Financing in Brooklyn>Question Details

Miller, Home Buyer in Brooklyn, OH

I reside in new york onw a house which I am having a difficult time paying the mortgage; since I still have

Asked by Miller, Brooklyn, OH Sat Mar 14, 2009

student loans to pay and a car note. So far, I am still up to date with my payments, but I am trying to refinance to lower my interest rate, which is currently 8.25. In my situation, would it be better to continue with the refinance process, or should I look into a loan modification

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The most important quesions are a) What is your income, and b) What are your credit scores? If you can qualify for a loan conventionally, this would probably save you the most money and be your best bet. You want to call up the bank that holds your mortgage and tell them you want to do a consolidation and extention of your mortgage (referred to as a CEMA). This will give you the lowest closing costs and also allow you to roll those closing costs back into the mortgage so you do not pay anything out of pocket. This is the best option if you are qualified, having the right amount of income and good credit.

If you do not qualify for this, then refer to the previous answer.

If I can be of further assistance, please contact me.

Mitchell Feldman
Madison Estates & Properties, Inc.
Office: (718) 645-1665
0 votes Thank Flag Link Sun Mar 15, 2009

With regard to your follow up question, you can roll other dept into the "CEMA" I had mentoined to you previously. You would actually be taking out additional debt on the equity you have in the house. Typically they will allow you to borrow up 75% of your homes value or more depending on the bank you go to. So the question is how much equity do you have in the house? If you have enough equity, you can borrow the additional funds and then pay off those loans hence transfering the debt.

Your ability to do this will also be dependent on your qualifications as I had previously stated. Good luck and contact me if I can be of further assistance.

Mitchell Feldman
Madison Estates & Properties, Inc.
Office: (718) 645-1665
0 votes Thank Flag Link Tue Mar 17, 2009
a follow up question is that I am really interested in rolling into my mortgage payments my student loans and my car note, which is not much. will I be able to do this with a loan modification or with a refinance? by the way the refinance that I am working on currently is for an interest rate of 5.0 to 5.5% interest rate.
0 votes Thank Flag Link Mon Mar 16, 2009
Hi Miller,

If you have any questions about your mortgage contact my mortgage guy. Dale Biaggi with Land Home at 800-648-2901. He will be able to analize your situation and tell you exactly what your options are. Good Luck
Web Reference:
0 votes Thank Flag Link Mon Mar 16, 2009
It sounds more like a loan modification is what you need. That will lower your interest rate, reduce principle or lengthen your loan term. Before you agree to any modification, have the documents reviewed by a loan modificaiton attorney.

If you have additional questions you can direct them to me. My Direct # 347-813-1290.
Here is my website
or my e-mail
Hope to hear from you soon.
0 votes Thank Flag Link Sun Mar 15, 2009
call the bank and tell them you are having a hard time paying the loan - ask to see what they can do for you.

if the person you speak to says they can't help - call back and try someone else.
0 votes Thank Flag Link Sat Mar 14, 2009
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