General Area in 90638>Question Details

Desperatehom…, Other/Just Looking in 90638

My two loans are in total 585k, i need to refinance because the interest is to high. The average sales in

Asked by Desperatehomeowner, 90638 Thu Aug 13, 2009

the area are less than 350k...I have good credit and I make good money for a modification...Am I stuck? what can I do?

Help the community by answering this question:


Hi Desperatehomeowner

Regret to hear of your problem.

You need to work with your Mortgage Holders under the HARP programs.
The Government Loan modification are working now.
[Open in new window]

Good luck.
0 votes Thank Flag Link Mon May 7, 2012
The "Keep Your Home California" program could potentially help. I just called them to inquire about their programs and they have the following 4 programs available: (1) Unemployment Mortgage Assistance, (2) Mortgage Reinstatement Assistance Program, (3) Principle Reduction Program, and (4) Transition Assistance Program. They can be reached at the following phone number (888)954-5337 or at . They do have eligibility criteria that you would have to meet but it is certainly worth giving them a call. I hope this is helpful to you or others out there in a similar situation.
0 votes Thank Flag Link Mon May 7, 2012
I don't know if they would be any help to you, but I would look into the "Keep your home California" program. They are up and running and have $2 billion to work with. Let me know if they were any help to you. 714 342-7270.
0 votes Thank Flag Link Mon May 7, 2012
I would suggest you contact CalHFA Mortgage Assistance Corporation at I referred a previous client there and he was able to get some assistance and relief. It is not a sure thing but don't give up. Persistence is necessary in your current situation.
0 votes Thank Flag Link Mon May 7, 2012
Keep Your Home California -
Flag Mon May 7, 2012
Unless you qualify for some form of government payment reduction you are going to be stuck with the loans that you have. If you qualify for payment reduction you will still have the large loan balances that the banks will usually extend out to 40 years in stead of your normal 30 year term on your mortgages. You might look into the HAMP program and see if you qualify. If you would like any help just drop me an e mail.
0 votes Thank Flag Link Mon Apr 23, 2012
You should try to obtain a loan modification, although the truth is that lenders are not cooperating on a large scale. But you should try.

The truth may be that you are stuck. The key is to prove hardship. Usually hardship means a death, divorce, medical bills, etc. It you are doing okay, just disappointed that you property value has dropped, then let me ask you this- if the reverse happened, and your homes value INCREASES by the same amount it decreased, would you be trying to give the extra money to the lender?

The investor that bought your mortgage - $585K. Can you imagine being that investor, and having the lender call and say "hey, they want to cut their mortage - you'll need to accept at $200K loss" - what would you do?

I am sorry if this is not helpful, but I think there are some good questions for you to consider.

Good luck.
0 votes Thank Flag Link Thu Aug 13, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
The government has released several programs to help home owners that are in need of refinancing but are upside down on their mortgage. There are several modification companies that are out there, but you definately need to do your research before signing up with a "loan mod" company. For more information feel free to visit my website listed below and contact me for more info.
0 votes Thank Flag Link Thu Aug 13, 2009
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