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lociamb · Joined: 28 May 2009 Posts: 2 1.60 Dollars($)

fico is 673-679 home value 190-200 k adj loan bal is 132500 have saxon mtg they said they will freeze it for 5 years (rate) but it is too high of a payment it is 1340 with tax ins included owned home 15 years have had same job 32 years what can i do to do a modification ?? how do i begin or should i re fi get fixed rate?? please reply lori

smithsussane · Posted: Thu May 28, 2009 8:03 pm Post subject:

Hi lociamb!

Welcome to forums!

If you have equity in the property, then you should try for a refinance. Loan modification is not the right option for you. It is given to people who have been delinquent on their mortgage payments.

However, while refinancing, the lender will check your credit score and income. You have a stable job for 32 years which is a good sign. With a credit score of 673-679, you can apply for a FHA refinance.

Feel free to ask if you have further queries.

Sussane

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

lociamb you have decent credit and looks like you have pretty good equity in the house, whay are you lookign at lon modification.

Look for refinancing. You will need to spend some money for closing.

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have 7.99 adj rate 40 year never late 30 days ,not once