Obama's Loan Modification Specially for Homeowners Pressezeiger (Pressemitteilung)
When the jaws of home foreclosure about to devour you, there could be two ways, either file bankruptcy or seek home loan modification. Any day, anytime, anywhere loan modification is much better than filing bankruptcy.
Some of the benefits of loan modification are as follows.
• Many people seek loan modification just because they cannot afford the monthly payment. There could be various reasons for the financial crisis that the debtor may be facing. Some of these factors could be loss of job, reduction in income, sickness, medical bills, accident, etc. When the monthly payment reduces the financial situation of the debtor improves a bit.
• Because of loan modification, the rate of interest is usually reduced. The 2nd mortgage rates are usually lower than the 1st mortgage rates. Some people want to take the advantage of the lowered rate of interest in the market and so apply for loan modification.
Apply Here To Get Loan Modification with Obama's Stimulus Plan Source:
Refinance Help. Fill this form and get help!
Array
Home Loan Modifications Negotiated by Licensed Attorneys. Real Estate & Mortgage Laws and Guidelines are Complex. Beware of the Banks Loss ...
Paid off 1st mortgage. Owe 90000 on a 2nd mortgage/home equity loan. Should I pursue a new loan to refinance?
I am 46 years old. My husband is 50 years old. The rate is 9.25%.
You owe $90K on a 9.25% loan and are asking if you should refinance?
YES, YES, YES.
Your currently paying around $693 a month in interest.
Current mortgage rates are around 6.25%. A 3% savings. At 6.25% your monthly interest would be around $468.
We are looking at a savings every month of about $225.
The general rule is if it takes more then two years to see a return from the refinancing, you should step back and reconsider the expense.
In your case, refinancing would probably cost around $1000, which you would start seeing a return in 5 months.
Refinance, get rid of that 9.25% interest, and start saving a ton of money in interest.
That's really hard because of the situation. It depends on a lot of different things; do you need cash to cover debt, or are you planning on retiring within the next 10-15 years. It makes sense to just pay off your 2nd as much as possible, but equity in your home is dangerous because it's not liquid.
If it were me, I would refinance everything and do an interest only, or pick a payment loan... that way I would not be sending all my money to the banks, but I'm still very young and have a lot of time ahead.
Just remember, you should always be saving money on the side.
- Credit score & history
- house value
- income
With that rate, I would check. I just did a refi at 6.75%. That would save you a large chunk of money.
great rates and no middlemen! and straight answers
Can you refinance a 1st mortgage and 2nd mortgage without equity?
I own a single family property in IL. I have a 1st mortgage that was 100% LTV that was used to purchase the home and a 2nd mortgage that is a 120% LTV that was used to consolidate debt. The value of the home is about $40,000 short of what I owe based on both loans. I want to refinance my 1st mortgage which is at a rate of 7.25%. Is this possible?
you would have to create equity by putting up the the differance plus probably a bit down as well, looks like that would be a bit of a hefty sum
If anyone offers to do it for you run away fast, they are liars.
Go to http://www.MyMortgageSaver.com to have a local mortgage broker contact you.
Good Luck,
Jon
1st/2nd mortgage loans; paying off just one?
i wanted to pay off only the 2nd mort (home line of credit) and my friend told me that both loans gotta be paid at a same time or something gets violated etc. i don't get it. i wanted to pay off 2nd loan and refinance with 1st (big) loan to match my current value :(
he said i should put down the money to refinance etc. i'm confused now. what's the deal...
Your friend doesn't know what he's talking about. You can pay off the second anytime you want. I've never seen a second lien with a prepayment penalty--they're illegal in most states. You don't necessarily need to put money down to refinance, but there will be costs involved (closing costs). Those are usually rolled into the new loan. Usually the only out-of-pocket expense for you is the appraisal--about $325.
Rick
http://www.fairwaymortgagelending.com
But if you refinance the first loan, that loan will be repaid with the money you borrow with the first loan. Put another way, if you are refinancing the first loan, both loans have to be repaid.
