. Also, some of these “lease-purchase” agreements are not all they’re cracked up to be – so be VERY careful before entering into one of these agreements.

    I think the best thing for you at this point is to try to save some money, pay off your debts on time, and get your credit score at least above 600. This way, you will have more options for financing. Although now is a great time to buy a house for those who can afford it, lenders are still a little weary of lower-income, lower-credit applicants (even though it’s their fault they lent $ to people who couldn’t pay in the first place).

  20. Reply
    Pengy
    February 15, 2011 at 10:15 am

    Yes you are tired of renting but your income and credit score will not let you purchase at this time. Yes you pay the rent first but all bills are equal in your credit score. Add to that you will need money down, money for insurance inspections, pest inspections and appraisals, many time you can get the seller to pay 6% toward closing. Again it is not just your score although that does cripple you tremendously but you have to add the fact that your income does not bare the responsibility that goes along with owning a home.

    Leave a reply

    Register New Account
    Reset Password