Is it possible to refinance a home with bad credit and no job?
Heres the situation. My mother is a homeowner and has poor credit and is not employed. The house is valued at $400,000+, the remaining balance to pay off is $260,00. She has been turned down a couple of times. So is it still possible for her to refinance or any other options? Thanks.
Me and my sister still live at home and pay her monthly to cover the house payment and all bills. We just want to get a lower monthly payment and pay some debts.
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what income does she have? how will she pay for the loan? no creditor will give a loan without knowing how they will be paid back.
ideally refinance gives you a longer time to pay on the principal. however if your income is not improving then have an honest talk with your creditors and have a stand by credit or re negotiate the terms of the mortgage.
It is possible that she will be offered a loan, however the interest rate is likely to be substantially higher. What is your purpose for refinancing? Cash out or lower payment. It makes a difference.
Since she is unemployed, she won’t be able to repay the loan. Has she considered selling the house and purchasing something with the equity for cash?
There are hundreds if not thousands of websites on the internet enumerating the ways to apply and receive home loan when you are plagued with bad credit issues. These sites help consumers with bad credit scores to increase the viability of their existing credit scores and set up loans regardless of their credit history.Companies that specialize in bad credit home loans; usually offer a wide range of options for consumers with bad credit
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