I have very poor credit and have recently requested a refinance loan from my bank. We met and I am anxiously awaiting a response. In the meantime, I was wondering: In my situation with poor credit which is less of a risk for the bank, a refinance or me selling and moving into a home that is more affordable? How do I figure out roughly how much I may be approved for?
Details: bought home in 99 for $183,000. City assessment is at $256,000. I do have a 2nd mortage with about $7,000 left.
Please, this is my future. Serious reponses only.