i have a house that i owe approx $51 thousand on, i was just turned down for a loan modification due to having a roommate, lol whatever, and i want to lower my mortgage and borrow money for basement and home repairs nothing real major what can i do, im currently one month behind on my mortgage. divorced and have a full time job of 3 1/2 + yrs. will anyone help refinance me?

If you qualify ,I would look at doing a 203K FHA refinance and roll in all renovation costs,emarez@thefederalsavingsbank.com

You will have a much easier time and likely get a better rate on the mortgage if you catch up on your mortgage payments and be current at the time you apply for a mortgage, whether straight cash out or a renovation loan. A natural question from any lender will be if you are having trouble making this payment (including applying for a loan modificaiton) what will happen with an even large payment? If you want to do the repairs yourself some renovation lenders (FHA 203k is NOT the only option) will require an independent contract.

Being currently behind is going to cause you a lot of trouble.... Why would someone want to loan money to you - and even more money - when you are not successfully making your payment today. Get current, stay current, and try in 12 months.

If you look at it from the lenders standpoint, you asking to borrow more than you owe now, and a higher payment, yet you cannot make the payment your obligated to now.. there is no one out there willing to do this loan for you.. if you owe $51K on a home that's worth $200K, you might find a hard money lender willing to lend to you, but in reality, the terms will be terrible.. your better off working on fixing up your credit, stay current for the next 12 months, and then apply.. if your roommate has paid you consistently for 2 years, and you claim the income on your tax returns, you will be able to use that income for qualifying, but you will also be refinancing as an investor, not as an owner occupied, even though you live there.. so rates will be slightly higher.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

We are the best for rehab loans Fha 203k SL. and out of the box thinking www.firstfloridafin.com 954 558 4430