Refinance Mortgage - How much to save by refinancing

Author

Message

rjones

Posted: Thu Jul 03, 2008 1:15 pm Post subject: wondering

Is there a place in Texas that would help me refi my loan so that I wont go into foreclosure or start being late with the payments? I am not late at all but the payments are high because I got the house from an investor and I am at 10.5% and my credit is in the 570's. This is my first home and I dont want to lose it. Help me help myself. Thanks

larry

Joined: 27 Jun 2007
Posts: 3328

473.40 Dollars($)

Posted: Fri Jul 04, 2008 4:50 am Post subject:

Hi rjones. Welcome to the forum. The interest rate is really very high but you credit score is not too good. And you have also made late payments recently. So you will not qualify for FHA loans. And because of the credit crunch the lending criteria got tightened. But anyhow you should shop for the lenders to see where you can get approved for mortgage or not. You can even go for No-obligation free consultation with the community professionals to know whether you can refinance the mortgage or not. Hope this helps. Feel free to ask if you have further questions. Best of luck, Larry

lizziebc

Guest

0.10 Dollars($)

Posted: Wed Aug 20, 2008 9:53 pm Post subject: Does my HELOC move into first lien position?

We had a first and currently have a HELOC. We had our family trust payoff our first mortgage then right after we had the trust take out a mortgage on our property to cover the payoff. Does that now mean the HELOC moves into first postion and the replacement mortgage is now in 2nd position?

sara

Joined: 05 Jul 2006
Posts: 1060
Location: New Brunswick, New Jersey

201.30 Dollars($)

Posted: Fri Aug 22, 2008 4:09 am Post subject: RE: position of Heloc

Hi Lizziebc, Welcome to the forums. The Heloc should be considered to be in the first position unless you subordinate it with respect to the replacement loan. take care

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