Open Question: Can I refinance just my 1st mortgage?
I want to refinance just my 1st Mortgage.
I have a 5/1 Interest only loan. Resetting 09/2011.
I want to refinance only my first mortgage from an ARM to a 30 year fixed. (It's currently $608K)
I want to keep my second as is ($152K ARM)
Due to declining home values, I have very little to no equity in our home. However, I just want to refinance the 1st (which would be plus or minus about 80% of my current home value).
I have both loans through Wells Fargo.
WF say they can't do anything unless I have 10% equity.
So I'm looking around for ideas.
I have: Good credit. No car payments. No student debit. No credit card debt.
Any thoughts or other ideas.
I'm happy to keep my 2nd as is.
Just want to get the $608K fixed at a low rate.
Thanks
moreOpen Question: I want to refinance just my 1st Mortgage?
I have a 5/1 Interest only loan. Resetting 09/2011.
I want to refinance only my first mortgage from an ARM to a 30 year fixed. (It's currently $608K)
I want to keep my second as is ($152K ARM)
Due to declining home values, I have very little to no equity in our home. However, I just want to refinance the 1st (which would be plus or minus about 80% of my current home value).
I have both loans through Wells Fargo.
WF say they can't do anything unless I have 10% equity.
So I'm looking around for ideas.
I have: Good credit. No car payments. No student debit. No credit card debt.
Any thoughts or other ideas.
I'm happy to keep my 2nd as is.
Just want to get the $608K fixed at a low rate.
Thanks
moreResolved Question: Is this a possible solution to the financial crises?
I think we should allow home owners to take 2% of their 401k contributions to pay off princible of their home. The 401K's could be linked to the home loan. The balance in the account will be recorded like a cash fund. The bueaty it will not treat your earnings as income, since it is really just a asavings. The fund will have zero value but the government will want its tax money sometime.
If you sell the house the money is put back into your 401k, or if you buy a new house can be transfered as a down payment to this.
You can cap this at $1500 a year and 50K total.
Once you pay off the loan the you can refinance for the amount in the "accounting fund". You can then invest in any fund as you see fit.
You can do nothing with the taxes on the amount invested to be paid at the time of death. IE you can do nothing and when you die, if the amount you paid extra was 50K, it will be like you earned 50K that year.
This is a way to eliminate debt increasing home equity, allow investers to earn (or really save) a super safe 5-7%. It could inject billions into the banking system while making paper worth something as equity builds.
I know some financial advisors will say it may not be the best investment as stocks may beat the return and the mortgage interest tax deduction. (the reason for limits) They will also point out at the end of the run you may not be able to tax shelter your entire mortgage payment. That is why the refinancing option is their. A safe 6% looks really good to most poeple. Owning your home is one of the kees to affording retirement. This is the reason for limits.
You could also allow company matches to go into your mortgage fund.
What do you think?
It is like when you pay back your 401k, after you have borrowed from it.You would not pay taxes on that 2% you already contribute to you 401K' cash fund. Until you retire.
That is why when you die your estate is responsible for the taxes.
Or if you sell and decide to rent you would need to pay it back then with the money from the sale.That is why you cap it,
the government will get their money if you read it.
It will actually balance out, the mortgage interest deduction will be less, you will have less earning to retirement. It is just a way to earn 5-6% risk free.
moreOpen Question: How easy is it to get a mortgage lender to agree to a short sale and waive the remaining debt?
I have two homes with one mortgage on each (same lender). One home is now in negative equity and has a high interest rate on the mortgage. Even though the bank refinanced the home only two years ago as an 80/20 loan, they will not allow me to refinance now. I thought about renting until the market get's better but I can not cover all of the costs.
moreResolved Question: Do i need to have 20 % down when i refinance from FHA to Conforming and does the down amt from FHA counts?
Hello everyone. I am purchasing a house but the loan I could get was FHA because i did not have 20 % down and not enough credit for conforming loan. I could put 15 % down on the house but my question is whether i should do that or go with the minimum of 3 % because with FHA loan you pay premium mortgage insurance 1.5 % upfront and .5 higher interest rate. Lets say if i build a better credit in 6 months to qualify for a conforming rate and refinance the house from FHA to conforming do i need to have 20 % down for conforming loan or should i put the money to FHA loan and that 15 % is counted as home equity. All I need is 5 % after that right or do i need to have 20 % in cash?
I asked this question once but mostly i got people trying to get me to contact them for loans. I dont need that. Only respond if you know the answer.Nop I cant get a conforming right now. I could come upwith the 20 % but not enought credit. Please answer about the amount i should put on FHA loan. Would the 15 % count when i refinance to confroming to make 20 % or do i need to hold the money so i can have them for the conforming loan in about 6 months when i build up my credit.I have no choice FHA is what i am getting right now. Please focus on the question I need to know about the % amount whether it is better for me to put down 15 % on the fha or should i put down 3 % and save the money for the conforming when i refinance. I would put 15 % if the money counts toward the refinance to conforming in the future to make 20 %. total after adding 5 %.
moreVoting Question: Should I refinance my mortgage and home equity loan together now, wait, or not at all?
