Trulia

Brian,

This is one of the key mistakes consumer make by directly going to lender. To really make lender help you stay in your home you should consider using services of an attorney based loan modification company such as http://www.LoanShrink.com

Lenders are really much more polished on dealing with consumer than the borrower themselves. Attorney or loan modification company working for you will work for you not for lender and they will get the job done.

LoanShrink.com does not charge any feel unless you get your modification done !!! No matter who the lender is.

Good Luck - Wed Feb 4 2009, 11:04

Greg,

It is probably hard to find refi unless you are within FHA limits. What is your loan amount? If you are stretched too thin with 6.25 rate you could qualify for loan modification. It is much cheaper and better option these days. It is more or less refinance with same lender but done via negotiation. Its very popular and easy to do.

Check out http://www.LoanShrink.com - they also have money back guarantee if they can't modify they won't charge a penny. One of the good ones out there.

You can also offer this to your own customers. I think many many people can be benefited from this. I know LoanShrink has its own affiliate program for real estate agents. It can be a full income stream for very little work on your side.

Good Luck ! - Wed Feb 4 2009, 07:05

There is another good post on the credit score requirements. I had an opportunity to meet some folks from Experian. What i learned was intriguing for me.

1. 740+ credit scores are the way to get best rate.
2. If you still can't refi - you should definitely look into Loan Modification. This is a great option and no downside.
3. There are still subprime lender if you can find them :)

LoanMod is really cool because it could also cut down your mortgage balance and really make yoru payments affordable and usually immune to rate changes (by changing your mortgage to fixed). http://www.LoanShrink.com is a good company with satisfaction guarantee. I haven't found any other company that will fully refund your money.

Good Luck - Tue Feb 3 2009, 22:24