Q&A: Refinance mortgage if behind on payments?

mortgage refinancing
by merfam

Question by fin73: Refinance mortgage if behind on payments?
I lost my job and was out of work for seven months. I got behind on my mortage payments and am on a pay plan at the bank.
Will they let me refinance? I only owned the home for about two years?
What is reconfirming your loan mean? Please help!

Best answer:

Answer by Pojo
Forget the moron who answered right before me, he or she can not even read.

If your credit is hot over this your refi will be sky high interest rates even if you can get a refi.

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2 Responses to Q&A: Refinance mortgage if behind on payments?

  1. Shane Milne says:

    Your existing lender will always let you refinance (they have no control over if you pay them off, or how you pay them off), however obtaining a new mortgage to refinance into will probably be the bigger issue… as any new lender is going to be very interested in your payment history to your current mortgage. If you are on a repayment plan, usually the mortgage history reports late payments until the repayment plan is completed… but it will depend on how your current mortgage lender wants to report it. The best way is if they just reported the 7 months of payments as late, but all the payments since they have been reporting on time… but (so many buts, I know) they could also report all the payments as late (even the ones you are making on time, since technically you must pay all previous months payments before the latest payment will report as paid on time).

    What is the reason you need to refinance? Payments getting to you?

  2. robert w says:

    fin73, u’ll get a lot of hit for refi do sort them carefully.
    refi means more out of pocket expenses – do u got cash? or roll over to next higher interest loan. ur credit is ‘rough’ = ^%
    suggest u visit daveramsey.com to learn what is not talked about here – owning ur money.
    get a budget and use it, sell extra stuff, get 2 more pt/tm jobs, have spouse and kids (over 16) do the same. SAVE lots of cash, u’ll lose a job agin as economy dictates.

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