---

Refinancing Unpaid Balance of RD loan

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
Tracee Guest	Posted: Mon Jun 27, 2011 6:57 pm    Post subject: Refinancing Unpaid Balance of RD loan Like 0 Dislike 0 My husband and I acquired a home through FHA (now USDA-RD/SCS) and we have about 5 more years worth of payments to make. Now USDA-RD have requested that we refinance with a new lender. We do not want to refinance because we do not want to borrow any money or have years added to pay it off. We are not behind on our payments so why request us to refinance when we are so close to paying it off? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Mon Jun 27, 2011 7:56 pm    Post subject: Like 0 Dislike 0 How was the request made to you? I don't have any particular expertise in these loan programs (save for straight FHA), but I find it awfully peculiar that you'd be requested to refinance with a scant 5 years remaining on your original loan. Did you do something to annoy somebody in the USDA? Is this simply a ploy to get you to sweeten some loan officer's coffers by paying for a refinance that you don't really need (or want)? Did you somehow acquire the one and only sub-prime USDA mortgage that conforms with all the ghastly programs that sub-prime mortgages represent? Those are some profoundly ridiculous scenarios that I've laid out - other than the greedy loan officer one - but I also find it profoundly ridiculous that you'd be asked to refinance at this late stage in the game by any reputable lender. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
raymond Community Expert Joined: 03 Jul 2009 Posts: 1189 Location: Irvine, California 27.86 Dollars($)	Posted: Tue Jun 28, 2011 9:07 pm    Post subject: Like 0 Dislike 0 >>Now USDA-RD have requested that we refinance with a new lender. The USDA doesn't do that. I feel you have a deceptive advertisement. _________________ Raymond Denton www.RaymondDenton.com
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Wed Jun 29, 2011 6:53 pm    Post subject: Like 0 Dislike 0 I'm glad you stumbled upon this one, Raymond. We all get these ludicrous come-ons that promise "relief" from our heinous loans perpetrated by those scoundrel lenders. If only everyone could recognize how dastardly these profiteers who solicit them really are. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0