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bajaboy1
Joined: 08 Oct 2009
Posts: 3
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| Posted: Thu Oct 08, 2009 2:46 pm Post subject: Will anyone refinance me? |
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I have a first and second mortgage totaling $230,000. My home is worth appx $190,000. I was one of those that did a 125% loan a few years back, took cash, paid debts, etc. Now I want to refinance cause I can't afford the payments due credit card rates going up, had to help my son out, etc. Not sure who would touch this. Can stupid people still get some advise! :(
Thanks. |
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EricJ
Joined: 09 Jan 2009
Posts: 321
Location: New Jersey
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| Posted: Thu Oct 08, 2009 3:02 pm Post subject: |
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Baja
My guess is that you are in California? Since your original loan was greater than the value of the home, it may be difficult to help you now.
I would try this...
Go to friends and family who may have some cash sitting in the bank earning basically nothing. Offer them 6% guaranteed on a small loan. Use that money to pay off the high interest credit cards. |
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bajaboy1
Joined: 08 Oct 2009
Posts: 3
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| Posted: Thu Oct 08, 2009 4:52 pm Post subject: |
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| In KY....family/friends can't help. |
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darkknightza
Joined: 08 Oct 2009
Posts: 2
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| Posted: Thu Oct 08, 2009 6:23 pm Post subject: |
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I advise you not have all this should go before a loan by other means
They then follow :D |
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bajaboy1
Joined: 08 Oct 2009
Posts: 3
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| Posted: Fri Oct 09, 2009 12:06 pm Post subject: |
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| Uh......what? |
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liverichly
Joined: 10 Feb 2005
Posts: 199
Location: Orange County, CA
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| Posted: Fri Oct 09, 2009 7:02 pm Post subject: |
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| There is the making home affordable program - it's either a loan modification of refinance. However you must have a 1st mortgage with Fannie Mae or Freddie Mac, and if you have a 2nd mortgage they must subordinate (meaning you need to get their permission) to the new 1st mortgage (in the situation where you refinance). You'll want to go to http://makinghomeaffordable.gov/ to determine if you are eligible. If you are not eligible for either, it doesn't mean you can't get a loan modification, so it's suggested you contact your lenders loss mitigation department to inquire about the loan modification process and any other options they may be able to provide. |
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