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g_mahr · Joined: 24 Mar 2008 Posts: 1 1.38 Dollars($)

Overview: 36 on time payments, 50@LTV, good debt ratio, have been in sub prime mortgage after divorce. Four years ago after a fire in my home and a year long dispute with the insurance company, my mortgage company filed forclosure while having 21K in escrow from insurance. Mortgage company forced me into a fresh start program which has risen 1.5% per year to 13% currently. Many subprime lenders say they will finance at 9%, while my bank says come back in 3 years after "forclosure started" falls off my credit. Are there any near conforming loans that my work for me??

jameshogg

Hi gmahr,

Welcome to forums.

can oyu tell me more about the fresh start program in details? is it a forbearance plan or something else. The rate of increase has been significant and i don't think this will be worth following. It's better if you refinance now.

The limits of jumbo mortgages have been raised and hence the loan amount that could have been qualified as jumbo may now fall under the conforming limit. The benefit is that you would be able get interest rate 1% lower than what you could have got earlier on the same loan amount.

What I'll suggest is, have a talk with some lenders out there and find out what type of programs are available for you right at the moment. How long do you hope to stay in the property? depending upon this, you may even go with a short term loan. What you can do is, discuss your options with the community lenders. Go for a no-obligation free consultation with the lenders here and see what they have to suggest.

Thanks

ckalvesmaki · Posted: Tue Mar 25, 2008 5:00 am Post subject:

Overview: 36 on time payments, 50@LTV, good debt ratio, have been in sub prime mortgage after divorce. Four years ago after a fire in my home and a year long dispute with the insurance company, my mortgage company filed forclosure while having 21K in escrow from insurance. Mortgage company forced me into a fresh start program which has risen 1.5% per year to 13% currently. Many subprime lenders say they will finance at 9%, while my bank says come back in 3 years after "forclosure started" falls off my credit. Are there any near conforming loans that my work for me??

If the foreclosure filing is more than 3 years old then you will be fine for an FHA loan......it is not score driven.......your local bank may be using a higher than required standard to review your loan.

freds11 · Joined: 17 Mar 2008 Posts: 17 4.91 Dollars($)

That is what is sounds like to me.

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