IS THIS POSSIBLE? - Posted by Chicago

Posted by Justin on June 04, 2003 at 17:35:39:

I was in a similar situation last year. I tried to refinance my home to get money out but my mortgage company told me that they wouldn’t even consider it since I had late payments. They said I needed at least 12 months of current payment before I could be considered for a refinace. The only way I could get out of the anchor pulling me down was to sell. Just my experience, possibly someone else out there has a better suggestion though. Good Luck.

IS THIS POSSIBLE? - Posted by Chicago

Posted by Chicago on June 04, 2003 at 14:42:20:

I’m a brand new homeowner (closed 2/27/03) and I’m behind on my mortgage already! I bought the house with no money down for 65k it’s appraised at 77k. any savings I had from last year was used to pay off old debt (to get the mortgage) and with my mom’s medical & subsequent burial expenses. So I’m paycheck to paycheck and falling behind. My credit score is down to 540 with late pays now and it’s a nightmare. I am looking for a way to get some money from the equity in my house. $7000 is enough to have me on top of everything. Anyone know if this is possible and how. I’m in Illinois.

Re: IS THIS POSSIBLE? - Posted by Rev.Donovan-Chicago

Posted by Rev.Donovan-Chicago on June 05, 2003 at 14:14:00:

I’m in the Chicago area give me a call.

Re: IS THIS POSSIBLE? - Posted by IB (NJ)

Posted by IB (NJ) on June 05, 2003 at 08:45:21:

It looks like you may have gotten in over your head by buying this house with everything else that’s going on. If renting out a room like Anne suggests doesn’t help, you may want to think about selling before it’s too late.

Re: IS THIS POSSIBLE? - Posted by Anne_ND

Posted by Anne_ND on June 04, 2003 at 20:37:35:


Is renting out a bedroom or two a possibility for short-term cashflow to help you pay your mortgage?

You want to avoid foreclosure if at all possible. A BK only stays on your record for 7 or 10 years, but a foreclosure is forever.

good luck,