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Lately, the number put out by Freddie Mac has been incredibly low -- temptingly so for people thinking about refinancing or buying a new place. But anyone who comes across this average may be disappointed when they find out what kind of rate they ...

If mortgage rate sounds too good to be true, it probably is - Memphis Commercial Appeal

Since mortgage lenders are offering record low rates, many people are considering refinancing. But there are some things to keep in mind when looking for a bank that will work for you. Valley Banks' Vice President and Sales Manager Deb Sullivan ...

Savvy Shopper: Refinancing 101 - WQAD

It's often those homeowners who are underwater, or owe more on their home than it's worth who decide to walk away. Experts say it's not the worst decision ever, but it will damage your credit. Keith Foster is director of enforcement and compliance at ...

Buying or selling your home - WTGV

WASHINGTON (MarketWatch) -- Question: I have many questions regarding the Home Equity Conversion Mortgage. How much down payment is required? Is there really no verification of income or assets? Do we have to sell our current house first (it is ...

How to use a reverse mortgage to buy another house - Marketwatch

WASHINGTON (AP) -- Rates on 30-year mortgages fell slightly from last week but remained just ahead of record lows posted this month, Freddie Mac said Thursday. Average rates on 30-year fixed mortgages dipped to 4.8 percent from 4.82 percent last week ...

Mortgage rates dip, stay above record lows - Associated Press

There was a 92 percent rise in mortgage-refinancing transactions nationwide in the first three months of this year over the corresponding period last year. But New York State had just a 6 percent bump. In a state filled with expensive homes and big ...

Mortgages: New Yorkers Miss Refinancing Spree - New York Times

The Treasury Department said Tuesday seven more banks have been approved to participate in the government's $700 billion rescue effort, and that a Colorado mortgage company was chosen to participate in a foreclosure mitigation program. The department ...

Treasury provides $45.5M to 7 banks from bailout - Buffalo News

A Charlotte Business Journal â€œ2008 Best Places to Work,â€ and Carolina Parenting â€œFamily-Friendly Fortyâ€ company hosts recruiting event, creates jobs in Charlotte market. Charlotte, NC, May 05, 2009 --( PR.com )-- Charlotte-based residential ...

Ameritrust Mortgage to Host Recruiting Event: Adding 40 Positions - PR.com

Duke, which owns the company in a joint venture with Morgan Stanley Real Estate, said as part of its first-quarter earnings Tuesday that it took $33 million in charges for Crescent debt it has guaranteed. Duke created Crescent in 1969 to manage its ...

Duke exec: Crescent bankruptcy filing possible - TradingMarkets.com

emergency order from the South Carolina Supreme Court temporarily halting certain home foreclosure sales will give it more time to see if hard-pressed homeowners qualify for the Obama administration's new mortgage-modification program. The temporary ...

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Best Mortgage Refinancing Questions and Answers

Open Question: Mortgage question! coborrower?

Me and my husband are looking to buy a house. The only problem is the income level. I know that they will not lend more than 3x your yearly income. Well, we are used to paying $600 a month in rent and all the other bills involved with a house but last year we only made about $20,000. We just sucked it up and paid the money to live somwhere nice. The mortgage we are looking at is about $100,000 so we need a co borrower. My mother makes good money at $39,000 a year so that would put us safely in our range. We also have a nest egg of about $4500 saved and the $8000 tax break we would get would help too. I guess the question is, is it a smart move to ask my mother to co borrow for our house? She is looking to build some credit too. And, when we refinance in 2 years or so would it be possible to take her name off the house completely?We have land as collateral also. I guess what I am asking is, since we are used to the payments, have money saved away, and own the land is this a smart idea? more

Open Question: Has anyone ever used Quicken Loans to refiance?

I'd like to refinance my home to a lower interest rate. I have been in touch with Quicken Loans. And was advised I could get under 6% interest rate, we're currently paying 7.60% interest. He also said we might qualify for for an FHA mortgage but I am a first time buyer and am not sure what FHA loan is. He said with an FHA loan I might not need an inspection on the house. He said the closing cost would be included in the mortgage and in 2 1/2 years would be paid off. Has anyone used Quicken before ? Do they have a good reputation ? What is an FHA loan ? If closing costs are included and I'd be paying it off in 2 1/2 years, will the mortgage go down once it's paid ? If not, why if the closing cost is paid off? Thank you for your help. :) more

Open Question: Can I get a loan in my brother-in-law's name as his durable power of attorney?

