My husband & I are trying to refiance our equity loan off and on for the past year. Now with the markets how

Asked by Mary Stevens, Green Bay, WI Thu Nov 20, 2008

can we refiance our equity load when our appraisal is not worth our mortgage. Our equity lender is impossible and making our lifes worse by charging us late fees for our payments that are paid in the office one time.

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Dp2’s answer
Dp2, , Virginia
Sun Nov 23, 2008
Call your lender, ask to speak with someone in their "work out" department, and ask to renegotiate the following terms: 1) a lower principal, 2) a lower interest rate, and 3) a longer amortization period (especially if they won't go for lowering the principal).
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, ,
Wed Jul 16, 2014
Was the HELOC, equity loan withdrawn at the same time as the primary mortgage?
The sad thing about mortgages is that you need 12 month mortgage payment history
with no late payments past 30 days for most federally backed mortgage refinance programs.

We could, to get away from the HELOC look at combining the two mortgages under
an FHA mortgage or VA mortgage, these options are great for little to no equity in your home.
VA primary mortgages, pending if yourself or your husband served in our military forces, would
be available as well to combine the two mortgages up-to 100% of the Loan to Value of the home.
FHA has MIP or mortgage insurance, but allows the appraisal value to come in at 97.5% LTV.

The market has improved. Appraised values from 2008 are no longer accurate.
Today's market has seen an upswing in home sales. In most cases, sales prices
on homes have increased. Sales in the last 6 months are relevant towards your home value.
I suggest looking into a no cost, no obligation evaluation of your current mortgage situation.
0 votes
, ,
Sun Nov 23, 2008
Hi Mary: Sorry to hear of your frustrations. I am a certified mortgage planner in Appleton aqnd would be happy to provide a no obligation consultation to review your options. In today's market there are so many variables. It is best to sit down with a trusted advisor to review your situation. We are here to help anyway we can.
0 votes
The Hagley G…, Agent, Pleasanton, CA
Thu Nov 20, 2008

Sorry to mhear about you lender issues. A lot of lenders today are happy to work with is xheaper than foreclosing on a home. Who is your lender? If it is a major one, I may be able to give you a should be able to do a loanmod yourself....don't pay an outside service.

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