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briawnna17
Guest
0.10 Dollars($)
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Post subject: refinance with case out or home equity? |
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| My current mortgage was late one time in the last 12 months - due to only honest mistake - out of the state and just completely forgot. It is currently current. had some bad things yrs ago - have great income - steady and income from the property as it is a three family individual townhouse - i now rent two of the properties. An appraisal was done 2 weeks ago; it valued at $215,000 - I owe about $85,000. One lender said no to refinance with cash out due to the one late payment. Can I do a refi with cash out with another lender? home is in CT |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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it's very difficult to do so with that one late payment. automated underwriting is paramount in the industry and you'll get kicked back to an underwriter for manual underwriting. most underwriters today are terrified to make any "exceptional" moves, such as approving a loan for someone who was 30-days late in the last 12 months.
there are, undoubtedly, lenders who will take you on, but they're going to be the remnants of the sub-prime bunch. you won't want to go there. if you can wait until that late payment becomes 13 months ago, you'll have a better chance to obtain financing.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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anonymous123
Guest
0.10 Dollars($)
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Post subject: Foreclosure Prevention Plan |
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I found a new Obama Program that has been launched at foreclosurepreventionplan.com
Bad Credit ok
Hope this is helpful to somebody.
Free Grants And Loans… Bad Credit Ok! |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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sorry, people...anonymous has given us all bad information. this website is not sponsored by, nor administered by, nor have any relationship with (at all) the Obama administration.
it is simply a company that is taking advantage of the original plan and making money by consulting with folk. now, i'm not saying it is a scam, nor am i saying that it won't be worthwhile to check it out. i am saying that our poster here is incorrect, and that you ought to be wary if you decide to check it further.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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cgermaine
Guest
0.10 Dollars($)
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Post subject: fha streamline refinance |
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| a second name was added to deed after mortgage, can i still refinance in my name only? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi cgermaine!
Welcome to forums!
You would still be able to refinance the mortgage in your name if you have the required credit score and income. You need to contact your lender and check out the terms and conditions of the loan. If you can afford it, you can go ahead with the deal.
Feel free to ask if you've further queries.
Sussane |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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Post subject: |
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cgermaine, whoever owns a home is going to have to be involved in a mortgage loan.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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Brad in Texas
Guest
0.10 Dollars($)
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Post subject: Consolidate first mortgage and home equity into single note |
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| I live in Texas and have been told that Texas law regarding home equity loans will not allow me to consolidate thru refinancing my first mortgage and home equity loan into a singe mortgage note. Is this true? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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Post subject: |
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i know texas has some quirky laws as regards mortgages, and i believe that i've heard of what you mentioned, brad. contact a texas lender directly and you'll get the straight scoop.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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RESCHKERS
Guest
0.10 Dollars($)
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Post subject: Refinance Delay |
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| I would like feed back from RUNGREN OR BLUE on the HOA Litigation and getting a refinance done. We have been dealing with TRYING to refi since Sept 1st, 09-the BIG hold up is the litigation thing. The loan has been approved this is the only issue. Should we just give up?? |
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RESCHKERS
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Post subject: Refinance Delay |
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| I would like feed back from RUNGREN OR BLUE on the HOA Litigation and getting a refinance done. We have been dealing with TRYING to refi since Sept 1st, 09-the BIG hold up is the litigation thing. The loan has been approved this is the only issue. Should we just give up?? |
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WI Person
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0.10 Dollars($)
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Post subject: ReFI Question |
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| I just bought a house a few months ago with the final purchase price after down payment of $77K I got a 5.35 30 year rate. Right now I could get a rate of 4.875 with a refi package costs of $375 plus title costs. Would I save money doing a refi right now after just closing? |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Hi,
To RESCHKERS,
If there is a litigation going on, then I don't think you'll be able to refinance the loan unless it is settled.
To WI Person,
Has your lender agreed to refinance the loan immediately after the closing? Most lenders do not agree to it. Your loan has to be at least 8-10 months old in order to get a refinance.
If you refinance your property, you would be liable to pay the closing costs as well as the refinance package costs. If you can afford it, then you can go ahead with the deal. Also, if you want to leave the property within the next 2-3 years, then I don't think it would be a good idea to refinance. If you are planning to stay in the property for a longer period of time, say 8-10 years, then you can go for it.
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Procrastination is the enemy of your financial success |
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Kevin007
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Post subject: modifying refinance!!! |
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Is [url=http://www.mortgagefit.com/know-how/loan-modification.html]loan modification[/url] possible in refinance On my first loan, I'm paying around $2700 and on my 2nd mortgage
I'm paying around $1200 after loan modification on 2nd mortgage. But is it possible for me to do modification on the 1st mortgage. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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Post subject: |
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kevin, the only way to truly find out is to contact your first mortgage holder and ask them the question.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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