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Old 12-05-2007, 02:56 PM
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Default Foreclosure started...have 4 months to save

Hello.
My score is 486, was told it needs to be at 520 at least. I have four months to save our home, which means I need to refinance by 5/14. I need help/guidance in how to raise score to keep house. Payoff of $215,000, house is worth $300,000 to keep it from total foreclosure. Any advice as to what to do?
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Old 12-07-2007, 01:00 AM
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It shouldn't be a problem getting your scores up to 520 in that amount of time.

If you have time to learn credit repair yourself, hang out at this forum and start at the "Beginner's Credit Information" or get the Credit Secrets Bible.

If you don't want to do it yourself, sign up for Lexington Law immediately.
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Old 02-14-2008, 12:57 PM
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Default I am afraid that strategy might not save you!

Unfortunately, your timing could not be worse! Your home will probably lose value, raising the required LTV of your refinance at the same time banks are reducing the LTV on refinances and demanding higher credit scores.

This is the middle of February, 2008. I don't think you are going to get a high LTV, fixed rate refi with a FICO under 650!

Your best bet is to consider other options such as Loss Mitigation.

Hope this helps!

Bill Young

Last edited by Trish; 04-25-2009 at 09:14 PM. Reason: removed contact info
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Old 03-14-2009, 12:59 PM
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Being realistic is what you need to be right now. No one can guarantee you with a score increase.

You need to contact a local real estate agent and talk with your lender about doing a short sale.

By all means, try for a loan modification as well, but handleing it this way, you have both wheels turning.

Your most important objective is to keep a foreclosure from getting on your credit.
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