If I want to combine my 1st and 2nd mortgage what type of loan would that be?
If we refinance and combine our 1st mortgage and our home equity line, what type of loan is that called. I don't want to call a mortgage place right now because they will run our credit and all that stuff. Also would we qualify for the low rates that are being advertised if we have good credit?
a second...
Refinance mortgage loan?
I have 2 loans for my condo because i don't want to pay PMI. My 1st loan is 80% (fixed) and the 2nd loan is 10% (adjusted). My condo value went up roughly 12%. Can I refinance my 2nd loan for a fixed rate, even though I haven't paid off 20% of the loan?
Yes you can all you have to do is contact your mortgage broker/bank and do an increase and blend on the mortgage that is at 80%.there might be a penalty on the smaller amount to discharge it but the lower rate on the first mortgage should offset that and now you will have one payment that will be lower tha the other 2 combined or even lower if you increase the amortization.
Let's look at an example. Say your condo was purchased for $400,000, and has since then gone up 12%. The new value is $448,000. You have a 1st mortgage of $320,000 and a 2nd mortgage of $40,000.
Because your new value is $448,000, you can refinance both loans and open a new single 80% loan-to-value loan at $358,400. Of course your existing liens are $360,000, so you would have to come in with some cash for the difference and money for closing costs, but you could settle into a single fixed loan and eliminate your 2nd this way.
Possibly you'd be able to get a bit more value out of your property beyond 12%, and then you could refinance the loans into a single loan without bringing money in.
Alternatively, you could refinance just the 2nd mortgage based on the new value. But it would probably be wiser to stick with a single loan at a lower fixed rate.
It also depends if you plan on staying in the property for an extended period of time. And how much money you have on hand. Also note that if you have an equity line 2nd mortgage, it likely won't go up as the fed has paused the prime rate, and many industry experts feel the next move will be to lower prime. Of course if the rate on your 2nd mortgage is quite high, you should refinance out of it.
Matt
http://www.diversifiedlender.com/
http://www.minnesota-mortgage-rates.net/
Just remember you will have closing costs associated with your loan again (ok).
Also check and see if you have a pre-payment pentality associated with your loan, and if so how much that may be? Look at your mortage note, and any riders associated with your mortgage (you got them at the closing table).
Regards,
Steve
Is it possible to refinance your 1st mortgage if your combined 1st and 2nd mortgage exceed your home value?
I bought my home in the fall of 2005 for $285000 with a 80/20 loan. The 80 is interest only for 5 years and the 20 is fixed. My home was valued over $300000 at the time so after being there 6 months I refinanced the 2nd to included my personal debt, so I could write off the interest while paying everything down. The loan is at $308000 currently, but now the house is only valued at $236000 (making it worse my neighbor has the same house and quick saled it for $207000 last month). I have 2 years before the 1st mortgage will add principal at a variable rate. The bank said the payment could go up $200 to $800, not to exceed 10% per year. They also said they won't refiance the 1st because the combined loans exceed the value. I have excellent credit and what to keep it that way. I have never missed a payment, but with a yearly increase in my mortgage at those rates I will go broke. What can I do to fix it before it's too late?
I think you are SOL. The FHA might have done it if the balance of the 1st was < 97% of the appraised value.
You probably are worried too soon and possibly for no real good reason. The market may come back before the 1st starts to adjust. In two years, no one can predict what will happen.
Check the index and the margin. The indexes are down even over what they were 12 months ago. If we are in a recession, chances are they will not go up sharply.
I have heard that congress is supposed to be working on more mortgage reform to allow the agencies to refinance some existing loans that may fall into the same category you are in.
Remain calm. Keep your ears open. Can you pay down the 2nd agressively? That might be the best bet to put you in a position to refinance your first in the future. You might even be able to convert the 2nd to an unsecured loan. Yeah, you would give up the interest deduction, but if it made it possible to refi the 1st and that is the greater need it could be worth it.
