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Answers (5)
- Michael Andries, "michand98"
- Contributions:23
You may be thinking of a loan modification not a re-finance
- Scott & Marla Wynn, "WynnTeam"
- Contributions:79
Most mortgage lenders will not offer a refinance to someone with mortgage lates within the past 12 months and certainly not within the past 6 months.
I am not exactly certain what you are hoping to do but it sounds like more than anything you are looking to get back on track with payments. The way you were hoping to do this was by absorbing your late payments into the new mortgage and then start making payments on time again. You have good intentions and there may be help out there for your situation.
I see you are in Louisiana. I am in Colorado. In Colorado we have Foreclosure Hotlines posted around town on billboards, commercials, bus stops, etc. These hotlines go to non-profit counseling agencies which offer foreclosure prevention counseling as a free service. Many of these agencies have a funding source to offer some assistance. For example, in Colorado, Colorado Housing Assistance Corporation is one of our non-profit counseling agencies. For qualified individuals they can offer secondary financing to catch you up on your payments so you dont slip further and further behind. Although it is an additional debt it is typically at very low interest rate with flexible payment terms. This could help you get back on track to make the payments on time for 6-12 months and then refinance the two to get a lower rate and payment.
Hope this helps.
I am not exactly certain what you are hoping to do but it sounds like more than anything you are looking to get back on track with payments. The way you were hoping to do this was by absorbing your late payments into the new mortgage and then start making payments on time again. You have good intentions and there may be help out there for your situation.
I see you are in Louisiana. I am in Colorado. In Colorado we have Foreclosure Hotlines posted around town on billboards, commercials, bus stops, etc. These hotlines go to non-profit counseling agencies which offer foreclosure prevention counseling as a free service. Many of these agencies have a funding source to offer some assistance. For example, in Colorado, Colorado Housing Assistance Corporation is one of our non-profit counseling agencies. For qualified individuals they can offer secondary financing to catch you up on your payments so you dont slip further and further behind. Although it is an additional debt it is typically at very low interest rate with flexible payment terms. This could help you get back on track to make the payments on time for 6-12 months and then refinance the two to get a lower rate and payment.
Hope this helps.
- Deborah Holmes, "Debbie Holmes"
- Contributions:386
They might be willing to modify but not refinance.... Those fees, missed payments and interest will be added into your loan. You will not qualify for the refinance because you are not paying your mortgage.... They might modify the loan just because they want you to pay.... Sounds like you are playing games or planning to play games....
- Andrew Adams, "203K Specialist"
- Contributions:9349
What lender will refinance a loan that is 120 days past due?
- Carl Henker, "Carl Henker"
- Contributions:755
If you found a lender willing to refinance the interest due would be added to the loan not the total payment amount. If your payments are interest only then it would be $4000. If your payments are principle and interest you would just own the interest from the date of the last payment plus late charges.
Missed mortgage payments
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