I have a first loan of 69.5k on a 20 yr at 5.75 percent with about 16.5 years left.
The second home equity loan has 13.7k on a 15yr at 8.9 percent with about 13.5 years left.
I checked on refinancing and they came back with a 15 year FHA at 5 percent (no buy down points included) with a balance of about 90k. My house is worth about 110k in Oklahoma. There is almost 7-8k added to my mortgage balance! They also added some MIP fee of over 1k, which I thought was for loans with a loan to value of less than 80 percent. l I lose about a year and a half and my interest rate drops 0.75 percent and 4.9 percent respectively, but I add a lot of principal to my mortgage. Please help with some reasoning. Thanks.
Is this a good deal or should I keep shopping? I have great credit.
moreResolved Question: Do I need to have 20 % down payment when I refinance from FHA loan to conforming ?
Hello everyone. I am purchasing a house but the loan I could get was FHA because i did not have 20 % down and not enough credit for conforming loan. I could put 15 % down on the house but my question is whether i should do that or go with the minimum of 3 % because with FHA loan you pay premium mortgage insurance 1.5 % upfront and .5 higher interest rate. Lets say if i build a better credit in 6 months to qualify for a conforming rate and refinance the house from FHA to conforming do i need to have 20 % down for conforming loan or should i put the money to FHA loan and that 15 % is counted as home equity. All I need is 5 % after that right or do i need to have 20 % in cash?
moreVoting Question: What is the best method for my situation to pay off my credit card debt?
I have about 10K in credit card debt that I would like to pay off. The problem is that I'm not sure how to go about doing it. I have the resources and just need to know what way is the best way in terms of being the most financially savvy. I've got 2K in cash, 5.5K in a stock which I believe is fundamentally strong and will blossom at some point (but who really knows when), and around 44K in a retirement plan invested in bond funds which is currently enjoying around a 4% rate of return which I can tap for a loan if needed without penalty (only a 2.75% interest for a loan) and I don't plan on retiring for about 25 yrs. My job is secure too. Also I have about 2K in EE bonds. I am a home owner and considered a refinance loan but don't want to use my equity to pay off cc debt. So, again I have the means but I'm a little unsure of what would be the "best" way of going about this. Needless to say, I won't be accumulating anymore credit card debt in the future. Thanks in advance for any suggestions.
moreVoting Question: Is there a way to finance a home with repair cost in the loan?
We're looking at purchasing a forclosed home. They're asking $90k, and it needs about $60k in work still. I'm not really sure how financing this would work. The land alone that the house sits on is worth about $90k and the amount the bank forclosed on was $350,000. So I'm sure that there will be equity in it, but not sure how much. Would we just finance the home and take out a personal loan until the repairs are done and then refiance? Would we take out the mortgage and then a construction loan? Or would we finance the home, then refinance right after? I am lost. THANKS!
moreResolved Question: i bought my home 2months ago i put 20% down and have 7.25 rate can i refi with only owning for 2months?
i can refinance at a 5.5 can i do it being so soon or do i have to wait a year i have a conventional loan i would also like to take out a home equity loan to pay off all my debt should i do it in the refi or seperate i dont want a FHA loan
moreResolved Question: Would I be a candidate to refinance my mortgage?
My wife and I purchased a home in Orange County CA in June 2008. Purchase price was $422,000 and our loan amount was $382,000. Our loan is a 40 year fixed rate at 6.875% with a three year buy down at 5.875% with no PMI. We have excellent FICO scores of 800+, and we make about $6800 gross per month. We have no debt other than the home. Association dues $199 per month, Property taxes $440 per month; and Homeowners insurance $72 per month.
The value of our home has decreased to approx.$400,000-$405,000 since June, but we still have 5%-6% equity in it. With 30 year conforming fixed rates under 5.00%. I am thinking about refinancing into a 30 year loan. Would I qualify given the detail above?
moreResolved Question: What are the consequences if I rent out my primary house secured by an FHA loan?
I want to buy another home a few miles away and live in that one instead. I bought my current primary home in August 2008 with an FHA loan. I want to buy another home a few miles away and move to that one. I can't refinance my current primary home into an investment mortgage because there's already negative equity. I don't want to bring cash to the table to refinance my current home because I need that cash as a down payment for the second home I want.
moreResolved Question: Should I refinance my home?
My mortgage is as follows:
1st mortgage - $146,000 @ 4.875% 30 yr term that I'm 5 yrs into paying
2nd mortgage - $36,000 @ 7.855% 30 yrs as well - 2 yrs into paying (182K total)
I have more than 20% equity
I'm thinking of a refi offered to me of 4.625% over 30 yrs that would consolidate the two loans with the closing costs into the loan. The cost of refinancing would be offset in 2.5 years by the monthly savings and I don't plan on moving at all.
Is there anything I'm missing or is this a no brainer. My concern is I', refinancing and starting over with a 30 yrs loan again so I feel I should pay down a bit extra to amortize to 25 yrs since I'm five yrs into my current loan.