Good luck
http://mortgages-finance.awardspace.com/
http://best-loans.awardspace.com/homeloans.htm
Once you need to finance the buying of your own home with a mortgage, it's very important that you do your research properly and understand all of the variables. When it is essential that you get the absolute best mortgage refinancing-enter into some research and groundwork on your own because the Internet can equip you with an absolute pot of gold of very helpful data when it is essential that you get the best mortgage refinancing.
Both you and the bank would benefit by extending the interest only provision for a further term. The bank is in a worse position then you are because the loan exceeds the security so they will lose a large amount if they are forced to seize and auction your home.
I think you should try to work out a restructuring of amounts and interest with the bank that enables you to keep your home and reduce the bank's losses.
Inform them of your expectations and ask them for a proposal that will fit with your income.
When to refinance and what to do with 2nd mortgage?
Bought home in October of 2006.Bought it with no money down. Did 80/20 Loan: 1st Loan 7.125% 2nd 10.5%. Interest only 5/ARM. Price was $584000 In the Los Angeles area.
Bought Home below market value, houses around my area are selling for $650K and up.How soon can I refinance to a fixed rate and what can I do about the 2nd mortgage in order to avoid getting a Jumbo Loan rate and having to pay PMI?
Please, before you go any farther, look at your Mortgage Note, and any and all riders associated with your property. You got (I am sure) a big package at the closing table in October. Look them over carefully for a pre-payment pentality. You may have one and if so, what is the percent. If it is 2 percent based over a 2 yr period or a 3 yr (which is normal) broken down over a 3 yr like a 3-2-1 percent.
2nd you would have closing costs associated with your loan again. If you do refi, than contact the title company you recently used and see if you can use them again, since you already have had title insurance with them, and they would still have all your information on file. That may save you $$$$.
3rd, since you are in a interest only now - nothing has been paid on your mtg. And you have only paid 1 payment on the interest (if it was due in December). A new lender will want to see the mortgage history - - and you may have a seasoning issue on having to use the orginal appraised value vs. the new appraised value. So lenders will require you to be in the property 6 months, and others 12 months....to go off the NEW appraised value. If I were you, I would wait 1 yr (12 months) of payment history to be reported (Or at least 6 months) to go off a NEW appriased value.....Values may go up even more in 4 months time, in the Los Angeles area.
Based on the informaiton you mentioned, you could in 4 months (best if it is 6 months) have a appraisal done (after you get qualified) for a 617,500 loan (That is 95 percent of 650,000). That would pay off your first and 2nd, if you do not have a pp (Pre-Payment). You could even call your Lender and see if you have a PP. But check your paperwork (ok).
If your credit is good, and it sounds like it is, than a 6.125 on a JUmbo is not unheard of with a payment of $2,534
Go to: www.interest.com or www.rates.interest.com
National Mortgage Rates
12/18/2006 8:48:31 PM
APR Rate
30 Yr Fixed Jumbo 6.11%
15 Yr Fixed Jumbo 5.90%
Good Luck - the Loan Process can be fun - at least I love being a Broker, getting to help my clients is rewarding to me. Find a Broker who cares and will go over the full loan process with you and be in contact with you daily. The one on one customer service is important, to you, the client, to let you know the whole loan process
not a problem, if there is enough appreciation to do 80% in the first based on current valuation ... otherwise may be a problem juggling paying off and simultaneously refinancing both ... unless you can get another hybrid pair.
also ... with respect to timing ... be sure you are aware of any prepayment penalties in your existing loans ... and consider the impact of any points on either the old or the new loans ... fees and points can eat up the economics pretty quickly
Of course you can refinance your first loan, to get a fixed rate. But how long are you planning to stay in the home? You've only bought the house 2 months ago. If you're not sure, I wouldn't refinance yet. You'll just end up paying brokers fee twice. And even if its a "zero point, zero cost" loan, that cost is still gettiing rolled into the back and it WILL cost you money.
Your loan is a fixed rate for 5 years, I would suggest try to wait until (a) you can pay off some of that 2nd loan and/or (b) your property price increase, before you refinance.
