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How can I get out of my adjustable rate loan with a credit score of approx 450?

  • August 31 2009 - San Mateo
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Answers (7)

"There are Many Programs Available"

There are no programs available for a 450 FICO!  The only option is potentially a modification and the only one that can make that happen is the lender that holds the note. 

Why oh why do people feel the need to sugar coat everything.  The OP is in a very tough spot...they have one option loan modification and if the lender doesn't want to play they have no options!

Yet another loan mod company unwilling to have an actual contact on their profile....why oh why doesn't Zillow just delete these scam artists!
  • September 01 2009
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Just as Derek has said there are many programs available depending on your lender to apply for a loan modification. Look into the making homes affordable plan for other options. Also if you provide your lenders name I can direct you to exactly what options they may offer
  • September 01 2009
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Not to get too personal, but what's on the report? Do you have any judgements, tax liens or BK's? With credit repair, depending on the severeity of what's on the report, you can usually get the scores up within 2-6months with a reputable program.
  • September 01 2009
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Profile picture for agentblu15
I think you're lucky to have gotten ANY loan with a score around 450!  You need to work on reducing debt, making payments on time, getting your finances in order and raising that score before you even think of talking to lenders about refinancing.
  • September 01 2009
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The best chance of getting out of the adjustable loan would be to do a loan modification.  With the economy in the dumps hire a real estate attorney to do your loan modification now since your out at least 6 to 8 months out before you see it being done.
  • August 31 2009
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I think that would be very difficult. Work on reducing debt and improving your payment history, aiming for at least the 600s before you think about refinancing.
  • August 31 2009
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With the exception of paying off your mortgage....I don't think you can.
  • August 31 2009
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