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Refinancing with bad credit

Mon May 12, 2008 04:05PM | By Tony

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Q: I am trying to refinance and I have first and second mortgages, with 60 days late on my first mortgage and 120 days late on my second. Had some problems that didn't let me keep up with my payments. Right now I am on a forbearance agreement with my first mortgage, but the repayment plan terms are worse than those of original loan.

A: Your situation is bad. Even if you have significant equity, it is going to be very problematic in today's market. Call your first mortgage lender and try to renegotiate. Be nice but as the last resort, tell them that you may have to simply walk away. If you settle with them, call your second which I hope with the different lender, and inform them that unless they give you some relief, like lowering the interest rate or allowing to skip few payments, you would foreclose and they may lose entire position. If both of your mortgages are with the same lender, try to consolidate in one at better terms. If nothing works, you may have to try selling it.

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