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Assuming the worst case scenario, refinancing with traditional programs today will not provide you a lower rate and payment. If anything, due to your credit and past due payments, your rate offered will most likely be higher and will not help.
Best suggestion would be contacting your existing lender to modify your current terms, or seeking professional modification assistance to structure your request.
Featured Rates are based on state rates for 30 year fixed loans and are valid for the date shown, but they may change without notice. They are for consumers with a credit rating of 720 or higher and a 20% or higher down payment. Rate, terms, pre-paid finance charges, and APR may vary based on factors such as creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount, and geographic location of the property.
If a lender does not offer a national rate, a state rate may be shown next to the lender's name. For example, 'Bank name (CA)'.
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Behind on payments can I refinance?
bopmo
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Husband's company went under, I have been struggling to make the mortgage payment for the past years. I am currently behind. I need to lower the payment. With my struggling payment record, will I be able to refinance or should I just resolve that I am going to be foreclosed soon?
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