My sister passed away 6 months ago and my brother-in-law had to be placed in a nursing home with Alzheimers the next day. He has long term care insurance which will last 5-6 years. His assets are about $1million. I loved them both and ache for the loss of them. Like so many, we've suffered in the housing market and had an ARM loan increase last year, along with job loss, etc. We are getting back on our feet but are unable to refinance our mortgage due to loss in home value and bills. We are trying to ride out this housing mess and know values will slowly come back. If we could get a secured loan in his name we could not only qualify to refinance but pay him back at a low rate. I want to be completely legal and above board. Can this be done? more

Open Question: What are all my options?

I want to take over the mortgage that is through Bank of America. What are the all the options to take over payments? I know she is getting the loan researched to see if we can assume the loan, but from what I have been told we have to "qualify" credit wise, which may be a problem because my credit is not good. Can we just refinance the home and switch the names on the loan then or do we just add our name to the loan or what? more

Open Question: If my mortgage isn't backed by Fannie or Freddie, are there any other refi or modification programs avalaible?

My mortgage is through Bank of America. I was told today that I didn't qualify for Obama's "Making Homes Affordable" program because my loan wasn't backed by Fannie Mae or Freddie Mac. I've read that there are alternatives to this program if your mortgage is secured by another company, but I can't find anything on it. I'm current on my payments, my home value has dropped since I bought it, the principle balance is just over 105% of the current value, and about six months ago, my wife started working about 20 hours a week less. Do I qualify for any kind of mortgage modification or refinance that is backed by the government? more

Open Question: Mortgage Refinance for 1st Time Home Buyer.?

My girlfriend and I split and I am trying to get her name off the loan but making the mortgage on my own is going to be really hard. I have a 6.25% fixed for 30 years. We got closing cost help for being first time home buyers, but the stipulation was you can not sell or refinance for the 1st 5 years I believe. Someone was telling me that has now changed to help with the housing crisis. Could someone point me in the right direction as to whether I can refinance at about 2 1/2 into the mortgage. Selling is not an option FYI... more

Open Question: How long after buying a home can you refinance?

My husband I just bought home in July 2008 for 87k. Our interest rate is at 6.25. With the mortgage rates falling because of the economy, we would like to refinance to pay off some bills and to get a lower rate. We are first time home buyers and have a fixed 30 year FHA loan. Do we have to wait one whole year to finance or can we do it now? more

Resolved Question: Clueless about refinancing!?

I'm looking to refinance my mortgage since rates are so low. Is it better to take the lower rate with points or higher rate with no points? What is the difference? Thank you! more

Open Question: Can I refi with over 96% LTV?

I have two a mortgage with WF, and a home equity loan with same bank. Balance of 1st mortgage is 86% of appraised value, balance of HELOC is 10%. Would it be possible to refinance the first mortgage to take advantage of today's low interest rates? more

Open Question: about refinancing a house?

my fiance and I bought a house and both our names were suppose to be put on the paper work but only his name is on there he got incarcerated 2 months after we bought the house and moved in it I have been making the payments every since our house payment is going up in august but I don't know how much because we are on a adjustable mortgage rate what can I do about this so I don't loose the house I really want to keep it and feel it is more mine then his he did fix a power of attorney paper to make all his financial decisions more

Resolved Question: Need Proof of EMPLOYMENT or INCOME? Print Custom Payroll Paystub 1099 download w2 tax form efile REALSTUBS.com?