I'm looking for opinions from professionals in the mortgage business.
moreVoting Question: 1. Which type of debt is the least attractive for a consumer? (1 point)?
1. Which type of debt is the least attractive for a consumer? (1 point)
unsecured debt
secured debt
mortgage debt
lease debt
2. Secured debt means a lender gives you money in exchange for what?
(1 point)
collateral
credit report
principal
interest
3. When an asset, such as a car, decreases in value over time what is it called? (1 point)
financing
equity
leasing
depreciation
4. When you lease a car, you build equity while making monthly payments. (1 point)
True
False
5. If the bank decides you’ve defaulted on a car loan, what will they do? (1 point)
foreclose on the car
refinance the car
repossess the car
depreciate the car
6. Why do lenders often charge more interest for a car loan than a home loan? (1 point)
because you could crash the car
the car could be stolen during the loan
cars can be moved to annother location
all of the above
7. Secured debt allows you to refinance the loan to get money (equity) out in the event of an emergency. (1 point)
True
False
8. Credit cards are considered unsecured debt. (1 point)
True
False
9. If your credit score goes down significantly and you miss a car or home loan payment what could the bank do? (1 point)
foreclose on your home
require the car loan to be paid-in-full
increase interest rates
all of the above
none of the above
10. When you buy an off-lease used car, you can buy the same warranties you would get if you purchased the car new. (1 point)
True
False
moreResolved Question: will my 6.75% three years old home loan be reduced with the new interest rates?
I own a house in Houston TX and I bought it with two loans (100%) financing. the purchase was in 2006 (no too much equity). will the new intrest rates help me if I refinance my loan. I will not keep the house for more than 1 year and my company will buy it with 97% of the original value so should I go intrest only loan?
my rates are 6.75% (on the 80%) and 10% on( the20%)
moreVoting Question: What happened to Edwin Natividad and his ACG Empire who are the biggest group of culprits and the number one c?
Athome Consulting Group Inc. based at San Jose, CA is one of the major contributors in the worst real estate and economic meltdown in the history of the United States of America. This company promoted the ARM (Adjustable Rate Mortgage) which starts with a very low teaser rate. ACG will teach & train their agents to recruit potential real estate agants. Once you joined the company, the requirement is to refinance your home first. Whoever is your recruiter gets a share of the comission and so with the direct Marketing Director, all the way to the President of the company who is Edwin Natividad. You, who just got recruited and refinanced your home with the ARM program is now stucked with the low teaser rate for the next year or 3 years whichever comes first. Then, they will teach you to re-invest that equity money you just received to buy a new home or homes with zeroor little money down, apply for a loan through the ARM program again, wile they get all the rebates and commissions. Their strategy is for you to go out and recruit also to become a Managing Director in order to enjoy the benefits of getting overrides from all these commissions. These were during the good times when the real estate market was really hot. It made the NATIVIDAD clan (Edwin, Jeffrey, John) and all their cousins Charlie ABAYAN, so filthy rich they were sporting their top of the line Mercedez Benz, Ferrari, BMWs, and brag about their multiple million dollar homes during their annual conventions and seminars. During the early 2007, the real estate market was starting to slow down because the ARM loans are slwly maturing from the ones that refinanced or bought properties with the ARM program in 2003, 2004, and 2005s. Tragically, no one could stop it anymore because the in the middle of 2007 up to now, the real estate market tumbled and most of those who used the ARM program foreclosed their homes because they owe more than the value of their homes. This is a tragedy for most of the innocent "wanna be" real estate agents who got sucked in by the some licensed "blood suckers" like Edwin Natividad and his ACG Empire. They are one of the major contributors of this recession that everyone, including me and my family is now suffering. Its a very hard lesson to swallow considering so many people across the nation lost their homes, broken families, some even committed suicide! All these human suffering because of one CLEVER MAN, EDWIN NATIVIDAD, who rose from rags (brags about planting tomatoes and camote leaves in their backyard for their food) to being FILTHY RICH in a span of 4 years, by capitalizing on the ARM program through his ACG empire!!!
moreResolved Question: I want to get a loan and my fiancee said he would be the cosignor. ?
I bought a timeshare last year and is looking to get it refinanced. I am the only one on the loan, but me and my boyfriend are on the deed. I went to my credit union and wanted to refinance, they said i need a cosignor. My boyfriend suggest takin a home equity loan so it would be less interest rate and we have collateral. I talked to my credit union and they said he cant put the house up since I am not on the deed. So if i got added on the deed, do I have to get put onhis mortgage loan as well? I didnt think so but the lady said I did. I dont want to be put on the loan but I do want to be added on the deed.
moreResolved Question: Is there a new refinance program that forgives negative equity and refinances the house at current value?
I heard about some new government loan where if your home has dropped in value, the government will absorb the depreciation and refinance your house at its current market value. I just bought my first house in August of 2008 for $275,000 which was a foreclosure and the other foreclosed homes surrounding me are now being offered in the $240,000 range. So in 4 months I've already lost around $35,000 in value.
moreResolved Question: want to know about refinancing my mortgage?
