Refinance a house with bad credit?

Elmer
I've owned a house for 3 years. Towards mid last year, i had financial trouble(Layoffs) and managed to get 6 30 day late payments and 1 60 day late payment. In addition, my lender increased my rate since my adjustable expiration date was just about the same time. Now i'm back to current but my mortgage payment is up by over 1000.00. It's a strain. I tried to refi late last and was denied. Since i'm current, what should i do? I'm seriously thinking of selling the damn house.

Mattie
Maybe you'll find there : http://index-go.com/bad-credit-finance-m… http://index-go.com/debt-consolidation-r…

Ayanna
I am a mortgage Underwriter... email me, I may be able to help!

Jeremiah
i think you should simply check online to find more ways out http://www.in4search.com/Refinance-a-hou…

Anton
There are a couple things you can do in addition to what has already been suggested. You could enter a credit repair program to have those late pays knocked off your bureau and then refinance or else refinance without doing that (you will have to gather information on lenders or have someone do that for you).

Carola
Your credit history is not going to allow you to refi at an acceptable rate. You are now in whats referred to as "sub-prime" or risky loan category. Remember, if you sell, you probably wont be able to get a mortgage on a new house either, which means you have to rent.Good news is it appears that rates may drop soon, which means your adjustable rate will fall again.

Alisia
If you're current, ask the lenders to remove it from your credit report. They don't have to, but they should.If you maintain a current record for one year, then you should be good for a re-fi no matter your actual credit score.

Arie
In general, depending on your credit scores and debt ratios, you should be able to get decent financing once it's been 12 months with no late mortgage payments. If you think you can hang on that long, do it. Start shopping for a loan 60-90 days before the year is up, so you can be ready to close as soon as allowed. That would also give you time to clean up your credit, if you find a good loan officer who can help you do it.If you don't think you can manage that long, sell the house and get out. You don't want to end up behind again and possibly face foreclosure.