Q&A: is there any help modifying second mortgages?

Posted on Mar 12, 2013 in HARP Refinance

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Question by Cc1: Buying a home good and bad credit.?
Hello, pill
I have a question in regards buying a home in Central Florida. My credit is bad is in the 520 b/c of some student loans and credit card. Yes, I acted irresponsible but I am trying to get things back in to place I am paying my student loan now. Anyways the point is that my husband has no credit problem he pays everything on time and his credit score is high but mine is not. Is there a way that we can buy a house together or no? He doesn’t make enough to buy the house that we want so he needs me as another source or income. Would that be possible or no? Thanks in advance for the info.

Best answer:

Answer by cjrossi
Your name and your income being included on the application will require your credit score to be considered as well. They’ll weighted-average you and your husband’s scores, and 620 is the minimum to even be considered. How they weight it can differ from lender to lender.

Should you be approved, you’ll be saddled with a high interest rate.

If at all possible, maybe lower your sights to something he can qualify for with just his income. If his credit score is great, you’ll get a great interest rate, and this makes a HUGE difference, not just in the long run, but even your monthly payments.

ADD: with respect to the answer that refutes mine, keep asking around, including from reputable sources on the internet.

What do you think? Answer below!
Question by josh: is there any help modifying second mortgages?

Best answer:

Answer by MadMan
In reality, cialis 40mg no, there is not.

Know better? Leave your own answer in the comments!

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One Comment

  1. The federal government instituted a program to go along with the Making Home Affordable program. It pays a 2nd lender some money if they will allow you to refinance the first mortgage. The terms of the program are not very attractive. The 2nd lender essentially admits that the value of their loan has vanished. Very few lenders have agreed to the program. It is voluntary.

    The best strategy has been to go directly to the 2nd lender and ask for help. They don’t want to be wiped out if you lose the house. You might get a 6 month reduction in payments. Maybe even a few months of no payments at all.