Owned a home for over a year now interest rate at 6.125 with a little more than 30,000 in equity in my home, would like to know what the process is for refinancing my loan, how much will it cost and if it will save me money, if anyone has recently gone through a refi please tell me about your experience! THANKS!
moreResolved Question: what kind of loan should i go with to buy a car worth 20,000? ?
Refinance my mortgage or
Line of Credit
Home Equity Line of Credit
Loans
6- and 7-Year Auto Loan
moreResolved Question: What are my next steps in modifying my home loan? ?
I was able to get a temporary reduction in my home loan payment because my expenses are higher than my income. It is until April. I have been using my savings to pay for both mortgages. (two houses). My bank said before the period is up I have to call and find a permanent solution. I am unable to refinance due to not enough equity. I will not be able to sell the house before then since I have a very bad tenant who is currently getting evicted. If I do sell now, I will only be able to afford a loss of about $50K which I would be willing to pay back to the bank except that investors will not even give me that much. What are my next steps in terms of renegotiating my monthly payment? What kind of permanent solution can I get? I am not behind or ever been behind on my payments. If my payment stays as low as they right now, I will be able to at least keep the house for a little longer. . I just don't know where to go from here. And also what are some ways I can invest and/or save money so they don't use every penny I have as an excuse that I can pay. We have about 10K for each of our girls in custodial accounts and about 20K in regular checking/savings.I obviously do want to get rid of it one way or another. Selling is not an option right now. No one will buy with a tenant who does not pay rent, hence why she is getting evicted.
moreVoting Question: Tell me what you think about this for our economy?, if this will help the housing market. read to the end.?
- For a new buyers and for a limited time only ( 4 months or 6 ) backed by the Gov. ( guaranteed loans), banks will offers 25 years mortgages with 25% as a down payment paid by the buyer and ( 0% interest ) for the first 18 months for only residential houses up to $300,000, and 9 months (0% interest) for houses up to $500,000.
- Banks will get 0% interest loan from the Gov for 18 or 9 months for the amount of total loans they made. So they don’t lose any money by paying the Gov interest while not charging the buyers any interest.
- Buyers will pay a monthly payment as if they were paying interest ( as regular mortgage, that will make them save money in their equity ), after the 0% interest period ends the interest rate will be as it was at the time of buying ( so the interest rate will be locked at whatever would be at the time of perches) the rate will apply to the remaining of the loan ( all together it will be less than 25 years loan )
- Property tax will be waved for the fourth year after buying, that way buyers will not get all the benefits in the first 2 years so they will only get the tax waver if they keep the house longer than 4 years.
- New owners will not be allowed to sale before 3 years and no refinance is allowed for the first 5 years.
- Houses must be occupied with in 4 months after the date of perches, cities official are responsible to verify that( so investors will not take advantage of this offer, buy the house and leave it empty hopping that they will make money after a while cause they are not paying interest).
- People ( families ) who gave up their houses in the last 3 years will not be allowed to get the loan.
- if the house was not occupied with in 4 months and or the payment were made late, owners will lose the property tax waver. And interest will start on their loan.
There are a big number of houses for sale, and there are people want to buy, you have to make it attractive to consumers to buy, this loan will not use any of taxpayers money, you only using money that people have now and want to buy, and will not anger the people who are currently paying their payments on their houses,
1- this will take some of the houses out of the market.
2- will give the houses the new value ( stabilize the value ).
3- will create movement in the market.
4- will give good news for wall street.
5- most people when they move in a new house they fix and paint and put a new carpet and more, that will create jobs for contractors and demand for construction materials, will give cities some revenue from property insp. And other fees
6- families will cumulate a lots of money as equity in their houses in the first 18 months, that they will think 10 times before giving up their home( not like now when they don’t have any equity in their houses).
7- hopefully will increase homes value by that families who are currently own a house will have some equity by rising their home value, then they will not give up the house
moreResolved Question: Can I refinance my home?
I just purchased a home Oct 31, 2008 and locked in my rate at 6.125% for 30 yrs, the loan was for 207,740 and I pay $1,268 a month for my mortgage $84 for PMI. Rate seem to be in the low 5% now, so does that mean I just missed out on my chance of getting those rates as I obv have no equity built into the loan yet. This is an FHA loan by the way so i only put 3% down. Is there a time line when i can refinance? do I need to wait a year? The condo was appraised for $215,000, I bought it for 208,000 ...but i believe the first year, banks will use the purchase price, not the appraisal price when looking at the cost of the condo, especially when i just bought it...
Let me know if theres anything i can do
My loan is with Wells Fargo
moreVoting Question: I want to broker auto loans from my home office, but have no ideal how to get started... advice, please!?
I currently work in the mortgage financing industry. I would like to be able to refinance my customers auto loans along with their home loans. Many of them do not have the equity to pay their auto loans off and many have rates on them ranging from 18-26%. This would allow me to provide another beneficial service and supplement my income.
