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terrible cedit, where can we turn for refinance help?

Allmost 3 years ago my wife and I bought/leasede a home in salt lake city, Utah. We have terrible credit and a "friend" convinced us to use him as our financer. Part of our 3 year agreement was he would help us establish and back us when the baloon time came. this did not happen. We have done massive improvments and made all our payments of 1,100 on time for 3 years. our house value is approx. 170,000 - We owe 129,000. In 5 months we will lose all or work and our home if we dont find someone willing to loan us to pay off the 129,000. Based on the 41,000 equity how can we get help we can trust?
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February 06 2009 - Glendale
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A possible source for a new loan for you would be Neighborhood Assistance Corporation of America.  NACA.com  they work with people with less than perfect credit and may be a solution to your problem.
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March 24 2009
I agree with Lewis get moving right away. If you have been current on your mortgage for three years maybe things aren't as bad as you think. You are entitled to an annual credit report free of charge from each of the three major reporting agencies. Inquiring into your own credit won't hurt your score. Get the report at https://www.annualcreditreport.com/cra/index.jsp
Look for any errors and dispute all you find. Getting your FICO Score will cost and it may not be necessary. When you do look for a loan talk to different lenders but keep the time frame short. If there are several inquiries within a week or two it appears as if you are shopping around. that typically won't hurt your score. Over a longer period than a few weeks it may hurt the score.
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March 24 2009
You don't define "terrible credit." Assuming the worst, I would say your best bet is to find a lender who does FHA loans. FHA does not impose a minimum credit score requirements. However, many lenders have a minimum credit score requirement of 580. Some will go down to 550, and some will go lower than that. Buy I suggest you don't dilly dally as many lender are tightening up credit standards on FHA loans.
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February 06 2009
 
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terrible cedit, where can we turn for refinance help?
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March 24 2009 | 3 answers
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