Missing mortgage repayments, which includes missed, late or overdue payments, is considered very severe by the lenders and they can repossess your house and sell it to recover their money.
It is very tough to get refinance from the major lenders, however, there are some specialist lenders that may help people refinance their current mortgage with bad credit.
They will assess your loan based on the time to make up your missed payments and other commitments, however, the amount you can borrow and the lender you apply with will depend on your situation. You may be able to borrow up to:
- 80% with a major lender or even 90% with a specialist or a non-conforming lender with minor late payments.
- 80% with a specialist lender with up to two missed payments.
Otto