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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Hi Lola,
If you don't want to keep the property, then you can apply for a deed in lieu of foreclosure. As you're facing financial hardship in paying the mortgage dues, the lender might consider your request. However, it will reduce your credit score by 250 points. Also, you won't be able to buy a property in the next 3-4 years.
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Procrastination is the enemy of your financial success |
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Edel
Guest
0.10 Dollars($)
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Post subject: can I refinance my house |
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| can I refinance my house, even though I am planning on renting my house out in the next 2-3 months ? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi Edel,
You can refinance the house though you're planning to rent it. However, your property should have equity in it. Unless there is equity, you won't be able to get a refinance.
Thanks |
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Kristyn
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Post subject: Refinancing |
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| Can I apply for a credit card a few days before I close on my refinance? I've heard that a freeze gets put on your credit but wasn't sure if this is true. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Tigger
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0.10 Dollars($)
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Post subject: Refinance Loan Amount |
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| I want to refinance for the amount of the balance left on the mortgage. Depending on when the loan closes my mortgage balance might go down since I am making payments. Will the loan amount be adjusted down or is the amount specified in the Uniform Residential Loan Application what I will get and any difference will be paid to me? |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Post subject: |
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Hi Tigger,
As far as I can understand, the loan amount will be adjusted when you get the refinance as you are making payments on your current mortgage.
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Procrastination is the enemy of your financial success |
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WKO
Guest
0.10 Dollars($)
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Post subject: refinance |
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| What percentage of the appraised value can I borrow in South Dakota. It would be a conventional, fixed, 30 year loan |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi WKO!
Welcome to forums!
You will be able to borrow 80% of the appraised value of the property. You will have to give a down payment of 20% of the property value in order to get a conventional mortgage.
Feel free to ask if you've further queries.
Sussane |
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KAY
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Post subject: REFINANCE MORTGAGE |
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| I want to talk with someone about refinancing my mortgage to lower my payment amount. I'm not sure but think my credit score is not so good. I really need to get my mortgage payment lower. Please say you might be able to help me? |
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VAL
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Post subject: Refinancing my home laon |
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| Can I go to another bank to refinance my first mortgage? Both are currently from B of A. Apparently I qualify to refinance the first one only. |
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eric1
Community Expert
Joined: 04 Jan 2009
Posts: 1511
226.91 Dollars($)
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If I were you, I would try to refinance the whole thing into one loan. To answer your original question...it all depends on whether that first bank will allow the second loan with B of A to exist. Each bank will give you a different answer on that.
_________________
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trey
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Post subject: Refinance after 8K tax credit |
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| Are there any negative implications for refinancing after the 8K tax credit...? We also have ONLY been in our house for a year now |
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tired of overpaying
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Post subject: refinancing mortgage |
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| my house was currently appraised at 87,000 however my mortgage is for 120,000 and has been a payment of 1,100 i am a single mother with one job how do i refinance without getting money back and yet lower payment |
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bizcheers
Joined: 03 Oct 2010
Posts: 2
Location: Vancouver
1.44 Dollars($)
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Post subject: Can My Mortgage Be Refinanced FHA |
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Can My Mortgage Be Refinanced FHA's Revised Home Loan Modification Program?
With foreclosure bugging many of us out there, the government had previously come up with the Loan Modification Plan through the President's office to assist those facing this dilemma of how to salvage their homes. This plan however faced heavy criticism from almost all quarters for the lengthy application process attached to it, as well as the low approval rates for those applying for them, in addition to other complications.
The President and his office were quick to realize this issue, and rectified it by revising the Loan Modification Program to help struggling homeowner cope with foreclosure issues. The homeowners' bid to refinance home mortgage would in the future be approved more easily, and the program has also included newer features within it to help struggling homeowners further. Now even the unemployed are offered subsidies, and those who have borrowed more than the worth of their homes can also apply for subsidies to help them cope with refinancing.
The revised program would increase the amount of payment to creditors that modify or refinance second mortgages. This incentive is deemed to directly help homeowners as previously banks were reluctant to write down second mortgages, and this dampened the government's efforts to help homeowners fight foreclosure. Thus if you fall into this category, your second mortgage can now be refinanced as more banks would come forward to accept your application! The applications would also fall into the FHA guarantee programs, giving the bankers more confidence to deal with those with bad credit scores. This means those with bad credit ratings can also apply for these loans successfully, and these packages serve as bad credit mortgage refinance deals!
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