This client is in a tough sport. Due to a conflict that he had with a credit card company, he now has a really bad credit rating.  One wonders if he would have been better off to have just paid the amount in dispute and moved on to protect his credit rating. He has really bad credit and is applying for a  home mortgage refinance loan of $95,000 and lives in  in San Diego California. In addition he wants the lowest APR that is available.

We do not know all of the details regarding his dispute with the credit card company, however ignoring his credit rating and looking at all of the other factors for a moment, this client is a good candidate to be approved for the home mortgage refinancing loan that he has applied for.  The monthly payments are well within his ability to pay based on his salary and he has a good job that pays well. He also has seniority with the company and is well respected.

The difficulty arises when you look at his credit rating. Although according to the client, it is not due to lack of payment, but rather based on a dispute he had with the credit card company.  The credit card company did what they were supposed to do. They had a client who was not making payments and were forced to report the non payment to the credit agencies. Later, the issue was resolved, however it is now too late to remove the black mark against him and correct his credit rating.

The client may want to obtain estimates for the air conditioning and the roof repairs and then evaluate whether this application for a really bad credit home mortgage refinancing plan is the best way to go. If he can arrange for a small loan for these items, pay it off on time with no late payments, he can begin to repair his credit rating. There may be lenders who are willing to issue him a new refinanced mortgage even under these conditions of bad credit. A secured mortgage, which this would be, would protect the bank more than a personal loan would under these conditions. The client has several options to consider and we look forward to having further discussion with this client concerning his application.

Home/Mortgage Loan Amount :: $95,000

Home Loan Application and Processing Speed (when do you need the funds):: By the end of the month

Do you currently have a mortgage? :: Yes

Bank Name and Branch :: Bank of California, Carmel Valley

What City/Town, State and County do you live in? :: Sand Diego, California

Zip :: 92154

What is your employment field? :: Engineering

Employment Position :: Senior Engineer

When are you paid? (monthly/weekly/biweekly):: biweekly

Your credit rating to be – excellent, fair, or bad? :: bad

How did you find us? :: checking for sites that have bad credit home mortgage refinancing loans

How are you paid? (direct deposit/paper check):: direct deposit

Gross Amount Per Paycheck :: $3000

Do you agree to have this information published online, without your PRIVATE information of course? :: ok

Extra information here please (some detail):: We would like to refinance our current mortgage and increase it from $45,000 to $95,000. Our home is worth approximately $300,000, so we are not trying to borrow up to the value of the home, only one third of the homes value.  We have never missed a payment on our mortgage, however due to a number of financial issues over the last year my credit rating has gone from excellent to really bad. Basically I was not paying my credit card bills due to a dispute I had with the one of the companies that I held a credit card with.

They had double charged me several times for the same purchase and I had to fight with them to get them to reverse the charge including not paying them. We have settled in terms of the charges, however during the process they filed a collection notice against me and also notified the credit rating agencies. I now basically have no credit rating and there does not seem to be a lot I can do about it. If you check you will see that other than this one card, I have never missed a payment.

Note to Lender :: I work as a senior engineer for an construction firm in San Diego and have been there for the past 6 years. I am one of their senior engineers and as a company we are very successful with more work than what we can possibly handle at the moment. My wife also works for a clothing store at one of the malls and makes about $25,000 a year as well.

We would like to refinance our mortgage so that we can consolidate a small loan that we have of $10,000 and use the rest to do some updates to our home. We need to replace the air conditioning and also at the same time replace the roof. Both are expensive  and will cost quite a bit. We still have to get estimates for these changes.

Although I have a really bad credit rating , I would like to be approved for a home mortgage refinancing loan. We are good for the payments and I have a steady job which pays very well.