The Easiest Way to Print Payroll Stubs Paystub w2 w-2 w/2 forge fake fraud income tax taxes efile download online http://www.REALSTUBS.com Tags: a loan modification, and loan modification, bank loan, bank loan modification, behind on mortgage, commercial loan, commercial loans, commercial mortgage, credit loan, fha loan, finance loan, financing loan, hard money loan, heloc modification, home loan modification, in loan modification, income, income mortgage stated, income tax, Income Taxes, interest rate modification, investment property loan, lender modification, lenders, lenders loan, loan agreement, loan brokers, loan commercial real estate, loan companies, loan foreclosure, loan interest rates, loan land, loan lender, loan mod, Loan Modification, loan modification agreement, loan modification agreements, loan modification ca, loan modification companies, loan modification credit, loan modification foreclosure, loan modification help, loan modification how to, loan modification leads, loan modification loan, loan modification program, loan modification to, loan modification with, loan modifications, loan rates, loans, loans modification, loans modifications, modification lenders, modification of loan, morgage modification, mortage modification, mortgage, mortgage loan, Mortgage loan modification, mortgage loans, mortgage modification, mortgages loan, no doc loans, no doc mortgage, one loan modification, rate loan, rate modification, refinance, refinance loan, refinance modification, refinancing loan, sample loan modification, stated income loan, sub prime loan, subprime lenders, subprime mortgage lenders, tax, Taxes, verify If you're unable to manage your mortgage or you're already behind on payments, try negotiating a workout plan with the lender so that you can avoid foreclosure. There are workout plans such as forbearance, deed in lieu, short sale, loan modification and others. You need to choose the one that best fits your mortgage situation. http://www.realstubs.com What is a loan modification program? Mortgage loan modification (home loan modification) is where the lender may lower your mortgage rate, or add any dues to the mortgage balance and extend your loan period. This is to ensure that your monthly payments are reduced. There can also be a reduction in the principal balance you owe. The purpose is to make your payments affordable so that you can save your credit and keep your home. When is loan modification suitable for you? Loan modifications (mortgage modifications) are suitable for you when: You have experienced a long-term reduction in income. Your monthly expenses have increased. You don't have enough income to pay off mortgage dues. Are you eligible for mortgage modifications? You may be eligible if: The lender hasn't declared a foreclosure yet and even if he has done so, he should have removed the loan from the foreclosure status. You're delinquent on the loan for 3 months or more. The loan has been originated for more than 12 months. You have stable surplus income to help you pay at the modified rate/terms. The property is in good physical condition. How does a loan modification work? If you're concerned about how to do a loan modification, here are 7 things you should be aware of. Review your financial situation: Prepare a Financial statement including a detailed list of your expenses (food, gas, credit cards and other financial obligations) in a spreadsheet and calculate the average costs on each item for the past 3 months or so. This is important because most lenders would ask you questions on your financial situation and require you to submit a Financial Statement. Hardship letter: Prepare a Hardship letter of not more than 2 pages wherein you'll put down why you aren't able to carry on with the usual payments and why need a loan modification. Know how to write hardship letter. Collect documents: You need to gather certain documents which the lender may review when you request for mortgage loan modification. The documents are: Paystubs and bank statements for past 2 months Buy Personalized Paystub Making Software HERE W-2 Form for last 2 years for the employed Buy Personalized W-2 Making Software HERE http://www.realstubs.com Form 1040 for last 2 years if you're self employed Buy Personalized 1099 Making software HERE http://www.realstubs.com Rental Agreement if the loan is not on your primary home Most recent mortgage statement Property tax statements Contact your lender: Call up the lender and make him aware of your situation. An even better way to communicate is by sending a hardship letter. It is easier to get a home loan modification if you're behind on payments. However, you may get approved even though you're not yet late but are not sure whether you can keep up the payments. Fill out paperwor more

Resolved Question: Self employed and looking for software to print payroll paystub 1099 and w-2 irs income tax form online efile?

Open Question: What is the 1st step to take when refinancing a mortgage?

Voting Question: Question about refinancing and equity....?

(asking for a friend) My home is nine years old. The first mortgage is 7.8%. The second is 8.0%. I am thinking about refinancing my home. If I have equity in this home, and it's given to me, is this considered a loan that I have to pay back? more

Voting Question: going through divorce, need advice on my current home?

here's the deal. i am receiving the marital property in the divorce. the deed will be in my name, but the mortgage remains in his name because i'm self employed for short time and can't obtain financing. we are currently refinancing to a 4.625% interest rate, which will save just under $200 per month. if i see that i need to move, would i be able to a) rent the house..b) lease-purchase the house to someone, based on the fact that the mortgage is not in my name. i've heard that mortgage companies can call the note due if they are not informed of these decisions. should i a) refnance at all, b) sell the house or c) rent it out to someone. i'm overwhelmed right now. my current interest rate is 5.875 on first and i have a 19,000 second mortgage, which would all go into the new interest rated loan. any advice? don't want to be inextricably tied to my ex, but don't know exactly what to do. ok, i don't know where you got that i can't afford it. that is not the issue. the issue is making a smart decision so that i'm not tied to him forever vs. staying in a low interest rate, affordable situation. please read the question well before answering. it's about smart financial and personal decisons. financially, it's smarter to stay here. personally, it may be better to move out. i'm trying to decide which path to take. more

Voting Question: I bought a home with a friend, now she is moving out and backing out on the loan, what should I do?

I regret this so much now, but bought a house with my (ex best)friend about 7 months ago. Things have gone sour and she has moved out leaving me with all the bills. We are both on the mortgage loan and deed. She is borrower and I am co borrower. I can make the monthly mortgage payments with the help of my boyfriend, but she refuses to sign a quit claim and there is not enough equity to refinance at this time. It would cost me thousands of dollars. I found in the occupancy affidavit the borrower is supposed to make the home their primary residence for at least one year. Would this make her defaulting on the loan? Or in embreachment of contract? Can I do anything about this. I dont want to let it foreclose but I hate making these payments and only making her credit better. What should I do? Can I legally sue her for half of the loan? okay yall have all been very helpful... i am meeting with a lawyer next week actually. i just needed some extra insight from the world. i am in a terrible situation :( and my mortage company ( Suntrust mortgage) has been somewhat hard to get through to... but i think with a few more phone calls i may get somewhere. and I have tried reconciling with her.... and I have also threatened not to pay and that it will ruin her credit.. she seems not to care. i guess she realizes i am the responsible one and i wouldnt do it to my own credit. lol.... more

Voting Question: What are the advantages to refinancing my home?

