Refi out of subprime? - Posted by Lori

Posted by Parsa Sepahi on March 05, 2007 at 15:49:17:

I would recommend to use a company like I have had clients that they have improved thier FICO by some 20 points fast, they are the Member of MBA and NAMB, they have be able to help you, once you get yor FICO up let me know and I can persue a prime lender for you,

Refi out of subprime? - Posted by Lori

Posted by Lori on March 05, 2007 at 06:50:50:

Long story short my loan was sold transferred whatever to a company that is shady (along the lines of Fairbanks/Litton/EMC). My problem isn’t with the payments and in fact I have since decided to double up on them i.e. one regular monthly and second to be applied to principle. Seeing how this company has severely damaged my credit, it there any way to refi without using a credit score? No matter what I do this company will continue to report deliquent. Don’t ask, long story.

Second question invloves the double monthly payment. If I make out two seperate checks (one for monthly and second soley towards principle) every month, would I be able to refi with another lender in a year despite them still reporting deliquent? I could even go as far as to double the amount sent in for principle if it will help me in the long run.

The reason I ask this is because I’m trying to pay down the principle and have enough equity as collateral to refi. Right now they are hitting me for miscellaneous bs fees and then tacking it on the principle amount (roughly a couple k a month). Any help or suggestions would great be appreciately!!

Re: Refi out of subprime? - Posted by josh

Posted by josh on April 04, 2007 at 19:49:20:

Am I the only one that sees the elephant? You are paying on time and they are reporting you as being late every month and hurting your credit score, and eliminating your chance to get a prime mortgage. If they have not been willing to work with you to get this fixed, you should contact an attorney!

Re: Refi out of subprime? - Posted by James Harris

Posted by James Harris on March 06, 2007 at 17:11:02:

Consider this; It may appear as if your lender maybe tacking on prepayment penalties. So, stop beating a dead horse; I would suggest that you stop sending in extra payments and start using the extra money to invest in something that will make you money.

Re: Refi out of subprime? - Posted by Patrick S. Lawson

Posted by Patrick S. Lawson on March 05, 2007 at 11:48:20:

With the situation you described I don’t see you refinancing out of your current loan into a prime loan or into any loan that would offer a net benefit. The best course of action would be to clear up your credit with the servicer or have a mortgage broker review your credit and see just how much damage has been done.