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Question for the Money Doctors

Question submitted on Aug 25, 2014.

Question

My husband recently died. The mortgage was in his name, I was able to get my name onto the deed. I am now trying to refinance the mortgage, but the company continues to dragout proceeding.
My credit is poor, what are my other options?

Answer

If your need to refinance is urgent, a co-signer with a good credit history will improve your favorability with lenders. 

If finding a co-signer is not an option, consider looking into the Making Home Affordable refinancing programs available through the federal government.  These programs offer assistance to homeowners who are struggling to avoid foreclosure or whose homes are worth less than their associated debt. 

Most importantly, take the steps to improve your credit: Pay down credit card debt, pay bills on time, and build your savings.  The effort will be taken into consideration by lenders as they review your refinance application.


For additional information visit http://www.360financialliteracy.org/

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