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Guest

I have been out of work for over a year. I have been in my condo for 20 years. I have a home equity loan with my credit union for around $53,000 and my place is probably worth three times that. Because of my situation I have not been able to pay my credit card payments for the last six months but I've been paying all other bills, including loan payment. Is there any way I can refi since I have a lot of equity? What if my father co-signed.

jnoa · Posted: Tue Jun 09, 2009 2:31 pm Post subject: Question

Do you currently have a mortgage or just the home equity? If you do have a mortgage is it FHA, conventional or VA?

Guest

I just have the home equity. It is conventional, fixed at 8.99.

jnoa · Posted: Wed Jun 10, 2009 9:10 am Post subject: ok

Since you do not currently hold a mortgage you lose the ability to streamline without needing income verification. Due to this you will most likely be unable to qualify due to not having the job, as well as the recent lates on your credit cards will hurt your chances as well. Your best bet would be to have your father cosign and hope his income covers it and that a lender will the loan under your circumstances. With the tightening of the mortgage market due to the current economic crisis, regulations have worked against people in your situation and has made it much harder for you to qualify. My advice is to speak with a banker or broker and see if they can find a lender that will take your loan.
Good Luck.

Guest

Thanks Jesse, so if someone says they can help me no problem should I be wary?

jnoa · Posted: Wed Jun 10, 2009 11:58 am Post subject: possibly

As with most things financial, it depends. Make sure they don't charge for an application fee, they may be telling you that so they can just get that charge from you and leave you hanging in the wind, plus most companies no longer charge that or they waive it. My best advice is if you do find a lender, make sure you verify they are reputable and just go over the good faith estimate to make sure they are not over charging you. (keep in mid that with lower scores it will cost a little more than a typical refinance but should not be outside of reason)

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Refi w/no jobs, lots of equity