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stevenkrasch · Joined: 06 Mar 2008 Posts: 1 1.38 Dollars($)

Have AJR mortgage with ASC. Need lower interest and longer term to afford our payment so do not lose house.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi stevenkrasch,

Welcome t the forum.

You can just refinance the present mortgage into 30 year FRM. Shop a bit for lenders and see if anyone can offer you affordable rates and term.

You can even consult with the community lender. You will just have to fill the form to get free counseling at www.mortgagefit.com

Feel free to ask if you have any further questions.

Best of luck,
Larry

jameshogg · Posted: Fri Mar 07, 2008 12:16 am Post subject: RE: 40 year frm

Hi Steven,

Why do you want to go for 40 year mortgages? i mean it's quite a long term and hence you will be paying quite a lot of money in the total interest. And how's your credit, i mean what's your score like? Is there any late payment or negative mark?

Thanks

brad · Posted: Fri Mar 07, 2008 11:17 am Post subject:

From what I gather stevenkrasch is looking for a low payment as well as a fixed rate so that he doesn't have the risk of an adjustable rate but remains with a low payment. I work with a couple of lenders that offer a 40 yr. loan but you could also go with a 30 yr mortgage with a 10 year interest only period.

let us know if you need any further info

Guest

a 40 and even a 50 year option is the borrowers call. Great for yooung people getting into their first home. Pay more interest and less principal. But without appreciation looming in the horizon....don't look to your mtg statement to make you rich from principal reductions on a 40 year amt. But, beware if the loan is used to prey upon elderly as they (retired) are often on fixed income and the longer term is needed to qualify. This can be called "equity skimming" Stop Predatory Lendng and this kind of continuing abuse against America! Lets put an end to Predatory Lending folks! Thanks. borrowerhotline.com

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi msoliman,

Welcome to the forum.

Good information. Why don't you join this community. You seems knowledgeable and I think you can help people with your knowledge and valuable information.

you can also introduce yourself at http://www.mortgagefit.com/introduce-yourself.html

Best of luck,
Larry

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

A 40 year mortgage is available. It just depends on how much you are borrowing against the home, credit, income, etc to determine if you qualify for this.

Guest

There is a legal and legitimate way to keep your home. And its not really a secret. The media just loves the drama and poor me victim stories. But we do have a stategy and yes it does work and no-its not to good to be true.

It has to do with accelerating the default (not adee in lieu) and negotiated settlement at a discount.

Brokers seeking to make loans whereby borroweres are upside down are not using this option enough.

Note- Only where the lender has comitted a negligent act and NLS can in fact identify the grounds for a lender settlement (i.e. stated programs, NINA, SISA, anything fundined as a CLTV program).

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Do you offer 40 yr mortgages? Can so-so credit qualify?