Does anyone know of a reputable loan company that works with people with bad credit?

Our ARM is going up - we are on the verge of losing our home. No ready cash but need to refinace.

Does anyone know of a reputable loan company that works with people with bad credit?

That's a tough situation that more and more people are finding themselves in. There are several factors that come into play in your situation. What is your credit score and history? How much equity to you have in your home? Do you have a steady income and job history? Have you had a bankruptcy and are you currently in foreclosure? You may want to call a mortgage broker who may have access to many different lenders, including lenders who specialize in subprime credit loans. You may already know that many subprime lenders have closed their doors in the last year and the ones that are still standing have tightened up their programs quite a bit. There may be a program out there for you, but if your credit history isn't perfect, you will be penalized with a higher rate and most likely be put into another ARM. Subprime ARM's these days are typically fixed for atleast 5 years. That will give you time to get back into a good payment history. I would suggest keeping it for atleast 24 months. If you have to get a second job to keep up the payments then do it. Credit is a precious privilege. Do whatever you can to keep it as clean as possible.

This in my opinion is your only option besides selling your house or filing for Chapter 7. Let me know if you want to talk further. I am a mortgage loan officer in WI, so if you live in WI, I'd be happy to help you out in any way I can. You mentioned you don't have any ready cash, so I assume talking to a lawyer is out of the question?

One last thing. American General Finance and CitiFinance are some reputable companies that deal in subprime credit. You may want to give a branch in your area a call. Again, these lenders won't be able to offer you a low rate if your credit score isn't very good, but that's a fact you're going to have to face. Good luck! My heart goes out to you.....

Does anyone know of a reputable loan company that works with people with bad credit?

You could first try to work with your current lender.

Because of the negative press and possible repercussions that some lenders will be facing, they are now more ready to work with borrowers to nip any trouble in the bud !

This includes re-negotiating interest rates, duration of fixed rates, monthly payments etc...

In most cases, all you have to do is ask.

If you are already experiencing problems repaying, ask to speak with the Home Retention Department.

Does anyone know of a reputable loan company that works with people with bad credit?

If the situation is dire and urgent, try a foreclosure loan.

They are certainly not recommended otherwise as they have a tendency to be predatory...much like the current defaulting loans.

They basically allow you to refinance on very lose terms in the hopes that you will soon be back in the same situation and that they will hold the lien and therefore be the foreclosing party.

...And if you are the smaller statistic that doesn't fall back, then at least they can collect high interest from you for a while.

If your current lender is reputable, first try and work with them.

Does anyone know of a reputable loan company that works with people with bad credit?

First try to work this out with your current lender! Most of them now because of the credit crisis will want to help you refinance your home because it better than going into foreclosure where they won't get any money at all or much less at auction!

Don't wait! Act now and you will be better off. If you can make your current payments, but cannot afford the interest rate increase and your payments have been made on time for the last couple of years, this make things easier!

You might be one of those families that could qualify for a 40 year mortgage at your current fixed rate instead of a 30 year ARM.

I would also really look at your credit reports and go to this site below. Read it all and USE it and its information to CLEAN up the negatives in your credit report!!!!

There are links to affordable services like Lexington Law Firm that I used from this site that LEGALLY challenged and removed 10 negative items from my credit reports and now my score went from 485 to 720 in a little over a year!

They helped me get my score up by 140 points out of 235!

Also, get a 3 in 1 credit monitoring service like the one from Equifax!!!! If you don't have this, you are driving blind!!!!

There is an offer in the credit monitoring section in a sponsored link. It's very affordable and it's the best way to watch your credit! In fact you won't be doing much good at credit repair without it!

I had used this site myself to clean up my credit and it chamged my life. The sooner you start the betterQ Don't put this one off!!!! Trust me! From experience this is one area where you cannot afford to procrastinate!!

Good luck to you and I hope you get to be one of the lucky ones uses every opportunity to keep their home! This is the biggest investment you can make and not trying to do everything you can to keep it will really burn your credit for years! Creditors worst nightmare is seeing a foreclosure!

This can stay on your record for 7 years if you don't take action!! God Bless! I hope this works out for you!