Mortgage Help

uandrj · Joined: 22 Jun 2009 Posts: 1 1.41 Dollars($)

I have been out of job for more then a year. My wife is not working and can not find a job. We need help to lower down our mortgage rate. Our bank want to charge us $5000. I have never heard $5000 charge to refinance before. Can you help? Email: "uandrj@hotmail.com".or call 630-665-2524.

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

uandrj

Welcoem to the forum and sorry about your situation

Probably that is related to closing cost and it is noemal to charge closign cost when you are refinancing and it could be any where between $3000 to $5000 or more dependign on the bank

Have you checked with yoru bank about loan modification

Good luck and feel free to ask

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

Forgot to mention, check with the lenders on this forum and they may be able to give you a better deal

jenkin7 · Posted: Mon Jun 22, 2009 11:15 pm Post subject:

Hi uandrj,

If you refinance the loan to get a low interest rate, you will have to spend some money to pay for the closing costs and other fees. The $5k that your lender is charging seems to be for the closing and other costs associated with the refinance. Whether you refinance with the same lender or some other lenders, it will involve some closing costs.

As it has been suggested by Realgeni, you should look for a Loan Modification. It can help you lower your monthly payments and you do not have to pay high closing costs for modifying your loan. Talk with the loss mitigation department of your mortgage company and discuss the possibility of a modification.

JKennedySLG · Posted: Tue Jun 23, 2009 10:05 am Post subject:

As stated above, you should connect with a lender within our community thta is local to you. This is a major concern and must be handled in a timely manner to avoid losing your home. I hope this helps...

elnoralittle · Posted: Tue Jun 23, 2009 11:23 am Post subject:

My issue with advising that the borrowers get with another lender is this, they both are out of employment.
It makes it kind of hard to lend to a client without employment.
Contact the loss mitigation department of your current lender. Ask for a loan modification, not a refinance.
Once you are gainfully employed, you may qualify for a program called a DU Refi Plus. This allows you to refinance up to 105% of your homes value with out mortgage insurance. This program might be beneficial for the two of you if you are also struggling with the value of your home.
Let me know if you need more advise, or if you have questions about items your loss mitigation department are requiring.

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

Good suggestion elnoralittle

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