Is a Refinance Possible If We Missed A Payment?

Hey Jeff. Well you obviously have done some research. Yes our bank can manually underwrite the loan and get it done... especially if there is a reasonable explanation. I guess just give me a call so we can get figure it out and get to the bottom of what we can do. My number is 888-327-7121. Call anytime.Thanks,Matt

Hi Jeff,It will really boil down to the circumstance and any compensating factors. As an example, if you have lot's of equity in the home, a good debt ratio etc.. Every situation is unique and varies from person to person. A hardship letter may certainly help, please call or email me to go over your specific situation.You can reach me at 888-PierWest(743-7937) X 701 or at Matt@pierwestcapital.comBest,Matt

Jeff, as mentioned before, it's different for each situation, depending on other factors. Worst case scenario, you may have to wait until October to close on a refinance; this will give you 12 months since the last mortgage late. As close as that is, you could probably even do a longer period lock to preserve the rate. A letter of explanation would be helpful, if not needed, in the underwriting file; explaining these things up front usually even helps avoid more questions about the situation.

There are lenders that allow one mortgage late in the past 12 months and up to two in the last 24 months. Yes, it's possible, if you meet the remainder of qualification guidelines. .... Happy funding, Rudi