Question : Bad Credit Home Refinance In Oklahoma….HELP?
Ok, Here is the deal… I bought this house in March this year in Oklahoma and got it for 61,000. I financed it through a group of investors and I pay about 13% interest on it plus the owner carried about 10k on it. So im paying 720.00 to finance company and only 50.00 to the owner. I have payed it on time every month but now my credit is even worse then it was because of a spouse and alot of things went default and probably in the high 400′s credit score now when i was almost 600 before… Is there anywhere/anyone that can help me in getting a refinance I make about 45k a year. I noticed on my contract at closing i just read it says “I am agreeing to pay the balance by March of 2008 ” does this mean if i dont pay it I lose my house? I just dont know what to do… Thank You…
I just read it in detail and it says:
MORTGAGE NOTE : This is a balloon Mortgage note and the final payment or the balance due upon maturity is 49,920 together with accrued interest,if any,and all advancements made me the mortgagee under the terms of this mortgage. ….. Then it shows Maturity Date of Loan: May 1,2008 ???
home refinance bad credit

Best answer:

Answer by Real Estate Guy
WTF. “You just notice . . I just read . . .”.

Didn’t you understand what you agreed to BEFORE you signed the papers.

I’m not sure what this clause means. It appears that there is a 1 year ballon clause. I have never heard anything like this.

I would talk with the settlement company/lawyer and see what you need to do.

With a 400′s credit score, there isn’t anything you can do.

Talk with a lawyer and find out what you are into and what your rights are.

If you have misunderstood and you don’t have to pay in full in march 2008, I would get a part time job to cover the mortgage, or a room mate.