I am considering a short sale on my house: Should I?. I'm a 1st time home owner, no refinance or 2nd mortgage.
I bought a home that cost $325,000.00 even though it went against my better judgement. My wife (who I was only engaged to at the time) was the one who made the offer on the house. Her credit wasn't terrible, but it wasn't that good either. Her debt was hefty. So our loan officer recommended that we take out the home loan in my name even though we sought a joint account. I took his advice and next thing I knew she took off. (I only accepted the loan knowing that when my wife sold her home and paid down debt she would provide a second income and we could refinance for a better loan and a way better interest rate) Now I own a home that I can barely afford based on my income. But incidental expenses aren't worked into these subprime mortgages. My only options are a short sale, a deed in leu of foreclosure, or foreclosure. Please respond only if you have advice about short sales. Anyone who wishes to sound off on ppl in mortgage crisis's -- write me bartlebyonline@yahoo.com.
You should plan to stay in the house for 7 to 10 years. Conservatively, that's about how much time it'll take before you'll make a profit - in consideration of the market conditions. To survive financially, you should rent a room or two. I'm aware that sharing the house isn't the best solution. But, it's much better than foreclosure, the impact to your credit, or barely surviving on your income.
I think you'll loose too much money on a short sale to consider it.
I hope that you didn't put the wife on the deed. If you did, you should look at doing a name change to remove her.
i want to refinance a 1st mortgage and a 2nd which is a equityline that is with a another bank. need help?
Can i pay them both off with a refinance from home is we have enough equity in home. I am told i need to pay a .5 point fee to convert an equity line to a cashout loan since this loan is not a second when the home was purchased?
Most lenders will have a slight add-on to the interest rate for combining the two mortgages together and refinancing them into one. You will hardly even notice this difference in your rate. The half point fee can be directly passed to the borrower from the lender instead of taking a slightly higher interest rate (approximately 1/8th of a percent or .125%). As long as your credit is good yes you should have no problem refinancing these two loans together. If you have a good amount of equity in your home, you may even be able to avoid this rate bump or .5 point charge. See the links below for more information on a cash out refinance.
What is the cost of refinancing with the same mortgage company? payoff 2nd & credit card loans?
I want to refinance my 1st mortgage with the same lender, pay off 2nd mortgage from another lender, get cash out for to pay off other loans. Total amount to borrow is $330,000.00. How much should the lender charge to do this?
z2008,
Just like previously posted, if you are going to use the same lender you already have an account with them - normally they do not charge for closing costs. Just make sure to call the Home Loan department with all your account information and ask them directly.
Hope this helps!
Daisy
1st 2nd loan mortgage refinance - News
|
As mortgage loan costs fall, refinancing perks up - Tampa Tribune As mortgage loan costs fall, refinancing perks up Refinancing a loan isn't free, so it's important to stay in the home long enough to reap the benefits of a lower rate and mortgage payment. |
Investors Look to Obama Mortgage Plan - Forbes
FOXNewsInvestors Look to Obama Mortgage Plan Government-controlled Fannie Mae (nyse: FNM - news - people ) and Freddie Mac (nyse: FRE - news - people ) could be enlisted to refinance or subsidize loans White House and major banks act on housing crisis US Housing Plan to Fund Interest-Rate Reductions White House closes in on housing plan -
|
|
Want a mortgage or to refinance? Follow the 4 tenets that the ... - Chicago Tribune Want a mortgage or to refinance? Follow the 4 tenets that the Looking for a new loan or to refinance? Follow these 4 tenets for a better chance By Mary Umberger | Special to the Tribune You don't have to be a rocket |
Eye on the market: Napa Valley real estate - Napa Valley Register
Napa Valley RegisterEye on the market: Napa Valley real estate Participants included David Anderson, mortgage loan officer with Bank of America in American Canyon; Diane Bishofberger, senior vice president and bank
|
|
World Of Trouble - CBS News World Of Trouble Asked how many times she refinanced, Townes said, "Well we refinanced practically every year." World salesmen convinced Betty to refinance her mortgage four |
