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QUESTION:
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wrecked credit | Both my mortgage holder and my HUD counselor told me I had to miss one month's mortgage payment in order to qualify for a HUD Stimulus/Recovery program such as the Reverse Morgage.
I did this and, whether I qualify or not, my credit rating is wrecked. That seems unfair that to qualify for one of Obama's Stimulus programs,you have to destroy your ability to ever approach a lender again to borrow funds.
Can you explain this to me.
Thank you,
tara knott |  | asked by taraknott, 8/16/2009 |
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| ANSWERS: | | Answered by: krayfield, 08/24/09
Overall Rating:   | Tara,
I sympathize with you. I hear about this type of situation every day. Are you at least 62 years of age? If so, you may qualify for a reverse mortgage, where credit and income are not factors.
Please give me a call and let's see if I can help.
Karen Rayfield
Reverse Mortgage Specialist
New American Mortgage
(757) 287-3331 Login to rate this answer: |
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