 I am afraid that strategy might not save you!
Unfortunately, your timing could not be worse! Your home will probably lose value, raising the required LTV of your refinance at the same time banks are reducing the LTV on refinances and demanding higher credit scores.
This is the middle of February, 2008. I don't think you are going to get a high LTV, fixed rate refi with a FICO under 650!
Your best bet is to consider other options such as Loss Mitigation.
Hope this helps!
Bill Young
Last edited by Trish; 04-25-2009 at 09:14 PM.
Reason: removed contact info
|