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Help with Mortgage Payments Team
UpdatedApr 12, 2007
Key Takeaways:
  • If you have equity in your home, you may be able to refinance with poor credit
  • It can't hurt to apply

If I can't refinance because of poor credit, what other options do I have to lower my mortgage payments?

I really don't know how to ask this. I need help on my mortgage. I will be 62 years old next month. I had to file bankruptcy last year. I can't refinance because of credit and no income. Please help if you can.

Credit rating is one factor in making a loan decision. Given your bankruptcy, which is most likely reported on your credit report, it will be more challenging to get approved for a loan, since your credit rating will be low. Additionally, if you are seeking a refinance loan, your debt to income ratio will be considered as well as other variables in the loan underwriting process.

Keep in mind, however, that if you have accumulated equity or have a sizable down payment, that could provide the cushion in an LTV (loan-to-value) calculation to get you approved. Most of all, it cannot hurt to apply and see what lenders think of your situation. makes it easy to compare mortgage offers and different loan types. Please visit the loan page and find a loan that meets your needs.

I hope that this helps you make the right decision for your particular situation, but be sure to shop around and find a loan that meets your needs.

If you would like more information, please visit our mortgage resource page.

I hope this information helps you Find. Learn & Save.




AAnne, Mar, 2012
I need to know how i can make mortgage payments over the phone without having to pay that extra fee to process it over the phone and still get my mortgage paid with no problem.
BBill, Mar, 2012
What is the name of your mortgage servicer? Out of curiosity, does your bank or credit union offer an online bill-paying service?
CCATHY, Sep, 2011
i'm trying to get help to pay my mortgage, thru my company. can you please help. before i go int foreclosure thanks in advance.
BBill, Sep, 2011
See the resource 401(k) Hardship Withdrawal Rules to learn about this option, if you have a 401(k).
LLarry, Aug, 2011
Try calling the National Association of Homeowner Advocates, Found out about them through someone I know - they helped me for free no upfront fees and very helpful.. they had very knowledgeable staff when I called in I tried for almost 2 years with BofA to get a loan modification and they got my delinquent payments caught up and reduced my payment down almost 40%.
BBill, Aug, 2011
Thank you for sharing your experience with NAOHA. I went to their Web site and was not very impressed with it. That does not mean they do or do not do good work. However, based on their site, I would advise someone to contact Hope Now instead. Hope Now's phone number is 888-995-HOPE. I see the same phone number at the NAOHA site, but find the information presented at Hope Now's site much more detailed.
MMike, Oct, 2011
Well I went into their website and actually gave it a try since they said they dont ask money upfront but I was just impressed! I would like to take a minute or two to thank National Association of Homeowner Advocates for all the help they have giving me. Most people try to get over on me and lie. They have helped me when NO ONE did. Now I'm able to keep my house and afford it. I was loosing it. My real Estate agent told me I was going to be foreclosed August 3 and have no where to live. NAHA is excellent, their attitude is excellent, their customer service voice is truthworthy and soothing, I'm lucky I found them. I would like to give them an acomation on everything I could. Most people are nasty and don't care about you, NAHA has more class than anyone I met in the last 12 years in Florida. I wanted to post this to let everyone now that if everyone was more like them they too would be a better person.I filled out an application with them over the phone and in about 2 hours I got a call back from them letting me know I was approved for a Loan Modification and reduced my payment down almost 40%.
ggladys, Feb, 2011
I started to do refinancing with my bank a few months ago .At that time my credit was very good I had equity in the home but they turned me down :cold turkey": After going through the the entire process and telling me how much it would cost and how much cash I WOULD GET they still turned me down'. Things turn differently I had a surgery and was on disability and that played an havoc on my credit. I applied to the same bank for Loan Modification and they still turned me down. I have to leave other bills and pay the mortgage because I don't want to lose my only home. Because I did that my credit is a bit low. If my bank had helped me when things were good and my credit was better I would have been helped.
BBill, Jun, 2010
John, I would suggest that you contact your lender (Wells Fargo) well in advance of missing a payment and check with them about the consequences of missing the payment and falling out of compliance with your mortgage modification.I would guess that missing even one payment would result in losing the benefits of your modification, and you may be back into the mix of a potential foreclosure process. Ironically, though, since they don't want you to default you may be able to re-qualify for a modification again after missing a payment. Whatever you decide and agree with your lender, I would highly suggest that YOU GET IT IN WRITING so that another loss mitigation or loan modification department at Wells Fargo doesn't get mixed up.Good luck and please report back with what happens.