Financing in 92506>Question Details

Scout, Home Owner in 92506

loan value 384,000 - appraisal 170,000 - monthly 3,400 can ANYONE in the entire USofA refi for under 2,000 a month NATION WIDE ANYONE???????

Asked by Scout, 92506 Fri May 27, 2011

i do not want to skip out on my responsibilties, just make them more affordible

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Hi Scout -

If your loan is FHA, check into an FHA Streamline refinance. There is NO appraisal required. I helped an underwater borrower reduce her interest rate from 6.26 to 4.75 and the cash to close was $400. The only cost added to the new loan balance was FHA's (1) percent up front mortgage insurance premium.

If your loan is conventional and you originally put 20 percent down when you purchased it, there is a good chance your mortgage is owned by either Fannie Mae or Freddie Mac. Both have streamline refi programs with no appraisal required. These are NOT loan mods but actual refinances. Your loan servicer can tell you who owns the mortgage. Disclaimer ... not all conventional loans are owned by Fannie or Freddie.

Start there first before you go the loan mod route.

All the Best,
Barbara
1 vote Thank Flag Link Sat May 28, 2011
I was just looking through old post and I noticed yours. If you were not able to refinance at the time of the post, I can certainly help you out now. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
0 votes Thank Flag Link Thu Aug 15, 2013
The lender CAN only loan money on appraised value. One of options sell the home as a short sale OR wait for market value to return

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Thu Jun 2, 2011
People will offer you hundreds of solutions. However, at $384,000 there is simply no way to get a 30 year fixed loan under $2,000. A loan mod with a temporary 1%-5% rate that increases over then next 5 years may be an option your lender may offer. Unfortunately you are in the same situation as many of my clients. If you do higher and attorney or service to help you modify DO NOT pay them anything up front. DO NOT stop making your payment. There is a lot of fraud out there right now.
0 votes Thank Flag Link Thu Jun 2, 2011
"How did you get a loan for 384K on an appraised 170K Scratching my head on this one!"

Just like in Florida, people purchased in California and then our home values declined as well.

Scout - definitely pursue a modification option with a non-profit that will help you, some of them can be quite amazing/persuasive with your lender. It's surprising what a lender will do when they are working with a 3rd party. It's almost like having an attorney.
0 votes Thank Flag Link Fri May 27, 2011
Melanie is right on with most of her response. I'm part of a non-profit, consumer advocay group for homeowners. There are non-profits that will help you modify for free. Please look at our website to help avoid scams: http://www.freehomeownershiphelp.com If you want someone to meet with you personally for no charge who will not ever charge you for any services related to your existing home in your situation, you can find my information on that website.
0 votes Thank Flag Link Fri May 27, 2011
Scout ~

With the changes in values, there are many who would like to refi but are stuck with over-encumbered properties that cannot do anything but keep paying, or stop. No one is doing loans for more than appraised value. A loan modification is your best bet in this case.

There are some banks that are doing reasonable loan modifications, but others that don't give you any good options - luck of the draw in some respects. It can depend not only on the bank but even the investors who ultimately own the loan. The loan mod is definitely the place to start, if you haven't already, and even if you have tried some time ago, try again. There are changes regularly to the guidelines each bank uses in determining whether or not to modify a loan.

If you are not able to modify your loan, then a short sale may be the best option, and a Realtor experienced in short sale negotiations can often help with the loan mod too. Some banks even require that the modification be processed before a short sale can be considered - the paperwork is usually the same.

It is a very tough decision to continue to pay into a declining asset, or get out and start fresh (which some see as skipping out on responsibilities). If you've considered all of your options and want to pursue the modification and/or short sale, contact a few good real estate professionals, and select the one that is the best fit for you. I am very familiar with your area, and would be happy to discuss your options with you.

~ Melanie
0 votes Thank Flag Link Fri May 27, 2011
A loan modification is probably your only hope of lowering your payment. Have you tried to negotiate a loan modification with your lender(s)?

Sammer Mudawar, Broker
RE/MAX Prestige
714.660.4008
0 votes Thank Flag Link Fri May 27, 2011
How did you get a loan for 384K on an appraised 170K Scratching my head on this one!
0 votes Thank Flag Link Fri May 27, 2011
No not if your tax escrow is in that number, you are right on target!
0 votes Thank Flag Link Fri May 27, 2011
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