My home is nine years old. The first mortgage was 7.8% and the second is 8.0%. What are the advantages to refinancing my home? more

Resolved Question: Opinions on what to do with money, please:).?

We will be selling our commercial building AND business. The buyer is getting financing for the building so we will get that money in one big chunk, but will make payments over 9 months to pay for the business. My husband and I are undecided what to do with our living situation; what's your opinion? We are Dave Ramsey fans and strive to, above all, be debt free. After paying off debts, we will have $70k from the sale of the building to put towards our house mortgage (currently around $135k and it appraises at $145k). No argument about that. We can't agree on where to put the $55k from the sale of the business. He wants to put that towards the current house as well. I want to use it as a down payment towards another home (from $90-110k) and rent out both parts of the current home (refinanced at 15yr mortgage). This would be enough rent to pay for both home mortgages. We currently rent out our basement and live in the top half of the home (we've been doing this for 6 years). It is 850sqft with 2 bedrooms. We have two boys that share a room and various large and small animals. AND, we have another baby due in 6 months. We are out of room! Even if we didn't have a renter and spread into the basement, I wouldn't feel comfortable separating myself from the kids. To get to the basement, you literally walk out the door to an (enclosed) outdoor stairwell and then into the door of the basement. It's like a completely different structure that happens to be underneath. I don't need a bigger/nicer home, just one that has a different layout (like a ranch). My husband acknowledges we're out of room, but is zeroed in on paying off the house and says we need to rough it with 3 kids in one tiny room. He can't, however, give me a timeline for how long we'll be living like this. He, by the way, has nothing to do with the house. He doesn't do ANY of the care taking of the kids or home and has no idea the stress this cramped home gives me. I know my husband just wants the peace of not having a mortgage. I know that's a good thing. My plan, though, is to continue to rent out the home until the market gets better and then sell this current home (within 5 years?) leaving us 100% mortgage free, and maybe we'll have enough to get a car younger than 15 years old! Unless, of course, we're able to pay off the mortgage with my husband's next business adventure then we'll keep it as an income property. If you were in our shoes, what option would you be leaning towards? Thanks for taking the time to read! more

Open Question: If I use Obama's loan modification plan, will I hurt my credit?

I have an ARM that expires in January 2011. My current mortgage payment is $1700 per month (5% rate). I tried to refinance into a 30-year fixed but got denied (My wife only works part-time right now). My mortgage company says I qualify for an immediate reduction of $300 to my monthly payment for the next 4 months while they review our information and determine if we qualify for a permanent loan modification. They think we probably will. But they warned that they report to the credit bureau that we will only be making a partial payment for the next 4 months, and that we will be taking part in the Obama loan modification plan. Is that bad? My wife plans to go back to work full-time in 4-5 years and then we'd like to buy a bigger house. Will using this loan modification plan ruin our credit and kill our chances of getting approved for a loan in the future? We have perfect credit right now, no missed or late payments. How bad does it hurt our credit? Any ideas? more

Voting Question: Mortgage Insurance: Do you think they would insure me?

I own a commercial property. I owe 500k to the bank and it was appraised for $1.15m 2 years ago. I would guess an appraisal would come to about 900k today. We are working out a deal to seller finance it to a developer for $1.15m who will put down 325k and use his remaining funds to build an additional store on the lot to increase the value, then refinance in a year or so and pay us the rest. Now this means we would be in a second lien position. We have came up with a few different safeguards to minimize the risk. Do you think a mortgage insurance company would insure this since it is technically a loan? more

Voting Question: Hard Money Loan then Refinance?

I want to get started as a real estate investor, but of course banks have tightened up on their financial products. Here is my thought: What if I got a hard money loan then refinanced it? Would that work? Are banks more comfortable with refinancing than they are with mortgages? I'm seeing that hard money loans are easier to get, but they are extremely expensive and short term. So my plan is to get a hard money loan, make some payments to show good payment history. Then refinance. Twice if possible. thoughts? more

Voting Question: Refinance exisiting loan as owner occupied property and then buy a new home within few months?

