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piddig77 · Joined: 01 Nov 2007 Posts: 3 3.12 Dollars($)

My mortgages payments will adjusting this march and cannot afford the adjustment. I have not missed any payments and I already contacted my lender to ask for the 5 year freeze but they don't offer it. Also tried a loan modification but they said i havent missed any payments yet. They can only modified my loans if I missed any payments. The house is upside down(i owe more than the house worth). I already contacted several lenders but NO LUCK, because of the house value... ANy ideas>>short sale??

2/28, 100% financing with same lenader

shane · Posted: Mon Jan 07, 2008 3:28 am Post subject:

Do you have a 1st & 2nd mortgage or is it just 1 loan? What is your credit score, and if it's not good to excellent, what is on credit bringing it down?

There are lenders who do 1st/2nd mortgage combo's over the value of your home... but if you have a 1st & 2nd mortgage now, and your 1st mortgage balance is less than your home's appraised value, you might want to consider a FHA refinance for the 1st mortgage and ask the 2nd mortgage lender to subordinate (mean stay in 2nd position while you refinance the 1st).

Who is your mortgage lender? Might want to try researching people's past experience doing loan modification with them at www.loansafe.org (it's a foreclosure avoidance & loan modification help website)

jenkin7 · Posted: Mon Jan 07, 2008 4:11 am Post subject:

Hello Piddig,

Even I agree with Shane. There are lenders who might go for a 1st and 2nd mortgage refinance or a refinance combining the 1st and 2nd mortgage up to 125% loan to value.

You may have to shop for a while for lenders. There are many lenders who visit the forums regularly. You may approach them and check out which loan program might suit you and what rates you are being offered.

piddig77 · Joined: 01 Nov 2007 Posts: 3 3.12 Dollars($)

I have both loans on same lender. My Ist loan(325,000) is adujstable and 2nd is fixed(84000). I have a fico score of 660 and up. I just paid off my car and have the student loan and couple of credits card to pay. My lenders name is OPTION ONE MORTGAGE. i ONLY MAKE $40,000 a year but sister and my mom helping to pay the mortgage.

shane · Posted: Mon Jan 07, 2008 11:51 am Post subject:

Does your sister &/or mom live with you &/or would they be willing to co-sign?

Are they on the loan with you?

Do you have any idea of what your home's value might be?

piddig77 · Joined: 01 Nov 2007 Posts: 3 3.12 Dollars($)

Its only me on the title and in the loans. Yes they both living with me and they are willing to co sign if things get worst. The last time i checked with a realtor, the average home here in my area is about $370,000, thats on Nov. 1 2007. I bought my house $407,000.

shane · Posted: Mon Jan 07, 2008 6:52 pm Post subject:

Good news/bad news. Bad news first, and that is with your current credit score, there isn't going to be a way to do the 125% financing loan program that was mentioned... needs at least a 680, which might or might not be possible for you, you'd have to lay out your credit details in order for us to give input. You'd need more income than $40k to qualify for it too, so your sister & mom would have to be on the loan and they'd need qualifying credit scores as well. The loan balances are only ~111% of your estimated $370k value, so you'd fit within the 125% limit.

The good news is that your 1st loan balance is low enough to fit within FHA loan-to-value limitations for that to be an option. However, your loan amount must also fit within FHA's loan limits, I have a feeling it probably will... but you can check out your county's FHA loan limit at this website: https://entp.hud.gov/idapp/html/hicostlook.cfm . Your mom & sister would also have to be on the loan, because their income will be needed to qualify (not sure how you qualified for $400k in mortgages on $40k of income but that's another story for another time & place) for the mortgage amounts. It's not a guarantee, but definitely something I would look into if I was you. If you need help with that option (refinancing the 1st with FHA and subordinating the 2nd), go to the lender tab here (http://www.mortgagefit.com/unitedstates/) and select a lender in your area or that services your state and ask for some assistance.

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

You sound like a good canidate for FHA Secure which is a new program designed to help those that are negatively affected by an adjustable rate mortgage. FHA secure will go up to 98% of your home value and if it is not enough to pay off the mortgage in full, they allow the lender to put the deficiency as a second lien on your property. If you want to keep your home then I would definately look into this option. If you want to sell the home as you had mentioned a short sale, then that could be an option in that case.

shane · Posted: Tue Jan 08, 2008 2:51 am Post subject:

Don't mean to argue with you Lisa but FHA Secure shouldn't be needed until they are late on their mortgage payments, otherwise just a normal FHA option should work up until that point.

Posted: Tue Jan 08, 2008 3:03 am Post subject:

Hi Shane, Thank so much for your input and i will definitely do that. ANy ways i noticed that your profile that u live orange county, I live here garden grove california. Your close by. Thanks:)

shane · Posted: Tue Jan 08, 2008 3:08 am Post subject:

Right on, my mom actually grew up in Garden Grove, off of Euclid, her parents lived there as well until they passed away (RIP). I'm down in South OC. You are welcome for the advice.

Caron · Posted: Tue Jan 08, 2008 5:32 am Post subject: RE: refinance lender

Hi Piddig,

I would agree with Shane here. Your credit score isn't that good enough to qualify for a refinance, that too when you have 2 mortgages. But there are loans which are not score driven, hence I feel there are options that you can go for. But for that, you need to consult a few lenders. You may even have a talk with some of our community lenders and find out what they have to offer.

The lenders in our community have a wide range of loan programs to offer. So, in case you are interested, you may send us your request for mortgage quotes.

As soon as we receive your request for mortgage quotes, we shall forward it to the lenders. And, the lenders may contact you if they are able to match your requirements with their profiles.

good luck

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

Hi Shane,

The reason I brought up FHA Secure was because they will go a little higher on LTV and will allow an unpaid balance of the mortgage to be placed as a second lien at a higher CLTV than just FHA secure. Even though they are not behind it does mean that they can't benefit from the extended perameters of the FHA Secure loan.

shane · Posted: Sun Jan 20, 2008 12:21 am Post subject:

Lisa, my understanding is the 203b loan from FHA also permits an unlimited CLTV just like FHA Secure does. FHA will go to ~97% LTV on a rate/term refinance (whatever the state they are in permits) just like FHA Secure, and will permit 95% LTV on a cash out just like FHA Secure does as well. Correct me if I'm wrong.

ckalvesmaki · Posted: Sun Jan 20, 2008 5:32 am Post subject:

Shane you are correct.......it has always been permissable to have a CLTV over 100 on an FHA loan.

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