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Upside Down in NJ

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lindasusan13 Joined: 08 Dec 2010 Posts: 2 1.57 Dollars($)	Posted: Wed Dec 08, 2010 6:35 am    Post subject: Upside Down in NJ Like 0 Dislike 0 I have a mortgage of $237K (this includes a $25K second mortgage). My house won't appraise for more than $215K at this time. I have an interest only mortgage, which is nice right now, but how can I refinance to keep this nice low payment when I just don't have the LTV and it doesn't look like prices are going up any time soon? My current Mortgage is with One West Bank (Indymac) and I have never had a late mortgage payment and I have a job. Thank you.
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Wed Dec 08, 2010 4:19 pm    Post subject: Refinance Like 0 Dislike 0 Is your present mortgage owned by Fannie Mae or Freddie Mac? Indymac (One West) is the servicer of your mortgage, not the owner. Call them on thier 800 customer service number and ask them if your loan is owned by Fannie Mae or Freddie Mac. Then come back here and tell or Yes or NO. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
Lindasusan Guest	Posted: Fri Dec 10, 2010 5:25 pm    Post subject: Upside Down in NJ Like 0 Dislike 0 I called my servicer and they will not tell me the owner of my loan over the phone. I have to send a fax requesting that information; I'll back to you when I get the information. Is that unusual???
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Mon Dec 13, 2010 1:17 am    Post subject: Like 0 Dislike 0 Hi Lindasusan, It may be the lender's policy to have a written proof in this regard. Thus, he may have asked for a fax from your end. _________________ Procrastination is the enemy of your financial success
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Mon Dec 13, 2010 7:37 am    Post subject: Ownership of Loan Like 0 Dislike 0 I have never heard of any servicer requesting a fax to tell you if your loan is owned by FNMA or FHLMC, but, if they require a fax, send the a fax. I can look up the information but need your name, address and SSAN to do so. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
lindasusan13 Joined: 08 Dec 2010 Posts: 2 1.57 Dollars($)	Posted: Mon Jan 17, 2011 6:28 am    Post subject: Upside Down in NJ Like 0 Dislike 0 Finally, I was able to find out, by way of a hand-written request, who the owner of my mortgage was. When I begain this post, I was informed that One West was my servicer; I needed to know who the owner was. It is Wells Fargo. The issue is I'm just about sure I'm upside down on the mortgage; I want to refinance; I've never been late and have a good job. Any suggestions? Thank you.
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Mon Jan 17, 2011 8:35 am    Post subject: Refinance Like 0 Dislike 0 Because the value of the property is less than the mortgage balances, the ONLY way to refinance is if it is permitted by Indymac who will tell you on behalf of the owner, Wells Fargo, if it is possible to refinance. No one else can do it. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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