Ordinarily, you should qualify easily for a refinance loan since you have a house that can be used as collateral. But this may not necessarily be so if you've got a number of collections on your file. Maybe you accumulated these negative accounts after you bought your house and they are staring right in your face and threatening your chances of refinancing that same house. No problem here.
You should take a first step of getting a recent copy of your credit report from annualcreditreport dot com to see how many collections and other negative accounts that are contained in your report. Next, take significant measures of disputing these bad entries with the credit bureaus to free yourself of the financial shackles. If these bad accounts were mistakenly reported, then you stand a great chance of improving your chances of getting the credit you need for a refinance. If on the other hand, you ran into some kind of problem and thus attracted the collection into your report, then you can either contract an expert credit repair agency to handle this task.
If you have a restoration kit, you can still do it yourself by sending a dispute letter to the bureau with this negative item listed on your report. But be sure that you do not dispute more than one item for every letter you send.
If the bureau is not able to finish its investigation of the account you're challenging within 30 days after receiving your letter, then you've achieved your purpose as they are required to delete such account from your file as a result of this.
Remember that most mortgage lenders will request that you pay up debts and take care of accounts that can be paid up before they grant your request for refinance.
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