i have bad credit and need to refi

fbjclark · Joined: 22 Sep 2009 Posts: 3 2.08 Dollars($)

We have a 30yr fha loan which was with taylor bean and whitaker and was recently taken over by b of a we want to do a refi of some kind not necesarily getting money back just to lower the monthly payment as income has changed and we need help i spent a week working a loan officer at b of a and he finally called me back yesterday and had figures for a streamline refi and it was ok not great but during conversation i mentioned tbw and he went and came back and said on no i cannot help u its a tbw mortgage sorry i was like what i told him upfront it was a tbw mortgage. So now what do i do we are getting desperate our credit is bad but we dont want to lose our home can u help!!

chrisburns · Posted: Tue Sep 22, 2009 7:15 am Post subject:

An FHA Streamlined refinance should allow you to accomplish your goals. I'm not sure why they would refuse you simply because your mortgage was a Taylor Bean mortgage. I think if you inquire on this site they will direct you to someone that can help you with your refinance Smile

fbjclark · Joined: 22 Sep 2009 Posts: 3 2.08 Dollars($)

B of A said it was something to do with their portfolio??? Whatever that means?

chrisburns · Posted: Tue Sep 22, 2009 7:28 am Post subject:

jeez. Seriously you just need to inquire so a professional can get you help. It should not be difficult. These people not financing Taylor Beans loans are just rediculous. They are basically affraid that your information was fraudulent or somehow tainted and don't want to do a streamlined because they are not going to actually verify your information themselves. I suppose that is how they are rationalizing not doing that loan.

Other banks will do it for you.

gmakerley · Posted: Tue Sep 22, 2009 8:55 am Post subject:

if you're right about bofa's motivation (or lack thereof) in this situation, chris, then that's pretty scary. honestly, it seems pretty far-fetched that an fha loan would be originated, underwritten and closed in such a fashion that a streamline refinance would be hazardous, but i guess this is the way of the mortgage world now.

i concur that fbjclark simply needs to approach a different lender to seek the streamline.

fbjclark · Joined: 22 Sep 2009 Posts: 3 2.08 Dollars($)

i just got of the phone with another loan officer at the B of A who told me a different story than the first the new one told me that we would have to do an appraisal and this is still for a streamline and come up with about $3200 at closing and our payment would only be reduced by less than a hundred dollars and that the reason why the other loan officer said he could not help was he maybe realised he got his figures wrong and that was his only way out, i did not think that you had to get an appraisal if you were only going to refi the same amount as you borrowed last time i also asked if we could go 40yrs instead of 30 but neither one really gave me an answer for that all the new loan officer wanted me to do was get an appraisal so the amount would be higher than what we have already no money back which is fine but have to bring about 3200 at closing for a reduced saving on monthly payment of 95.00 so i soend 3200 to save 95!!!!! How does that make sense!! Does anyone know which companies can actually help me i keep emailing putting in info but getting no help

gmakerley · Posted: Tue Sep 22, 2009 11:45 am Post subject:

fbjclark, you haven't mentioned what interest rate you have at present, but it must not be terribly much higher than what you can get with a streamline. i say that based on the $92 you would save monthly. essentially, if you were to choose to do what they've proposed for you, it would take about 3 years for you to make back the outlay of $3200. after that, however, you'd have pure savings each month.

i understand that's not so alluring now, but check your rate now and the new rate being offered and compare. that's the key to the whole thing. an appraisal ought not to enter into this discussion, though.

chrisburns · Posted: Tue Sep 22, 2009 1:42 pm Post subject:

Yes I'd be curious to know the details at this point. What interest rate do you have?

What interest rate are you being quoted?

Guest

now its 6.875%

I cannot find who will help with a streamline can you recommend anyone

chrisburns · Posted: Wed Sep 23, 2009 7:41 am Post subject:

If you fill this form out: http://www.mortgagefit.com/quote/

Someone with real experience will be able to follow up with you and help you. Rates are much lower than that today so you would obviously benefit from a refinance.

Guest

still have found nobody to help and I filled out mortgage fit quote form and did not get one reply.

Want to streamline lower monthly payment we have bad credit and it is a manufactured house (which is real property)

Please can somebody help This is from fbjclark but it will not let me post a reply with that name

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

Have you chekc with any of yoru loacl lenders in your area

You need to pursue in all direction to until you find the right lender

chrisburns · Posted: Mon Sep 28, 2009 7:11 am Post subject:

what state are you in?

Guest

We are in Nevada

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

Check with some of the lenders on thsi forum

Try your post here

http://www.mortgagefit.com/lenders-community/index.html

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