I am currently trying to refinance one of my properties.The problem is that my credit score plumitted because I am behind on payments(I have a variable interest rate & noone is currently renting my home).My payment keeps going up & I'm afraid I won't catch up!!!They tell me because of my score I would only qualify for a hard money loan & on top of that I cannot cash out.I've heard these loans are VERY high risk.Are they trying to srew my over.What do I do??My payment keeps going up,I need to cash out so I can pay for backed up bills.They tell me the only program that can give me a low monthly payment that is fixed is Option 1.Please give me your opinion.Thanks people I appreciate the help!!
I saw that one of you said to have someone else go into the loan with me & I have already tried that.My mom has a fico score in low 800's & even that way the bank's keep telling me that they will use MY score over hers.They tell me that they HAVE TO use the lowest score.So that doesn't work for my either.

I have worked hard in the past year, and managed to raise my fico score to low 600.

I have only a few bills to pay off.
once I pay these off I will raise my score to get financing to invest in real estate.

Once I pay these off I could raise my score tremendously.
To do this I'm willing to pay a high interest rate.

Ae there any interested lenders?

Do they look at thing's such as the fico score and what else do they look at.Looking for info on how to use the elements from the business not me as a person to obtain financing or line of credit to pay off the people i am buying a company from.