Refinance mortgage with late payments?

Question

We are behind 2 months on our mortgage-can we try to refinance at this point? I had to get a new job with a huge paycut so I would like to stretch our mortgage to a 40 year loan with possibly paying some of our credit off so we can get above water-thanks for any advice!

Answer 1

if i were you i would modify your loan with a loan modification. I know the American Modification Agency did my brothers home who was behind 3 months, caught him up and cut his interest rate with his same mortgage and saved him from foreclosure. the agents name was Dave [phone] [e-mail]

Answer 2

There are a lot of factors that would make you eligible.  You should call a lender and apply.  Just make sure they can do FHA loans.

Answer 3

If you need 40 years to pay off a mortgage, you obviously have bought a house you couldn't afford.

Sell it and buy something you can pay off in 20 years.  

Also if you're two months behind, you'd better pay the mortgage company a 3 month payment soon or they'll start the foreclosure process... they don't fool around and take excuses anymore.