If a homeowner refinances his existing home from 5/1 ARM to 30 yrs fixed as owner occupied property. But within few months decides to move on and buys a new home with 20% down and loan for rest. Does he need to worry about mortgage fraud? If he has been living in that house for 5/6 years and happens to refinance just before moving on is that still a problem as essentially the 1st property now becomes a rental property? Please explain. more

Voting Question: Pay off student loan with mortgage money good idea or not?

I have a chance to pay my daughters student loan off with money from a refinance we made a couple years ago. Is there any tax benefit to leave it as a student loan or any benefit at all leaving it as a student loan? more

Voting Question: Would it benefit me to refinance my house...(see question details)?

I a 120K loan at a 6.25% fixed rate (but there was a point involved) about 8 years ago. two years ago I added a HELOC variable rate for 44K. My HELOC is interest only and will come due in 2017. The rate is currently around high 7-8%. I would like to refi all of it into one mortgage. I owe about 100K on the first mortgage and 43 on the HELOC. I would also like about 10K cash back to do some needed home repairs. I don't care as much about the monthly payment as I do about not ending up paying an extra 30K over the course of 15-30 years for this refinancing. Any advice would be helpful. Thanks p.s. It is a mobile home on a permanent foundation and would appriase for approximately 180,000 because of the location and 3 car garage. Also...I am self-employed and that may affect my mortgage rate. more

Resolved Question: I went to a mortgage broker and she told me I could refinance my home at 4.5% with Fannie May?

I am currently paying 6.5% with Washington Federal Bank and owe $68,000.00 on my mortgage. I have heard a lot of bad things about Fannie May. Should I do this or just stick with what I have? more

Resolved Question: Do you think the bank will work with me on this?

I have a mortgage on a commercial property I am trying to sell. I am not getting any good offers (after almost 2 years) except 1 but the buyer can not get the financing. My attorney and I came up with a plan to seller finance it to him while he invests into the empty lot to raise the income and then refinance to pay us in full in about 1 year. The plan is beneficial in everyway to the bank: They still have the first lien, I will set aside part of his downpayment (app 50k, enough for over 12 months) to make the payments if he defaults so there are two people making sure the payments are made, and he will be building a store on an empty lot of the property to raise the value further. My attorney says however that the bank will not allow this because of the due on sale clause and will not work with me, even though they can't loose. I think it would be foolish for the bank not to let me do this. This makes my options to either do it anyway being that we don't expect the bank will not find out unless the payments are not made (and we will have our "insurence" fund set aside, or to discuss it with them and if they say no I may have ruined any chances of doing it. So do you think they would go along with this? Now of course it is more complicated then that and I am very well aware of the risks so I don't need advice on that but do you think the bank would ignore what makes sense and just follow the policies or do you think they may listen? I live in the bronx if it helps. Thanks more

Resolved Question: Why does the President keep telling Americans to refinance when those who want to can't due to -?

due to mortgage amount being higher than their home value? That's the main problem - people are stuck and CAN'T refinance because of the dropped value of their homes. Notice he doesn't talk about modifications any more because it was all a scam and nobody actually was able to get one, just their home foreclosed and lost the money they paid to the 'modification' companies. a. I'm not talking about my mortgages so don't attack me and b. most people were qualified before the economoy took the worst dive in US history so how were they supposed to predict their incomes were not going to be the same 5 years later. more

Resolved Question: What can I do about my house / mortgage / job situation?

I am currently "stuck" in a sub-prime mortgage on my home in South Florida, and I lost my job about 6 months ago. WHile I am aggressively job-searching, I know It may be some time before I find something. I want to get out of FL and have expanded my job search nationwide. I am not eligible for either of Obama's save your home options. I can't refinance because I'm not behind on my mortgage. I can't modify my mortgage because I don't have a job. My mortgage (5 year interest only ARM) will start adjusting monthly and ammortizing in 9 months. I have thought about moving out and renting it as a section 8 rental, and have a friend who is able to manage the rental for me. The problem is that my mortgage could still double overnight in 9 months, even if I do have guaranteed income from renters. I have nearly perfect credit, which I hate to ruin. I know that I want to get out of FL, but not sure where I'm going to find a job, so I'm sort of in limbo. Should I stop paying my mortgage and stay in the home for a few months and just save the money for my upcoming move? Should I ask the bank for a short sale? I know either of these will affect my credit. Should I try to move out and rent it? Thanks so much for any insight you can give me. I should add that I have tried talking to my bank, and they do not have options for me. Also, I have taken a restaurant job, but, with working nearly 60 hours a week, I am still coming up $1,000 short each month, so my savings are taking a hit. more

Voting Question: Should I refinance my mortgage?