Any suggestions on how to get started? Companies that employ auto finance brokers remotely?
moreResolved Question: Can I refinance my first mortgage only?
I have a first mortgage and a home equity loan. Can I refinance just the first mortgage only?
I am also looking at rolling it all into a single refinance as well, but appraised value may not allow that. If I refinance the first mortgage, that would still greatly reduce my monthly payments and allow me to pay more on the home equity loan. Helen- what are the terms of your loan?Dave- I agree on the Helen thing, I threw the question up there just to see if I would get a response from her.
I have 260k on one, and 62k on the helo. Unfortunately, my home is most like valued at $300k. So, from what I understand, I need the holder of the 2nd to subordinate. Any insight as to if lenders are doing that?
moreVoting Question: Is there a temporary relief loan program for California homeowners who have a tough time paying the mortgage?
I heard about the new loan programs that allow home owners to refinance their mortgage to a lower interest, but those who qualify need a decent credit, certain income, and their homes need more equity than what they borrow. But what about those who are really suffering and have none of those above?
moreResolved Question: Can refinancing my 1st mortgage to pay off debt be a good thing?
Times are tough, and I want to pay off a huge amount of credit card debt and was told I don't have enough equity to get a HELOC because my house declined in value due to foreclosures in my area. I've had 2 banks tell me my best option is to refinance my 1st mortgage which would give me a better chance at saving money monthly because refinancing my 1st mortg. they'd be able to approve me for a larger loan, in return, paying off more credit cards and my home in 15 years. I have to option of a 20 yr or 30 yr too. Is this the best option? My credit card payments are all over 15% interest where as my refinance would be 5.50%
moreResolved Question: Is my home equity line of credit included in a bank's Loan-to-Value calculation?
I'm looking to refinance my house and while the loan amount on my first mortgage is 800K, my house is appraised at $1M. However I also have a home equity line of credit for $100K. I'm only looking to refinance the first mortgage, however. Will the bank count the HELOC, in addition to the new first mortgage, when evaluating the refinancing of the first mortgage? Thanks.
moreResolved Question: is it possible to get a home equity loan or to refinance while your already behind on your mortgage?
we have about 20k worth of equity but we fell behind on our mortgage payments early this year and negotiated a plan to incorporate the amount we were behind into our normal monthly payments. making those payments a bit higher each month. that however is still not working because of all of our other bills and we want to use the equity to pay off a vehicle and a bunch of credit card debt etc... is that possible?
moreResolved Question: VA 100% Refinance- Can I refinance if I don't have a current VA loan?
I have heard that there was a recent update to the VA rules that allow for 100% refinancing. My situation is:
I am a veteran that has used VA before.
Non-VA Mortgage= $324k. Value of house: $325k -$330k (estimate)
I have an "80/20" loan. First is 5 year variable ARM, 6.75%. Second is Fixed 9.5% Home Equity.
I bought the home in July of 2007, so there is minimal equity. I do not want cash out, just want to protect myself from the variable that will change in 3 1/2 years and bring it all under 1 mortgage.
Credit is good (676 FICO), though I do have high revolving debt. Salary is $125k with 20% bonus.
Can I refinance under the updated VA rules?Colanth- when you say each stands on its own, what exactly do you mean? Could I refi the first only? I was under the impression that I had to refi both together...thanks.
moreVoting Question: Would everyone refinancing home loans at neighborhood banks solve the foreclosure problem? ?
Neighborhood banks don't look at customers as a percent they are concerned about the look of a neighborhood (abandoned homes) they may still use their professional knowledge as a way to prevent homes from going in to foreclosure rather than a way to steal money from unsuspecting customers. They can also take in to account employment in the area and help to fight to keep it in the neighborhood. If someone in India has stocks in a BOA mortgage it is more beneficial to give no leeway or modify a lenders mortgage with when job loss and the desire for insurance companies pay when disaster hits. It is perfectly obvious by the threats in congressional hearings to day they could care less that 200,000 forclosures a month has no affect on their bottom line. In fact to seize a foreclosed homes equity(my $40,000) is to the benefit of their bottom line.
The big bank are planning to buy out all smaller banks.
The only interest of the big banks is money and they are willing to put people in the streets rather than work with them.
Lets stop and think about that...
moreResolved Question: What does Wells Fargo look for when determining if they'll modify my mortgage ARM loan?
I have an ARM mortgage through Wells Fargo and my rate will be adjusting up 1.25 points at the beginning of next year. When I bought my home I received 100% financing but with declining market values I do not have enough equity to qualify for a refinance at this time. I called Wells Fargo and they said I might qualify for a mortgage modification. They said to call back with all of my income and monthly expense information (including everything from food to insurance to childcare, etc).
My question is, do they want to see that I can or cannot afford this mortgage? Should I report every last expense to make it look like we are barely getting by or should I report the bare minimums so that it shows we are credit-worthy and will not default? I have excellent credit and have never been late, I just really cannot afford a higher mortgage payment. What are they looking for to approve a modification?
Any experience or suggestions??
moreResolved Question: SmartFit Loan from Wells Fargo Bad Loans?
