Financing in 22191>Question Details

Freedom, Real Estate Pro in Woodbridge, VA

I am trying to work with my bank to refinance

Asked by Freedom, Woodbridge, VA Fri Aug 9, 2013

I have a home loan with Emigrant Bank in New Jersey for a home in Virgnia in which I have never missed a payment or made a late payment since I bought it nearly 10 years ago. I am wanting to refinance or try to work with them to restructure my loan. They are telling me they cannot consider refinancing because they canot negotiate loans in Virginia and cannot or will not participate in any "Making Homes Affordable" government refinance projects. My Loan To Value rate has gotten better but not to where I could put it on the market without having to pay out of pocket funds or refinance fees of 20K just to refinance. Are there any options?

0 votes Share Flag Financing in 22191

Help the community by answering this question:



Start by checking out both of these websites. Depending on your current loan to value, credit scores and debt ratio you may be eligible to refinance through Fannie Mae, Freddie Mac or FHA.

You may be able to refinance with FHA up to 96.5% of the current appraised value. Depending on your current loan terms and interest rate with Emigrant Bank it may help you.

If you are active duty or a veteran, you may qualify for 100% VA financing.

Feel free to give me a call at 703-840-4170

Jason T Smith
Senior Loan Officer
Atlantic Mortgage Direct
13221 Woodland Park Road Suite 110
Herndon, VA 20171
O 703-840-4170
C 571-212-8507
F 866-324-4476
0 votes Thank Flag Link Fri Aug 16, 2013
So, if neither Fannie Mae or Freddie Mac indicates that they do not own the loan and Emigrant Mortgage says that neither of them own the loan, what are my options?

My wife and I are currently renting the home and look to place it on the market in about 9 months. I am a veteran with a home currently backed by the VA in my name only but the house we are renting is in my wife's name only. Can I refinance the home in question with my VA benefits?
Flag Fri Aug 16, 2013
If your loan is owned by Fannie Mae or Freddie Mac then yes you can probably refinance at any lender and get a lower rate. Here's where you start.

If the websites say no you still want to call Emigrant and ask one question. "Is my loan owned by Fannie or Freddie." If they say no ask them who owns the loan. Not who services it. They are different.
I hope this was helpful and please let me know if you have follow up questions.


Thank You,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states
0 votes Thank Flag Link Fri Aug 9, 2013
Neither claims to own my loan. Can I somehow get the loan refinanced as an FHA loan? One loan company needed 20K for me to refinance. If I had 20K I wouldnt need to refinance...
Flag Fri Aug 16, 2013
Hi Freedom, Yes you have options.
Please give me a call@ 703-509-7717.
I have a few questions for you.

Cynthia Mitchell
Samson Properties
14526 Lee Road Set 100
Chantilly, VA 20151


0 votes Thank Flag Link Fri Aug 9, 2013
We are not in danger of foreclosure but we have a limited amount of equity. If we try to sale, which we are planning to do, we barely have what i think we need to pay a realtor, closing costs, etc.and make a very small profit, if any.
Flag Fri Aug 16, 2013
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