I purchased in 2006 for 74000.00 in Cleveland Ohio, A year later I took out a Equity Loan of 15000.00 to pay for new windows, paint job, and furnace/air conditioning, energy efficient appliances, and wiring updates. My current rate is 6.5 on a 30 year fixed conventional. I went to my current loan institution recently and was told that the current rate was about 5 percent now, but was told that I could not do a refi with my current backer with was Fannie Mae due to the big mortgage crisis they have gone through. So it would be a total refi and would then get slammed with closing costs. However they told me that I would have to combine the 1st and 2nd mortgage(home equity loan) into one, and that would put me at a greater then 80% loan to value, which would require me to carry PMI (mortgage insurance). When it was all said and done, i would be saving roughly 30.00 a month on my current bill???? If i didn't have to carry PMI it would be about 100.00 in savings a month? Have things changed again, should i retry this attempt. Should i get an appraisal, cause he told me my home would have to appraise for 103,000 to not have to carry pmi. I believe my home is worth every ounce of that, but the current market might not! any help would be appreciated. more

Resolved Question: I would like to sue CitiMortgage, Inc. for $162.000.00?

I applied to refinance my Home loan with Citibank and was told, by my Mortgage Consultant, that I qualified for a streamline refinance. After I paid the application fee and filled out all the appropriate paperwork I found out that a Mortgage Loan Coordinator had mistakenly coded my loan and no longer would qualify for the â€œStreamline Refinance.â€ CitiMortgage now refuses to refinance me at the agreed rate and term. Do you think I have a case? more

Resolved Question: What is the difference between the FHA Streamline Mortgage and?

the Home Affordable Refinance? I've called my mortgage company (First Horizon) and no one that I speak to there can give me any information on the Home Affordable Refinance! They don't even know what the guidelines are! Can anyone help me out here? I purchased my home in June 2008 and all of my payments have been made on time. I'm just wondering if an appraisal is needed, employment verification, certain credit score.... more

Resolved Question: How do I qualify for an FHA home refinace loan if am 30 days?

behind on a mortgage payment? I am making the payments. I am eleigible for an FHA but will I be turned down,even if I am in a repayment plan with my lender. The current lender claims they already reported the late payment. I am in a catch 22 ,the refinancing will lower my interest and payments If I am30 days late on a payment, Am I eligible for any type of mortgage refinacing. more

Resolved Question: CALHFA loan recapture tax?

I currently have a CALHFA loan and would like to refinance. I am currently in my 3rd year of owning my condo. My lender is telling me that I will have to pay almost $10,000 in recapture tax in order to do so. Why is that when my income has not increased much and I am upside down on my mortgage? more

Resolved Question: Mortgage Leads ...................?

Where can I buy the best mortgage leads for refinancing? more

Resolved Question: Streamlined refinance?

Is there anything in it for a loan officer in a streamlined refinance? I bought a house last year and my mortgage officer contacted me recently and said he could get me in a streamlined refinance for 1 percentage point less. Is he just being nice or is there something in it for him as well? more

Resolved Question: Better to refinance with a 15, 20 or 30 year fixed?

Our home is currently mortgaged at 6.25% so with rates being so low, we want to refinance. We think we will be in our home for another 5 years at least and at that point we will either do some renovations/additions or move into a larger home. We can get a 15 year fixed rate mortgage for the same monthly mortgage we are currently paying. OR we can do another 20 or 30 year refinance, have our monthly mortgage drop a lot lower, and then use that money for improvements to the property to make it either easier to sell in 5 years or happier for us to live here in 5 years. If we knew we were going to be here in 15 years, I would definitely do the 15 year mortgage, but since we're not sure, is it better for us to do a 30 year and use the money to upgrade? Any thoughts? more

Resolved Question: should we refinance our home?

we have 51,000 at 10% left & 5 years on our mortgage , we need to up date our home whats the best way to go? more

Resolved Question: Can I sell my forclosure home thats in mine and my e-wifes name to my new wife?

My E-wife has ruined my credit and almost lost her/our house I want to keep the house. My new wife qualifies by income and credit but can I sell her the house with my ex-wifes consent? I can not refinance the house with her as my credit is now in shambles and now the mortgage company wants to "re-write" the loan but only in mine and my e-wifes name wouldn't it be in everyones best interests for my ex and I to sell the house to my new wife pay off the mgt company and live happily ever after? more

Voting Question: Is there any way I could refinance my mortgage since I've been laid off?

