I have a credit score of 483 ... mortage company doesnt report to credit bureau helpppp?

Question

I bought a house 2 yrs ago i was 18yrs old so i apparently didnt know much about buying a house and recently i found out they dont report to credit bureau... im in severe debt i want to work out my way out of it but i cant find no one to refinance my house since im the only one in the deed i want to include my husband... does any one know about a place to refinance for ppl with bad credit please help...

Answer 1

www.creditboards.com  No, I don't own the site, advertise there or anything.  I just know that it helped me a TON when I was having credit problems.

Answer 2

You can use credit repair agency to fix your credit - for example this one - http://freecreditreport.hotusa.org - They can clean lots of bad stuff from your credit report - and do it much faster than yourself, so your credit will go up fast.

Answer 3

hard money lenders but their rates are like 14%. What is your husbands credit like? if good then let him refiance in his name and you will still be entitled on the property.

I am a mortgage abnker in Tn &KY

Answer 4

Hi, first off, your mortgage company should report to all three credit agencies.  Since you're saying they don't, well they're a bad company.  

Especially since they sold you a house at the age of 18.  18 year olds can barely handle a credit hard, let alone a house payment.

Best thing to do is sell the house if you don't have money to pay the loan...now if you do, they sorry, keep searching, I don't know any mortgage company that will refinance with a credit score of 483...try cleaning up your credit report first.

Answer 5

that's a bad score.  sell the house.  who sells an 18 year old a house?

Answer 6

Depending on how much equity you have in the house your only option might be going to a "hard equity or hard money" lender.  But their rates aren't low and their fees are quite high.  You might just be putting yourself into a worse position.  

What you need to do is sit down and analyse your income vs expenses.  Be honest with yourself and if belt tighting is needed to pay down your debt and bring up your score then that is what you have to do.  

In this credit climate that we are currently experiencing no one is going to lend you money at a rate that is going to improve your position.  

is your husbands credit any better.  You can have him put on the title to the house without refinancing and then refinance in his name only.  That might be an option.  Speak to a local title company about placing him on title.  it is a small fee to do so.