Your credit score will prevent you from securing a Texas Equity Cash Out mortgage -even with our sister on the mortgage. Lending is based upon the lowest of the middle credit scores of all borrowers. Additionally, your sister would have to be living in the home in order to use her income to qualify. Your best bet is to catch up the mortgage payment as quickly as possible and work with an experienced lender that can advise you further about improving your credit score. I do this all the time with clients so if you need help please contact me.

There are not many options if your currently delinquent on your payments and with your score at 600, doing a cash out refinance is more than likely out of the question as well. Contact a local mortgage broker, not a bank, and apply with them. they have access to numerous lenders and can try to match your particular scenario to the right one.. You might not be able to do something right away, but they can advice you the necessary steps to secure financing in the future. WilliamAcres.com

I concur with Richard Woodward. You are going to need to take a few steps to get yourself loan ready. I always advise buyers to work with a local Mortgage Banker/Broker, rather than with one of the big banks. It sounds like he knows his stuff. Good luck to you. ~ Bert Carpenter ~ The LoansA2z team of Nova Home Loans. www.LoansA2z.com ~ NMLS # 40586