I've been laid off since january. Since mortgage rates are currently low, I went to my bank where I got my original mortgage, and ask them about refinancing. They said it wasn't possible due to my unemployment (which is ridiculous because i still have to pay them mortgage anyway). I've been reading and hearing everywhere about special programs for helping people with financial difficulties. I tried, again, with my bank (bank of america) and after couple of months waiting time, their agent finally called me. After we talk for about an hour about my expenses and incomes, he told me that I'm not eligible for help. I don't know why I'm writing all this, :) so let memake a long story short and ask the community: does anyone know how can I refinance my mortgage without job? Are they any other agencies where I could refinance? I have excellent credit score, no debt, and when I bought it 2 years ago I put down more than half of the price of the house. House is about 230k $, and is located in saint louis missouri. I'll appreciate any suggestion! Thanks more

Voting Question: SEEKING PRIVATE MORTGAGE LENDERS?

Hi i'm looking to purchase home. My credit is not great, and i'm working on my credit. Does anyone know where I can find a private lender that's will to lend on a home with large equity for 3 years? I will then refinance into a conventional mortgage by then. I Know the intersted maybe high, but I'm willing to accept because the home that I found a such a great deal and has value more

Resolved Question: Where can I go to refinance my FHA mortgage in Las Vegas?

has anyone recently refinanced their 30 yr mortgage? Please let me know which bank helped you out the most. I'm currently with Countrywide but need to lower payments. I'm still ontime though. more

Voting Question: Refinance in one state while living in another?

I want to refinance a home i own outright (no mortgage) in L.A. but I am currently working in New York and will not be back in L.A. for a few months. I live in both cities and only own the one home in L.A. so it is considered my primary home. Is it possible to get a mortgage through Chase in New York for my home in L.A.? My main bank account is in New York with Chase. Does the bank I apply in have to be in the state, or will it be ok because Chase has locations in all states? more

Voting Question: Is this fraudulent activity?

After a very long (3 yr) and messy divorce, my husband's ex was given the house on the condition that she made the mortgage payments, and had the house refinanced within a year. Well her year is almost up, and she has missed 3 payments. My husband and I paid the mortgage because the house was going to get foreclosed on and it is his loan therefore his credit. His ex went into a state agency and told the woman that she was renting from us and about to get kicked out because she was behind on payments, and then got a grant for the mortgage payments. I was told that this is fraudulent because she is NOT renting from us, she is responsible for making her mortgage payments. Is this fraud, and if it is, how do we report her? As it sits right now we are in the state computer as being landlords, which means we will have to pay taxes on rent payments we never received. I'm a bit confused on what to do about it. Thanks! more

Resolved Question: Had two jobs, lost one job, higher interest rate affecting me, Need help?

I need some help start writing a letter to the bank. My situation is that i had two jobs, One at retail store with commision, other one being a bartender. With the tough market and recession, my bar laid me off, second my job with base pay and recession is killing me financially. My mortgage interest rate is 6%, and i want to request bank to lower interest rate. Because monthly i pay over $2500, and been struggling with tough economy, because i lost my one job, the other one where i get paid mostly by commission is also affected because there have been very few sales since january. I have been paying partial utility bill payments but have been good with my bank with mortgage payments and been always paid on time, infact when my mortgage agreement started i used to pay $200 more, then the usual payment, just to be ahead of my mortgage payment. I want help writing a solid letter, because i m financially depressed, close to losing all my savings if things keep going this way for next couple of months, and want to request bank to lower interest rate.Refinancing is no option as they had said. I went there personally, they said to write a letter, Any help guys i would appreciate. I m losing it all. Additional Details Plus i cannot sell my house, because of the bad market, it's value is worth peanuts now. more

Resolved Question: why does it say you can get lower mortgage rates.?

i see all the time you can get mortgage refinance rates for around 4.5% but when you speak with someone and then it ends up being 5.5% my credit is good and i've been approved but then they hit you with well its 5.5% now etc... what would be some good lenders to speak with ,without all that babbling stuff just explain it in better terms.. more

Voting Question: Hi Guys, Refinance the house, but couldn't (penalty is huge) please help and advise...?

Hi Guys, Hope someone could answer my question. I got my mortage last year in January(08). The interest rate I got (at that time the best) was 5.9% fixed for 5 years. Now, with the low interest rates, I am also thinking whether I could refinance my mortgage. However, the issue is the bank where I have a mortgage quoted the penalty as $20,000 if I change my product. I still have 4 years to go. Currently, I am paying about $1850 each month. I calculated and with the current interest rate (3.05%), I would be saving about 300-400 buck each month with the same amortization(biweekly/29 years). My balance is 3,07,000 and penalty is 20,000. The house is worth about 3,37,000(per 2009 assessment). I talked to my bank and they are not willing to refinance. Now, I am stuck for another 5 years, and looks like even if I want I couldn't get benefitted from the lower interest rates. Am I screwed, or is there still a light at the end of the tunnel? Very frustrated!!! By the way, I am living in Vancouver, Canada. more

Resolved Question: Screwed by Parents...Still on Mortgage, Signed Quit-Claim...help?