The situation
We bought a condo in 2005 at the height of the housing boom for $308,000. Our loan was financed by Wells Fargo, and the type of loan that we qualified for consisted of an 80%/20%, hence it was 100% financed. Both loans were called Smartfit Home Equity accounts and were fixed Interest Only for the first 3 yrs . We were ofcourse told by the loan officer that we should be able to refinance by or before the 3 yrs and get into a regular fixed loan.
Forward 2 yrs later and with the bust of the economy, deep decline in housing values, and unemployment, we are just one number among the millions of people facing default on their mortgage loan.
One of us lost our job last year in 9/2007, and that is when we started contacting Wells Fargo trying to be proactive with our situation because we knew in 2008 the loan accounts were becoming variable, and we wanted to be ahead of the ball. At that time, Wells Fargo said they couldn't help us because we were not in a hardship and we were not past due. All they were offering us was to modify the loans for 1 yr. However, we didnt want a temporaty modification cause we knew 1 yr later we would be in the same situation again, facing variable unpredictable loan payments (needless to say it is 1 yr later and the economy is worse than it was in 9/07). We decided to keep making payments until early 2008 when the payment on the 80% loan converted to variable and we saw that we could not afford it. Again, Wells Fargo could not offer us any assistance because supposedly we could still afford the variable payments. We were told we could not refinance since the value of our property was not there (duh!). That left us with upside loans and variable rates.
So here we are in 11/2008 we tried getting assistance from Wells Fargo one year ago and currently STILL trying. It has been several months since we have stopped paying and still no notice of forclosure and currently waiting on a representative from Wells Fargo to call us in regards to HUD's HOPE for homeowners program.
To top it all off we were never informed that our 20% loan became due and payable after the 3 years expired.
We recently found out both of our loans might not be considered regular mortgage loans. Since we have a Smartfit loans which are Home Equity accounts and possibly recourse loans. Meaning they can come after us after the difference opposed to a regular mortgage loan.
We strongly feel we were painted a pretty picture and since we were young and eager into getting our own place we took the Wells Fargo information as face value and belived what they had to say and not knowing we would not be able to afford our monthly house payments if this was a principal/interest and taxes regular 30 year loan. I guess you can called it stupid or naive but this loan was basically a bad loan to start with, not a Smartfit........
moreResolved Question: Am I eligible to acquire a loan renegotiation? We refinanced in 2007 with a 'sub-prime' loan, int. rate: 10.6%?
Why? We had a terrible tax lien that had to be paid. After that loan, we cleared all our credit cards, and use STRICTLY cash. The only thing we have is our mortgage and car loan (which will be paid in less than 12 months). We are current on our payments.
We only refinanced enough to pay off all our credit cards, our 1st mortgage and update our kitchen. Hence, we have over 50% equity in our home. We are current with all our bills.
So...is there hope for us to negotiate a more reasonable interest rate, or do we fall through the cracks, in that we pay our bills on time - barely. And it's killing us as far as saving for retirement (which is about 7 years away).We plan to sell our home in 7 years (+/-). Our home appraised in June of 2007 at $236,000 (before remodeling). Our new mortgage is at $128,800 now. We totally remodeled the 12 x 24 kitchen....And remodeled master bath and family room...
moreVoting Question: Home equity line of credit refinance question?
I have a solid credit score in the 700's. I want to pull some money out of a home which I own free and clear.In the area of $21,000. This is a investment property.I have tenants already in the home paying rent.This has been my only income for years now, plus other homes I own(renters).Could I use this as my income for loan approval? If not could my girlfriend co sign for me she makes $47,500-$50,000 a year she just got her job a few months ago.Thanks for any help or advice!
moreResolved Question: What would you do in this situation (homeowner in trouble)?
I bought a condo almost 2 years ago for 255,000 ;It is a block away from the beach in Long Beach, California. My first mortgage is 200,000 and my second is for 50,000. The HOA fee is 114.00 per month. In all, I pay 1716.00 per month. I pay 2,500 in taxes for the year.
Now the value of the home is between 210,000 and 216,0000.
In February, my payment will go up by 300.00
Yes, I've consulted with HUD and FHA. No help from either group.
I feel like they aren't even listening to me.
I am a teacher, and the non-profit that helped me obtain he home has folded.
I have been rejected by 3 companies for refinancing because there is no equity in the home and the loan is "upside down".
Litton loan sold my loan to two separate companies. I have made every payment. I have sent both companies hardship letters and am waiting for their reply. The attendants on the phone are "know nothings" and won't talk to me unless I don't make a payment. It freaked them out today when I said I am not paying this month until the situation is resolved...but still no answer.
Should I walk away from the property? Is short sale an option?
What a F-ing headache. I am crying each night about the situation. I am completely depressed.
moreResolved Question: My fiance wants to do a loan modification. He isn't currently behind. Should he go directly to countrywide?
The loan payment are too high right now. We don't have enough equity in the home to refinance. So Loan Modification is our only choice.
moreResolved Question: Where can I find the current average interest rate for home equity loans so I can decide if I want to refi?
