I'm in a financial bind and in danger of foreclosure but because of my low credit score i can't get?
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I went through the same thing not too long ago and I couldn't get a loan or refinance no matter what they say about bad credit they would not give me a chance. I was lucky enough to sell my house in a months time, even if i got it refinanced it would be hell trying to catch up and if you get behind again the foreclosure procees starts over. Unless you can afford your bills+house payment+ loan or whatever the refinance amount will be I would try to sell or file bankruptcy than everything stops.
If you a really afraid of forclosure that would be the best course. Get out before forclosure since you will ahve a bad credit report if it does happen.
The very FIRST thing you have to do is talk to your mortgage holder. The last thing they want on their hands is another repossessed, trashed, torn apart home to have to sell. They will loose money and that's what they want to avoid. Try to work it out with them first.
You can always get refinanced even with a low credit score, keep searching mortgage companies. Your interest rate might be ridiculous, but a temporary fix for you.
In the meantime, yes, put your home up for sale (some real estate companies will buy your house directly from you) or hope for a fast sale. OR you can move in with relatives and rent your house out for a little more than your mortgage payment, let a tenant make your payments for you until you can see your way clear.
Good luck, many of us have been in the same boat, and survived.
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