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Profile picture for Slick_Rick

Tough situation?

I am currently in a 30-year VA fixed mortgage at 6.875%.  I have poor credit.  For a variety of reasons, I missed two or three payments and am now on a repayment plan with my mortgagor. 

I am interested in a IRRRL refinance.  I meet all the requirements except the requirement that you can't have more than one 30-day late payment in the past year.  However, after reading the VA guidelines, they offer an exception process whereby if the loan is delinquent, the lender must obtain prior approval from the VA. 

Can anyone recommend or point me to lenders who would be willing to work with me to obtain an IRRRL based on my circumstances?

Thank you,
Rick
  • November 03 2010 - Durham
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Answers (11)

Profile picture for Sharon Lewis
Its not necessary to give a recommendation here, every mortgage is different depending on a persons credit etc. Hopefully you did work it out though.
  • September 30 2011
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Profile picture for sunnyview
I hope you found a lender to work with you. If you did, maybe you can give them a recommendation here so others can find them too.
  • September 20 2011
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Profile picture for Sharon Lewis
Did you get this worked out? I hope so.
  • September 20 2011
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Profile picture for Slick_Rick
This isn't as simple as removing a late credit-card payment from my credit report.  In fact, the IRRRL doesn't require a credit check. My issue is missed mortgage payments resulting in a repayment plan at higher monthly payments.
  • November 03 2010
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Profile picture for sunnyview
Terrific. I appreciate the reply. Most states including NC here have a mortgage license lookup. Unfortunately, there are unlicensed operators out there so you have to ask just to try to protect your personal information.
  • November 03 2010
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All 50 states
  • November 03 2010
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Profile picture for sunnyview
Swathwood, I am curious. Are you a licensed lender in NC?
  • November 03 2010
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We can take a look at things and go over everything including the dates. I just had a late with Chase removed from credit for another client on a VA loan. It is possible to get them removed.
  • November 03 2010
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Profile picture for Slick_Rick
More than one.  2 actually missed, which is why I'm on the repayment plan.
  • November 03 2010
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Profile picture for sunnyview
I wonder if you could catch up your payments so that you fit the qualifications for the IRRRL. If you can stay current you may be able to get those old late payment to drop off.

It looks like you may be able to do get approval from the VA for the IRRRL even if you are delinquent. It sounds like you are not behind and are showing a good effort of paying through the repayment plan. If no lenders reply here, you might try contacting the VA loan people direct here and explaining your situation. That might help you get the VA part of the paperwork started and then you can work on starting the loan process.
  • November 03 2010
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Is there just 1 30 day late in the last year or more than 1? I would be will to work you with on this matter.
  • November 03 2010
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