I currently have a 5 year home equity loan for 6.5% interest rate on $40,000.00. We have a good credit standing. We own our home and owe nothing on it. We have paid on this loan through direct withdrawal on my paycheck for over 2 years now. I was just wondering if I could refinance this for a lower rate w/ all of the low low interest rates out there right now. What is the going interest rate for a 5 year home equity loan? Is it worth refinancing? The only reason we are wanting to do this is if we can save a given amount of $ each month then we can actually use that towards the principal if we have a lower payment w/ the refinance. We are very comfortable w/ the loan we have now but if we could speed things up with getting this paid off then it would be wonderful. Any ideas on current rates and if this is a good idea? Please don't answer this question w/ the answer of "I need more info...this is not enough info to answer this question" sorts of answers. Thanks!
moreResolved Question: How do I refinance? Loans at 95%? Other options? ?
I own a home with my mom. I want to sell the home fully to my mother and take my name off the mortgage. I would also like my share of the equity. It is a small house, the house is appraised at 68k and we own 59K. We are at 86% and so refinancing would eat a lot of the equity in charges. Are there banks that loan 95%, are there any good options for selling the house without eating the equity up in closing costs. Any sound advice would be great. Thanks
moreResolved Question: My father in law wants to take $20,000 from our remortgage for co-signing the loan...?
When I got married my father in law co-signed for a house for my wife and I because she was 20 and didn't have any credit and I had just come from the UK and hadn't even got my SSN yet. Now 6 years later with us paying the mortgage and homeowners payments for the whole time we are looking to refinance to pull some money out to update the kitchen and bathrooms and he says he wants us to "buy him out" for $20,000 from the equity of the home. (We bought it for $69,000 and its now appraising around $120,000) We have paid around $40,000 in payments on the house over the 6 years and I feel like he is being greedy trying to profit on his kids. I don't know how to approach the subject with him and my wife doesn't want a rift with her parents over money. Her father is quite well off as a financial planner and makes probably $100k a year and her mom works too. Her father co-signed for her brother also but his house is in georgia and is worth less than what the paid for it so they don't have to pay squat if they sell it. I need some advice on what to do about this. Its a very delicate situation and I need to approach it correctly.
moreResolved Question: Prioritizing personal finance...?
I have two issues currently with personal finances...
1) I have around 10k if credit card debt at an interest rate of 7.99%
2) I have a house worth 200k with less than 3% equity in it. The loan was a 5/1 interest only ARM at a 6.658% rate. The ARM is up in September of 2010.
My question is....if you were me, would you work on paying down the credit card as quick as possible and then focus on putting more equity in to the house so that I can refinance in 2010, or would you immediatly begin putting more equity in the home and only make the minimum monthly credit payments for the time being. I don't believe I am in a position to attach both issues at the same time right now, but I definitely can begin addressing one. My credit score is currently 769.
Thanks in advance!
moreResolved Question: Refinance or Equity loan?
Home sale is slow, in considering a financial relax, I had discussed with a mortgage company about 'equity loan' or 'refinance'. It seems they would like to offer 'refinance' instead of 'equity loan'. If 'refinance', I was told 'out of pocket cash' is around $6000...like closing another mortgage. 'Equity Loan', except some paper works, no 'out of pocket cash'. Is it true that 'refinance' is better then 'equity loan'? If house sale is slow, which one is better?The equity is about $60K, needs cash out for kids to go to colleges.
moreResolved Question: Can I refinance with FHA?
I had a question about refinancing. I was told that FHA is offering to refinance loans at current market value and write off the rest. The only catch is that when you sell your home the FHA or whom ever takes half of your equity gained since the refinance. Is this true? Where can I find more details?
I bought my home in Ca for 300K in 7/2007, and it is worth 150K now. I have a first and second mortgage with non-FHA bank. My credit is above 750
moreResolved Question: Is it possible for my parents to refinance to get a lower payment in todays market?
My parents took out a home equity loan on their home 7 months ago and didn't quite understand what they were doing. They are on a fixed income and now have a payment they can not afford. Their home was appraised at 108,000 and they took out 35,000. They owned their home with no payments before this. They have fallen behind on payments and need to refinance the loan. but with todays market I'm afraid that won't be possible. any ideas?
moreVoting Question: Do people realize that its an error to blame this economic mess on Subprime lending?
he fact is subprime lending was a good idea (helping people with lower fico scores if they had enough income). The dangerous part was the ARM and Option Arm Lending. About 80% of subprime mortgages are good...and still good. This financial mess we're in was influenced by lax regulation in giving out ARM's (Adjustable Rate Mortgages).
I find it sad to see the media blame folks with subprime loans for this mess, when the issue is really the ease at which lending institutions gave out ARM loans because they felt home prices would continue to rise forever, and when that didn't happen and people mortgage payments adjusted and they couldn't refinance due to lack of equity the whole system crashed and they blame the borrowers. Just despicable.
