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davism01

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Who can help me refinance so I have money to get out of debt?
My mortgage payments take half of my income. My credit is bad. Who can help me refinance so I have more money on hand to pay my bills? I have paid my mortgage on time every month since I bought my house. If mortgage companies would take the time to see why I fell behind in other areas of my life, they would see I'm trustworthy! It's not fair I'm treated like a criminal when circumstances are beyond my control! Please help!

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Trouble refinancing

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You do not state your score or any details on your report so no one on Karma can help you.  You must go to the bank and ask them what you have to do.  If you belong to a credit union it is easier to get answers.

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Credit Woes

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Your mortgage is too high for your income. A friend of mine is going through this right now. His financial advisor advised him to rent his house out; have someone else pay the mortgage for him, and then use that extra money that he would normally be using to pay his mortgage, to pay down his bills.

He is lucky enough to be single and could move back in with his recently widowed mother. In your case you may consider anything that is less expensive than your mortgage such as an apartment or duplex. If you choose an apartment many of your utitlites are paid so that is even more money in your pocket.

Figure out how much extra you can pay on your bills and how long it will take to pay them down, and that is how long the lease should be on your house. While you are doing those things your credit score will go up and by the time you are ready to move back in you should be able to refinance.

Be very careful when you pick renters, screen them carefully.  Good luck with whatever you choose to do!

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