Linda J asked:
I have bad credit so refinancing is N/A. Someone told me they asked their lender if they could make pmts toward interest only, nothing toward principal. Will lenders let you do that. My loan is in it’s 12th year so I do have 1/4 of the pmt. going toward principal. I used to have WAMU, thank GOD they are no longer!!
bad credit lenders
I have bad credit so refinancing is N/A. Someone told me they asked their lender if they could make pmts toward interest only, nothing toward principal. Will lenders let you do that. My loan is in it’s 12th year so I do have 1/4 of the pmt. going toward principal. I used to have WAMU, thank GOD they are no longer!!
bad credit lenders
#1 by wartz on January 1, 2010 - 5:31 am
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There are no changes. WAMU just serviced the loan. If you can’t refinance, you are out of luck
#2 by amanda g on January 3, 2010 - 7:45 am
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We just called our lender and explained our situation, and they refinanced our payment and we knocked $150 a month off out payment. maybe not a huge amount to some but it made a difference to us.
hope that helps
#3 by abradley57 on January 4, 2010 - 5:24 pm
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Right now, there are programs out there to refinance without a credit check. Due to a new bill just signed, you can get a streamline refinance. Check around and see who does that and if it would help you out. No closing costs and can be done in ten days or so.
#4 by 9 daughters on January 5, 2010 - 10:05 am
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Because this is a voluntary issue on the part of the lender it all depends on your particular lender. Some are hard as nails. Some are quite agreeable. Many will do what you’ve suggested, allow you to pay interest only, because they’re not taking a loss on that. It’s when you start asking them to lose money (lower the interest rate or principal balance) they start digging their heels in.
It never hurts to ask and, even if they turn you down today, next month their situation may be different so they might say yes then.
#5 by spot a on January 7, 2010 - 12:57 am
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bad credit lenders
You might be able to increase the length of the loan with your existing lender, thus reducing your loan a bit. Talk to your lender, explain your situation and see what they say. Good luck