I have a loan with beneficial. I owe 88000 and home is worth 78000 I pay 11 % Loan since 12 2007.

Asked by cecil jones, Columbus, GA Mon Jan 28, 2013

I have never been late on any payments and I pay 529.00 every two weeks. Gov only helps with freddies. Can you help thanks. Cecil

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4
, ,
Wed Jan 30, 2013
Sounds like you went to Beneficial during a time of crisis. That bank does loans for people who don't qualify for conventional lending: low credit scores, inability to prove income, home value too low to pull equity out etc. I'm sure that when you signed the paperwork back in 2007, you understood that you were going to getting an 11% rate loan, right? It's not immoral to pay such a rate when no one else will lend you money because of a bad circumstance. I guess the alternative would have been not to get the loan in the first place.

You need to wait until the value comes back up again and then refinance. ABC News last night stated that home values are on the rise again. If you decide to modify your loan by contacting Beneficial yourself, do NOT go late on your payments, regardless of what the company tells you. You don't have to be late in order to qualify for a modification. Most likely, Beneficial will not modify your loan because they only deal with high interest rate, risky loans.

Do NOT short sale the property unless you want to rent for 3 more years or go through my resource for financing at 10% after putting 30% down.

Do NOT walk away for the same reason.

If you can, however, find a renter who is struggling with credit issues and rent the place and then go find yourself a place to rent for about a year. Then in 2014, use the rental income to offset about 75% of the payment to help you qualify for another property. If you decide to get creative, look at buying a multi-family unit. FHA will allow you to use the rent from the other units to help you better income qualify (even if the units are not rented at the time that you buy).

OR

I can help you buy some rental properties to help increase your income flow so that you can pay the loan off faster or pay it down so that you can refinance into FHA or Fannie/Freddie and be done with it. I have the ability to help you buy with no money down, regardless of credit issues. It's not easy (for the Realtor) but it's possible. Imagine rent rolling $2000 extra a month!
0 votes
Mike Tarleton, , Santa Rosa Beach, FL
Tue Jan 29, 2013
Cecil, I am a Sr. Mortgage Loan Officer with Bank of England / ENG Lending and I am located in Columbus. I can meet you today if you would like. Call me at 706-888-0980 when you can.

Thank you,

Mike Tarleton
Sr. Mortgage Loan Officer
Bank of England
NMLS #264821
mtarleton@englending.com
http://www.bankofengland.us
0 votes
Annette Law…, Agent, Palm Harbor, FL
Mon Jan 28, 2013
11%!! Wow that is immoral!
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Cecil, there is more than one strategy that can work for you. The best one however is completely dependent on your situation. The details regarding your situation are such that you should NEVER consider publishing on a public forum.
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When a professional in the Columbus Ga area responds, who has EXPERIENCE in this area if real esate, you really need to have a meet up. Real soon. Time is not your friend.
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How you start this process will be critical regarding how it ends. Start it correctly to reduce in a small part of an incredibly complex and convoluted process that will try to destroy every good intention you currently have. Do not walk this path alone.
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You know what to do.
Do NOT use that Contact link.
Do NO use Trulia email.
DO pick up the phone and call a responding local agent.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes
, ,
Mon Jan 28, 2013
Hi Cecil,
To be eligible for a HARP 2.0 refinance, the mortgage must have been purchased by either Fannie Mae or Freddie Mac prior to June 1, 2009. HARP is not limited to just Freddie Mac, but it also includes eligible Fannie Mae loans.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes
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