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Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007
0

I NEED YOU GUYS!!! Especially you, MortgageGuy!!!

Hey All,
 
Eve here.  Got my tax bill today, its $8k and I need to refinance.  This caused my mortgage payment to jump $679 putting us at $2679 that we don't have and this is going to put us in a huge bind.  My question?  What should I do?  Should I pay down utilization on cc's to get fico score up so that we may be able to refinance in a month or so?  I only have $1500 to work with and though I am not scared of this situation, it has really stressed me DH out.
 
Need your input. My fico scores are: 
eq  464
tu   482
ex  569
 
my DH
 
583
574
587
 
These are our scores as of 6/27/07 however my scores were  480 eq, 549 tu, 556 ex before I started working on our credit and disputing things.  I think also because our ute's are high we lost a lot of points on that too.  If we pay this down will our scores improve enough to get a refi and maybe how long would it take?

Eve
 
Regular Contributor
dazednconfused
Posts: 244
Registered: ‎04-16-2007
0

Re: I NEED YOU GUYS!!! Especially you, MortgageGuy!!!

Hi Eve,
 
I am not a mortgage professional, but Wow!, this does not sound good.  Why did your payments go up so much?  Were the taxes not escrowed or did the taxes rise that much?  Anyway, as far as your scores and refinancing...scores are not the only thing that will be looked at.  Loan to value ratio, debt to income ratio and credit scores will all come into play.  With the scores you posted, it appears that you will only qualify for subprime [if even, sorry :smileysad:.  I would really look at those rates and what the payments would be, because your payments would be considerably higher with a sub-prime rate.  Unless you have great LTV and low DTI, I seriously doubt refinancing now will help you much.  I don't have way in the much of suggestions, except I would talk to a very good loan officer, mortgage broker and see what could be done for you.  If you could get those scores to a mid of 600 for both of you, you would be in a much better position.  I personally would try to manage until the scores were a little bit higher.  You're really not that far off, perhaps a few months???  I am sure that there are others on this board who are much more versed in mortgages than I and could offer some advice.  Good luck.
Established Contributor
TexMontana
Posts: 678
Registered: ‎05-29-2007
0

Re: I NEED YOU GUYS!!! Especially you, MortgageGuy!!!

I would also recommend contacting the county tax assesor's office - usually there is a process to protest your tax bill. Why did they go up over $7000? Is there a new rate in force? I would find out why such a big jump from last year!
" I like to live as a poor man, with a lot of money." - Pablo Picasso (who was a jerk.)
Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007
0

Re: I NEED YOU GUYS!!! Especially you, MortgageGuy!!!

[ Edited ]
Thanks..  I don't know how we are going to do this one, it's unreal.  Our house was new construction and we only had an ssa tax (special service assessment) so we had no idea they were.  We were told maybe 5k or 6k but 8k which includes the 2k for the ssa.  We live in IL, taxes are crazy out here where we live in Kendall county.  Didn't know this. Would not have bought.  Somebody will have to work a second job and I already work 14 hours a day doing daycare.  I have no energy left to go to work after work.
 
I am starting to feel the monkey on my back now!!!!  Pray for a sista'...



Message Edited by myhearts07 on 07-11-2007 06:51 PM

Our fico scores were very good when we got approved for this house and our income combined was $110k.  When we moved in 1/06, I lost over 1/2 of my clientele and had to find a job and try to restart my business out here.  We had a rolling late (3 30 days- one in June 06, July 60 and August 06).  No lates since that time with the mortgage but can't get on top with scores.  Very frustrating, I know we can get through this eventually but its the going through this again after a rough year last year that has me in tears.. 

 

 

 



Message Edited by myhearts07 on 07-11-2007 07:03 PM
Contributor
KevinB
Posts: 92
Registered: ‎06-18-2007
0

Re: I NEED YOU GUYS!!! Especially you, MortgageGuy!!!

You need to talk to a property tax consultant.

Most of them work on spec. If they don't help you they don't get anything, otherwise they get a percentage of what they saved you. If one says you they can get it fixed for sure, don't believe them.


My mom is a property tax consultant in Chicago, she doesn't do Kendal Co though. You'd best get someone local to help you.


Kevin
Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007
0

Re: I NEED YOU GUYS!!! Especially you, MortgageGuy!!!

Thanks, I will look for one out here.  Appreciate that.
 
Eve

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