Anyone have any insight on this situation?i worked in lending for years so theres plenty of GOOD people who take out ARM loans because they usually figure they can save money now and when it starts adjusting upward they can refi to fixed payment. Many MANY people are interested in that even people with fantastic scores and income.they adjust according to the index they are based on, such as the LIBOR (London Interbank Offered Rate) which isn't predictable.People generally walk away from their second home, not where they live full time.
It costs the bank money to foreclose...they don't want to do that, and they simply can't refinance every loan so they take the chance to resell and stem their loses.Ruth- Prime Rates change per person (income and fico) and also the TYPE of loan you are taking out. There is not STANDARD rate. There is a base rate which then changes to a final rate depending on the persons financial standing (risk).Ruth- I worked in California, not florida so i can't speak 1st hand about that situation. However people do take out ARM's with the intent on saving money and the idea of refinancing as values increase. There are people who do take ARM's when the payments are too much for them....but thats where LAX regulations caused the problem. Mortgage underwriters are watchful of that but they HAVE to follow the rules given to them.
moreResolved Question: FHA cash out refinance situation? help needed?!?
I'm thinking of doing FHA cash out refinance for my home. My current loan is an ARM and wants to change it to a 30-fixed. Can anyone that is a loan specialist or an underwriter or anyone that has any knowledge about loans tell me if my situation has a possibility that it could be approved? Or if it can't what other options do I have?
Here's me & my husband overall situation:
- Credit score’s are low between 550 and 580
- 1 late payment with current mortgage for the month of July 08
-we are both employed
- Me for 4 years
- husband for 7 years but took 1 year off for an illness in the family then went back to the same company.
- Our income is good don't have to worry about that part
- Home equity of about $200,000.00
- Just want to take out about $50,000.00
I'm desperate for any help that I can get because my ARM has expired. And I can't afford to keep up with these high payments.
Let me know any lenders or anyone that can help me.
Thank you!!
moreResolved Question: How the new FHA Loans (Hope for Homeowners - Avoid Foreclosure) Work? I will explain?
I was reading in www.hopenowmortgages.com details about the new program that will help us to avoid Foreclosures and I found very interesting things ( I will list just a couple but you can visit them to read more)
* The bank will have to forgive you the late payments, penalties and second mortgages you may have
* The bank have to give you a new loan for the ACTUAL appraised value
* If you refinance with the Hope for Homeowner Program you have to share the equity with the FHA when you sell your home.
* You cannot get a Home Equity Line of Credit or any other aditional loan using your house
* You need to have 10% equity to apply for the loan
It sounds very interesting... go tho Hope Now Mortgages dot com
moreResolved Question: whenever a website 404's, I get an annoying search page?
I've wanted to fix this forever, and have tried recently, but there doesn't seem to be any information on removing this small problem when I search google.
The contents of this search page:
Sorry, the page you have requested cannot be found.
Please re-enter a search term:
or click on the of the popular category links below:
Popular Categories
Travel
Airline Tickets
Car Rentals
Hotels
Cruises
Vacation Package
Personal Finances
Payday Loans
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Credit Report
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Home Businesses
Make Money On Ebay
Money
Logo Design
Web Design
Lifestyle
Fitness
Dating
Weight Loss
Singles
Spa Treatment
Real Estate
Mortgages
Refinancing
Home Equity Loans
For Sale by Owner
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Music
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Music Downloads
Ipod
Ring Tone
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Education
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Pharmaceutical
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Soma
Sports and Shopping
Ebay
Fantasy Football
Slot Machines
Replica Rolex Watch
Overstock.com
[/end quote]
Does anybody know how I can remove this, so I can actually stay on the website when it 404's instead of redirecting to this below mediocre search page?
moreResolved Question: Credit Card Debt!! Suggestions!!!!!?
We have over 50.000$ Credit Card Debt.
1. Card I owe 26 K and my Interest rate is 7.9%
2. Card I owe 19K and interest rate 11.9%
3. Card I owe 5 K and interest rate 26.4%
I also have Car payments, house payment.
I don't want to file Bankruptcy because I have Top Secret Clearance and I am not sure about Credit solution companies. I don't know which one is better but they all seem like pretty much scam.
I own a house I am thinking about refinancing my home and add my debt in it. I am also searching for home equity loans and consolidation...
I will really appreciate any suggestions.
TIA
* 17 hours ago
* - 3 days left to answer.
Additional Details
17 hours ago
I really appreciate all the answers coming!
I quit using credit cards last year, and I possibly cut everything I can.. But my my debt to income ratio is so high!!
moreResolved Question: Declined for a home loan (refinancing) after we were already approved.?
We applied to refinance our house since we have so much equity in our home and we were approved the next day. We paid the mortgage company $430.00 to come and do an appraisal. The money came out of our account that very day, but we didn't hear anything from an appraiser (Who was supposed to call and set up an appointment). Two days later, the mortgage company called back and said that the underwriters are now not going to approve the loan and they are going to refund our money. Has this ever happened to anyone and can they change their minds like that? We have not missed any payments and our credit it high 600s and low 700s depending on where our scores are pulled. They obviously blamed it on the economy, but it doesn't seem right.
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