not closing for refinance

Asked by Brian Mri, New York Thu Jun 14, 2012

I live in a 3 family house that we had bought 3 years ago with a 5 year arm fedral loan for 1.2 mil. Two apts are rented and I live in the third apt. I applied for refinance and the application was approved for 30 year term at 4 %, also with Federal loan, but for some reason I am not able to close. The loan officer can not give me a good excuse. The value of the house has dropped to 1.125 mil. Would anyone have advices as how would I proceed with refinancing this thing. thank you

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Mitchell Feldman’s answer
Mitchell Fel…, Agent, Brooklyn, NY
Thu Jun 14, 2012
Dear Brian:

You simply have to speak to a bunch of different mortgage brokers and bankers, shop around and see what is out there. Without reviewing your tax returns, W-2s, bank statements, credit report and property appraisal, it is too difficult to give a realistic answer to this question.

If you need help I know several mortgage bankers in Brooklyn who have creative programs and may be able to help you. Feel free to call me and good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
0 votes
Maria Gonyo, , Merritt Island, FL
Sat Apr 19, 2014
I have a perfect Lender for you to turn to:

ERic Jones
Branch Manager
Office: 3032194547
Cell: 646) 580-4839
Fax: 315-701-9198

If you want to discuss your situation in more detail please Email me on When you are ready to buy your home after obtaining a pre- approval i will assist you with finding a home.

Maria Gonyo
Realty Mark Cityscape
0 votes
, ,
Mon Jun 18, 2012
Good morning Brian,

I'm a Local Mortgage Banker and I'd be happy to review your refinance request to determine how, if possible, to assist you with a refinance on your 3Family home. There may be any number of reasons why your current application is not closing. It is extremely unprofessional for your Loan Officer not to respond to your request for a clear explanation.

Give me a call and we can schedule a face-to-face meeting to find a refinance solution for you.

I'm a veteran mortgage professional with 22+ years experience helping HomeOwners. I'd be happy to sit down with you and prequalify you for mortgage financing. We'll review the basics of a successful mortgage approval: IAC or Income, Assets, and Credit. You'll know exactly what loan amounts and programs you're qualified for. If you're not ready yet, you'll learn that, too, and we'll create an "Action Plan" to prepare you for a refinance in the future.

Trevor Curran
NMLS #40140
Office: 516-829-2900
Mobile: 516-582-9181
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
0 votes
Annette Levi…, , New York, NY
Thu Jun 14, 2012
You need to work with a loan officer that knows what they are doing. As John pointed out, you must be given a denial letter with reason. Also the outcome of your application must be decided within 30 of application. At that point they must tell you if you have:
a commitment
a denial
or they need more time.
If you are underwater, my bank can refinance (rate/term) under HARP2.
0 votes
, ,
Thu Jun 14, 2012
Hi Brian,

What is your current loan balance? The problem could be that you woe more than what your home appraised for. If the lender denied your loan they have to send you a formal denial letter with the reason why. Is it possible that the LO doesn't know when you'll be able to close?
0 votes
Jack Menashe, Agent, Brooklyn, NY
Thu Jun 14, 2012
Try Alex Narod 917-520-1515
Good Luck!

Jack Menashe
0 votes
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