Friday, March 8, 2013

Possible to refinance home in HI with a high income and low credit ...

Is it possible to refinance our home in HI with a high income and low credit score?? We have a high income and low recent credit score due to my 2 yr. period of temp. disability during which time a couple of credit cards were charged off.? We would like to refinance our house in HI to lower the current interest rate , consolidate the 1st and 2nd mtg. with cash out to pay off the cards to lower our monthly outgo and restore our credit rating.? The house is worth approximately $700,000.? Loan balance is approximately $491000.? However, this appears to be a Catch 22 situation since it appears no lender will refinance under these circumstances, is that correct or..?? If not is the only solution to restore our credit rating to? just sell? the property and pay off everything or????? Since the property value has increased? $30000 in the past month, and is projected to increase significantly in that area this year, our preference is to refinance? and hang onto it, but if this is? not possible if the only way to restore our credit rating to sell it, we will do so.? Any information would be much appreciated.

Source: http://www.zillow.com/advice-thread/Possible-to-refinance-home-in-HI-with-a-high-income-and-low-credit-score/481660/

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