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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
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Home mod or Refi?
Has anyone been successful recently with the state of the current housing market?
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Posted 2/10/10 2:20 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Home mod or Refi?
you need some type of hardship to modifiy your loan
something provable
loss of income, illness, etc
and you would need equity to refi- that is what is stopping most people from being approved
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| Posted 2/10/10 2:22 PM |
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saraH
happy birthday sweet kate!
Member since 5/05 16555 total posts
Name:
I know that God exsists, I held her in my arms...
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Re: Home mod or Refi?
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Message edited 2/11/2010 5:08:29 PM.
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| Posted 2/10/10 2:27 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Home mod or Refi?
Most banks won't do a modification unless you have a hardship however I just got through bank of america a refinance which is lowering my rate more than 1 & 1/2 percent and I was able to pay the same amount I am now but make it a 20 yr loan. I did it under the making home affordable. They are paying for half of my closing costs and it is so easy because it is a no-doc loan and they do not do an appraisal and I did not have to pay off my 2nd mortgage to get it. If you have any questions please FM me.
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| Posted 2/10/10 8:48 PM |
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Maggie
LIF Toddler
Member since 5/05 404 total posts
Name:
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Re: Home mod or Refi?
csorisi...what rate did you get thru BOA?
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| Posted 2/11/10 2:20 AM |
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drewsgirl
My loves
Member since 5/05 3221 total posts
Name:
Amanda
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Re: Home mod or Refi?
Posted by csorisi
Most banks won't do a modification unless you have a hardship however I just got through bank of america a refinance which is lowering my rate more than 1 & 1/2 percent and I was able to pay the same amount I am now but make it a 20 yr loan. I did it under the making home affordable. They are paying for half of my closing costs and it is so easy because it is a no-doc loan and they do not do an appraisal and I did not have to pay off my 2nd mortgage to get it. If you have any questions please FM me.
im also doing this - its going so easy right now..my rate was 6.25 and they lowered it to 5.3, if i was in the house longer i could have bought a point and brought it down a little more, still saving over $300 a month..only think it cost us was the $400 application fee from the bank..doing this thu BOA as well.
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| Posted 2/11/10 7:14 AM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Home mod or Refi?
Posted by Maggie
csorisi...what rate did you get thru BOA?
I had 6.75 and got 5.375. I didn't have to pay any points to get that rate. If I did not have my 2nd mortgage they would have given me 4.875. They base it all on your credit score and mine is over 750.
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| Posted 2/11/10 9:31 AM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: Home mod or Refi?
Posted by Beth
you need some type of hardship to modifiy your loan
something provable
loss of income, illness, etc
and you would need equity to refi- that is what is stopping most people from being approved
ITA--I just havent heard of anyone successfully doing it. But saw this news special that banks are doing it. But know no one who has had success with the Obama plan...
ETA: We are in the process of doing a loan mod. The are in the process of doing a title search to make sure there are no liens and they sent a conditinally approved letter tied to teh outcome of the title search and our payments. SO far out of people I know we have gotten the farthest. No one I know has even gotten this far.
Message edited 2/11/2010 12:19:57 PM.
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| Posted 2/11/10 12:15 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Home mod or Refi?
Posted by sometimesmommy
Posted by Beth
you need some type of hardship to modifiy your loan
something provable
loss of income, illness, etc
and you would need equity to refi- that is what is stopping most people from being approved
ITA--I just havent heard of anyone successfully doing it. But saw this news special that banks are doing it. But know no one who has had success with the Obama plan...
ETA: We are in the process of doing a loan mod. The are in the process of doing a title search to make sure there are no liens and they sent a conditinally approved letter tied to teh outcome of the title search and our payments. SO far out of people I know we have gotten the farthest. No one I know has even gotten this far.
I don't know anyone that has gotten it done on their own- but I have personally gotten 25 done this year for clients...investors and owner occupants...people who are late and people who are not....it's all in the way you put the paperwork together....and which bank you have!
Banks make it difficult...they try to get people to give up...I never give up and never take no for an answer
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| Posted 2/11/10 3:02 PM |
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