Ok. I moved out of the country after high school. When I was 21, I moved back to the US and into my father and stepmother's home. We've (her and I) always hated eachother and when I had lived with them for a week and she told me to go rent a room in someone's house to "be an adult," my feelings and surprise were no real...surprise. After about a month at this stranger's house, I was driving an old paid-off car of theirs, had a part time job, and was going to school full-time. My stepmom called me and told me to meet her at some office because they were buying a house I could live in and wanted to put my name on the mortgage with my stepmom to help me get good credit. I needed to leave the stranger's house I was at (they were smoking weed and told me I wasn't allowed to listen to music or even whistle indoors...) so essentially I didn't know what to do, thought this was a helpful thing from my stepmom, went to some office and signed a bunch of papers. She and my dad were there, told me to just sign on my way to class (no time at all to even read or understand what I was signing) and long story short I found out (this is 4 years later...I was co-signing a $274,000 mortgage.) About 6 months later, my stepmom got mad at me and told me to get out, a month after that my dad said he would speak to me again if I signed a quit-claim (I didn't even know what THAT was) and now, I am married, my credit score is only 599--I'm trying to refinance my truck, pay off debt, et c and noone will refinance me because I make only $1900 a month and have this mortgage with a $1650/month payment on my credit!! I have called and begged my dad to get my stepmom (who lives out of state now) to refinance and he said they'd "think about it if I wanted to be a part of their family." I'm not even interested--I'm married now, have a son on the way, and just want to be able to have good credit so my husband and I can get a house one day!!! What are my options? I'm sure I will be having to hire a lawyer, but I don't know where to begin or how I could even afford that. Does a lawyer specializing in this expect money up front? Will I be suing my stepmom to remove my name from the mortgage? I never received any benefit monetarily from this property--not even tax write-off or whatever a house gives you. Help!! more

Resolved Question: Tax Lien being placed on my property?

My house has recently been placed on the market. I have never been late on a payment for my mortgage and I could refinance but, I am also going through a divorce. I would rather sell the house and try to get out from underneath it. I just received a notice from the Town that a Tax Lien is going to be placed on my property on May 1st. How is this going to affect me and the sale of my home? more

Voting Question: Question about the making home affordable plan the government signed.?

I've been online and researched about the making home affordable program and I've found out there's two parts to the program: one called the home affordable refinance and the other home affordable modification. The home affordable refinance requires the loans to be either fannie mae or freddie mac to qualify. The home affordable modification helps the others that do not have loans with fannie mae or freddic mac. I keep calling my mortgage company, Countrywide, becuase they posted online that they supposedly started to take applications for the goverment program. But everytime I call, they keep saying my loan is not a fannie mae or freddic mac loan; therefore, I do not qualify. I just want to know if there is anybody that does not have a fannie mae or freddic mac loan that has been able to get through to the mortgage company and successfully completed the government program. Or is it that the whole program requires people to have a fannie mae or freddic mac loan, and I'm just basically out of luck. Please let me know what you know about the government program. Thanks! more

Resolved Question: I have a question about a refinance that didnt got thru - please read - its a question about the appraisal.?

Back in October we tried refinancing our house and it was a fiasco from day one with the lender we were trying to go thru. Well finally in December we got a closing date scheduled. We were locked in on a rate and had a good faith estimate and everything. We got to the lawyer's office for the closing and nothing was right. The rate was .50 more than we were locked in at. The closing costs were $7600.00. We were supposed to be getting some money back to pay off some bills and that had dwindled down to $150. So we refused to sign the papers. Also the finance person we were dealing with had told us since we had went thru her to buy the house and were refinancing thru with her 1 year later that she would take some of her fees off and she didnt, they were on the paperwork we were about to sign. They called her and she refused to take them off. So we refused to sign papers. Needless to say we are currently about to refinance with another company and our FHA case # is still assigned to them. We have been trying to get them to release it so that we can go thru with our refinance. We are suppose to close next week. They keep telling us its going to be released and the next day it isnt. So my husband called back this morning and talked to the manager who tells him since we didnt sign papers back in December we have to pay for 1/2 of the appraisal. Is this correct? Can they make us do that? Its an appraisal that is completely useless to us. We are doing a streamline refinance with our mortgage company and an appraisal is not needed. I looked thru some of the documents that we had signed with the other company back in December and I didnt see anything stating we would be liable for any fees. Please help!! more

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