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jnmteal · Joined: 20 May 2008 Posts: 13 5.70 Dollars($)

Ever since we bought our home a year ago we recieve something at least every month saying they are from fha and we can "refinance ourcurrent FHA loan and get a better interest rate!I have a good interest rate with the loan I have 6.5%and we have bad credit. but my husband is hard to convince that this is not a real deal. the one we got the oter day says there are no lender costs, no apraisal, nop out of pocket cost, no requalification, no credit scores, no income verification! I dont know how this can be true.

adonis · Posted: Tue Jun 10, 2008 9:38 pm Post subject:

Welcome jnmteal,

Are you getting funds from the FHA because I don't get what you're trying to say. Did you get the loan amount as a single lumpsum or it is in instalments? Seems like you're not sure about the deal you're in.

jnmteal · Joined: 20 May 2008 Posts: 13 5.70 Dollars($)

No adonis, these are letters I have been getting in the mail. they want me to refi with them. they say they are with fha. I usually shred them but this time my husband found it and got excited becouse it states tha we could save a few hundred dollars a year and be able to skip a payment! I feel that there is either a very big "catch" or this is a scam. as I said above they claim they dont consider credit scores or verify employment, there is no out of pocket fees either! seems a little to good to be true!

gmakerley · Posted: Sat Jun 14, 2008 5:15 am Post subject:

jnmteal, it is plausible that you might be able to refinance and get a lower rate, but you can count on those mailings being too good to be true. you'll need to verify everything that you verified the first time around.

you're being lied to by someone who is trying to persuade you (probably) to waste thousands of dollars in attempting to do what cannot be done.

stay away from these mailing-happy people and seek out a local lender if you think it is a good time for you to refinance. from what you stated in your original post, i suspect it might not be the best time: "bought a year ago" and "bad credit" are not favorable items to bring to your prospective mortgage lender.

this may not be a scam per se, but it surely is not the deal you are being enticed to. beware!

jnmteal · Joined: 20 May 2008 Posts: 13 5.70 Dollars($)

thanks for the input, I dont want to refi right now but my husand was excited becouse of the offer to skip a monthly payment, and lower the payment also. yesterday we recieved 3 more letters from people who are supposedly from FHA wanting us to refi with them, they all say about the same thing such as no lender fees, no credit , no income verification, do you know how I can get my info of these mailing lists?

gmakerley · Posted: Sat Jun 21, 2008 4:27 am Post subject:

we never know where these creeps get their information, for sure; but there are lists that can be bought that show homeowners all over the map. some companies will scour land records (which are open to the public) and make note of all who have a variable rate mortgage. those who buy these lists are, of course, trying to drum up business for themselves.

how one gets off those lists is something i don't know. the first thought that comes to mind is to check on the federal trade commission website (www.ftc.gov) and see if there is any mention made of mailing lists. i've never researched this, but the ftc website is a place for much valuable information to all consumers.

Guest

I also get these mailings and COULD NOT find any place where it states they are a legitimate organization. BUYER BEWARE.

Guest

I received one of these letters today as well and investigate everything. I googled it and eventually found access national mortgage which is associated with Access National Bank and is listed on the NASDAQ. I went to locations and found the address listed on the letter I received. Not endorsing them or saying whether or not they are legitimate but just hope the research helps as you are questioning.

Guest

Hello, Just wanted to note, there's no place on the referenced company's letters, "ANMC" that claims to be from the "FHA", but that is neither an endorsement or not

Guest

It does say on my letter that they are an FHA and VA approved lender and that the branch that is contacting me is a member of the Denver Better Business Bureau which I checked out and they are an accredited member with an A+ rating. Still not an endorsement but just more info I have found.

Guest

looks like you have to pay closing costs, but it's possible you can roll it into your loan amount.

gmakerley · Posted: Fri May 08, 2009 9:21 am Post subject:

here is the breakdown. there are companies out there who research home owner information and pass that information along to mortgage officers all over the country. the purpose? so that the first party can make money and the second party can attempt to make a new loan and make money, too.

the majority of the people who call or drop something in the mail have no idea what kind of loan you have, or what kind of rate. all they are interested in doing is to try to persuade you to take a new loan with them.

buyer beware.

if you work with someone you know and trust, you are far better off. that's not to say you can't develop a good relationship with someone a state or a continent away, but you need to look into the person you're dealing with to be certain you can trust in that person.

again, beware of promises made, because they are rarely kept.

shayneroy · Joined: 12 Nov 2007 Posts: 51 21.08 Dollars($)

jnmteal -

I am not sure who ANMC is and haven't really heard any thing about them ever.However, if you already have an FHA loan - The answer to the question of refinancing with out any lender costs, appraisal, credit scores, income verification is Affirmative because you can be qualified for an "FHA-Streamline refinance"

The requirements for an FHA streamline refinance are:

1.The mortgage to be refinanced should already be FHA insured.

2.The mortgage to be refinanced should be current (not delinquent).

3.The basic and absolute purpose of the refinance is to result in lowering of your monthly principal and interest payment.

4.No Cash Out can be be given out on mortgages refinanced in the streamline refinance program.

You could go to HUD's official website and find more about the program - http://www.hud.gov/offices/hsg/sfh/buying/streamli.cfm

Considering the fact that you currently are at 6.5% and the prevalent market rate for an FHA loans are considerably better (4.875% - 5.25% - Lowest). If you think that you might want refinance to get a good rate drop - you can contact a preffered bank / loan officer / broker and get this done.

Like GMakerly said - It's very important to validate who you are dealing with because there are people around who would just want to make money out of a novice.

Post back, if you have any questions on the FHA- Streamline refinance program

Thanks

Guest

On the "Prescreened" offer I just got from Access national Online they give an opt out number of 1-888-567-8688.

You should be able to call that number to get off of the list.

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has anone heard of ANMC Processing dept