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johnth · Joined: 04 Jan 2008 Posts: 1 1.36 Dollars($)

I bought a vacation property in Florida 3 years ago. In between the time I qualified for the loan and closed, I inquired about buying a 2nd property. The bak qualified me saying since the loan does not appear, even though I told them. I purchased the second property as well. Since this was a 3 year note, I need to refinance and they are jacking my rates, where I cannot meet the payments. Did the bank anything illegal allowing this loan to me originally? What would be my best course of action, foreclosure?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi johnth,

Welcome to the forum,

I should say to you that don't consider foreclosure as your option. People consider foreclosure even worse than Bankruptcy. Foreclosure will have a huge negative effect on your credit. You should better consider deed in lieu to avoid foreclosure.

There is an article in this site on Loss Mitigation. The process to avoid foreclosure is known as Loss Mitigation. You can check this out at - http://www.mortgagefit.com/loss-mitigation.html

Hope this will help you.

Feel free to ask if you have any further questions.

Best of luck,
Larry

blue · Posted: Fri Jan 04, 2008 3:43 pm Post subject:

Hi,

Welcome to Mortgagefit discussion board.

You want to refinance; that is okay. It is not that you have to refinance with your current lender only. If you shop for lenders you can get a lender who may offer you better term and rates.

Regarding foreclosure, better avoid foreclosure. No lenders even want foreclosure. Foreclosure will have negative effects on your credit and help you in no way. You can consider some repayment plans to avoid it.

Do let me know if you have any other questions.

Thanks
Blue

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

If your payment history is still good you might want to take a look at refinancing. As of right now the 30 year fixed rate is about 5.50 with zero points.

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