Creative ways to refinance?
I am looking for creative ways to refinance a rental home. It is an ARM – it was at 7.9% and climbing – 9.9% in November and 11.9% in May of 2009. I have excellent credit, but terrible credit – I have a 40,000 charge off on two of the three reports so that I cannot do anything (Equifax is my excellent report) – one thought process is using cash on hand to pay it off and then opening up a HELOC to get the money back (or an equity loan) – but all the rates I've seen are worse than the 7.9% I currently have.
No portfolio or Fannie Mae lender will touch it conventional. As I said, I have the credit/available cash to pay off the house and then get money 'out' that way. anyone with any thoughts on a creative way to get a decent rate?
FYI – chargeoff was nearly four years ago – not one missed payment since then. can't do FHA because I can't verify enough income and I don't reckon you can do FHA with investment properties.
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You can always go the evil way and get behind payments. Then call your lender about your financial issues. They may modified your loan. if you get creative you might be able to pull a fix rate instead of ARM and possible redo your term back to 30. This will place a hold on your variable and lower your payments too.
If you get to pulling some excellent income, you can pay on your principal and kill some interests.
Excellent luck. Just dont blame me if this goes awry
U said you wanted creative!!!