Subprime Borrowers With Best Credit Score Denied Help - Bloomberg
Travis Armstrong, a long-haul trucker, has made his mortgage payments
for six years and has a credit score of about 800 that would entice
most lenders. Because he owes more than his home is worth and his debt
lacks federal backing, he’s stuck paying 7.5 percent interest, almost
twice the rate of new loans.
Travis, the 57-year-old trucker, who bought his home in St. Helens,
Oregon, in 2006 for $138,500 using a subprime mortgage, said he has been
trying to refinance for two years without success.
“I have a good income, and I have a good credit score, but that won’t
do me any good because I’m still $27,000 underwater,” said Travis. “No
one will talk to me.”
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