Who has done a modification loan before?

Q. I have an 8.65% adjustable mortgage loan. I have bad credit, but a lady from a mortgage company said that they can help me work with my bank to modify my loan. She is not asking for money down until she fixes it. I am also two months behind on my mortgage, she said that she thinks she can help me. Should I try this, and how good is this?
she also told me that I don't have to get good credit for this modifaction.

A. The answer is yes, try the loan modification. Don't worry about your credit... that shouldn't drastically effect a qualification for a loan mod. But the people who modify loans can do anything from dropping your interest rate, to dropping what you owe, all the way to even eliminating your second mortgage. It most certainly wouldn't hurt to at least check out. Just make sure you trust the people who are looking to modify the loan for you. I hope this has helped, and hopefully this can get you back on track financially.

Are there any banks that give mortgage loans to people with bad credit?

Q. I am looking to buy my first home. My goal is to get to a 620 credit score but I know this will take quite some time. I was wondering if there are banks out there that give you loans to buy a home if you have bad credit or if there are programs out there that help you fix your credit to get into your first home? My best credit score of the three credit agencies is 550. The worst is 490. Please help!

A. Short of having at least 20% down and paying closing costs and mortgage insurance and over 8% interest, or finding a house you can afford to pay all cash for, I don't see it happening. I'd work on your credit and wait. I'm sorry to tell you that, I'm in the same boat and working two jobs and the goal for me is to either put as much down as possible or buy outright. You could try FHA loans and they might work with you, but I'd concentrate on getting as much down as possible or if you can, save till you can do it all cash.

Sorry to sound harsh, cold and cruel, but life often is and I'm just telling you the truth.

Has anyone found a good mortgage company online in ohio?

Q. Also, is it safe to do business with online lenders? I have been eyeballing a website in Ohio that has programs for people with bad credit ( http://www.clevelandohiomortgage.com ) and have pondered the thought of calling them to do business with my refinance on the home mortgage loan. Should I try to do this loan online or should I just call someone local that I can go to the office? Let me know your experiences with online lenders please. Thanks you.

A. www.restructureyourmortgage.com lends in Ohio. Best of luck.

How impossible is it to get a mortgage...?

Q. In this economy, if you have bad credit and a foreclosure in your history, how many years before you have a better chance of being approved for a mortgage. I know the rates will be higher and the amount of loan probably low, but just wondering if ANYONE is even giving mortgage loans to people with credit problems anymore. Also, if only one person in a marriage has the foreclosure in their history and the other one doesn't, does that factor in at all?

A. Yes it is possible.
Many variables to your question(s)
How long ago for the Foreclosure ?
What credit scores ?
Down Payment ?
Give me some details and I will gladly give you a better idea
http://www.evofione.com/robert.hixon

Where are some good places to apply for a home loan with bad credit?

Q. My husband and I are currently trying to fix our credit. We are also shopping for a home loan. We live in michigan and I am looking for mortgage companies willing to work with people with bad credit.

A. Look for an FHA lender. If your credit score is less than 620, you will not get a mortgage anywhere and you need to clean up your credit first.

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