My mother is 72 years old and is very ill. I am her elder daughter who lives with her. The house has so many problems that need to be fixed but we don't have the money to do so we want to refinance so we can get some money to fix things up our bank said we did not qualify because we were late twice with the mortgage in 6 years. what should we do?
There are probably some other things going on with your credit other than just the two missed payments over the last six years. That alone should not prevent you from not qualifying for a mortgage unless the two missed payments were recent. There may be other issues preventing you from getting the loan such as your income or debt to income ratio. If you can't qualify for the loan, it may be a blessing in disguise as the higher payment may only put you into a worse situation. If income is not the issue and you can easily afford the new payment, look for a co-signer with worthy credit to help you out. You can also run your credit report to visually see where your credit lacks. Then you will know what areas to address for future lending consideration.
Also, don't just go by what one lender says. Shop around with at least three more. Bills.com makes the whole process real easy, just fill in your information here: Mortgage Refinance Quote and qualified lenders will get in touch with you to discuss your options.
I hope that helps and wish you all the best in finding a loan that meets your needs.