Best answer from question by mary l:
Answer by Banker B
Have seen lots of people asking info on bad credits. Well, if you need to get your problem solved onarrange loans or other finance, and usually means you will pay more interest on any loan you take out.
Best answer from question by ching:
Answer by ttpawpaw
It boils down to several factors, all of which will cost you money. Both are esentially new loans. The first is starting over again for 30 years with your existing mortage, your arrears, points, and origination fees. This gives credit for what has been paid towards principal. A re-fi is also a new loan. You must requalify. Considering that you are in arrears this might affect your credit rating, but you may be able to get a better rate.
You should talk to a processor and have them determine when a break even point would be with each loan. The break even point is when you have paid off the extra that the new loan cost. The shorter the time, the better the loan. You might also consider taking out a signature loan and just pay off the arrears. This may be your best way to go.pp