Question by Bryson: Is there any company out there that will get your home refinanced with recent mortgage lates?
A friend of mine is looking to refinance because her 3/1 ARM is about to reset and she and her spouse have had a financial situation over the past year that has made them fall behind on their mortgage several times in the past 12 months. Is there any company that can help them even though they have been late? They are back on their feet again….
Answer by bull_rooster_aardvark
A mortgage broker can often help place tricky loans so if all else fails you may want to call one of them and see what they can do. However, before doing that I’d call, first off, you current mortgage lender. Especially if the reset will push their payment up so much that they won’t be able to afford the loan, the last thing their current mortgage lender wants is another foreclosure. If refinancing the loan would allow them to avoid this they may very well do that. Also if they may have to defualt I’d suggest they call or visit online hopenow.com – an organization specifically set up to help people avoid foreclosures via refinancing their debt (possible withthe bank even forgiving some of the mortgage).
Also, even with a few lates, they could just call the bank of their choice and try to refinance – explaining the problems. If there were just a few lates and they are current now their credit may still be good enough to refinance thru normal channels – depends on how much damage was done by this and anything else they were late on.
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This is a 2 part issue, the lates will be tricky, you’ll most likely have to find a broker as the number of companies forgiving lates is shrinking. The second issue is equity, does your friend have any? A big issue with the Arm’s and trying to refi is that people don’t have equity to refinance. I would try their current mortgage holder, but be aware that most lenders will restructure the loan and tack on a big payment at the end, they will do what they can to get their money.
You can refer to this source of a mortgage refinancing company named http://www.iloanshop.com/apply_mortgage.php who can offer you mortgage refinance.