A kinder way to refinance your mortgage NASDAQ
There's a ton of negative press surrounding the nation's banks these days. Whether it's the bailouts, the robo-signings, unjust foreclosures, or just the lack of a quality-customer experience, many consumers have grown tired and frustrated dealing with their banks.
Especially if you have tried unsuccessfully to refinance your mortgage with a bank, perhaps it's time that you considered taking your business elsewhere. Maybe it's time you thought about refinancing through a credit union.
While most banks have restricted their lending and tightened their credit qualifications in the wake of the housing bust, credit union have maintained consistent underwriting guidelines through housing boom and bust.
While only a small portion of credit unions offer mortgages (and they're mostly plain-vanilla products at that), they offer competitive mortgage rates and they're known for their top-notch customer service. So while researching a refinance with a credit union may take some added effort, the positive experience could make it all worthwhile in the end.
New Rules Make Refinancing Easier For Companies
Commercial mortgages aren’t immune to the effects the economy has had on real estate. Many businesses are holding onto mortgages for dear life in hopes of weathering the economic storm. However, as property values have declined and foreclosure numbers peaked even large companies are looking for ways to lower mortgage costs.
The 504 Program
Mortgage debt relief options do not come easy for businesses. Commercial mortgages face many unique challenges not encountered by residential property owners. Often times, refinancing a commercial property loan is difficult and can be highly dependent on the financial status of the company. In other words, commercial loan lenders are less willing to approve a mortgage refinance for businesses with financial problems, leaving only those in good financial standing eligible for mortgage relief.
The Small Business Jobs Act has implemented a temporary program to allow small businesses to refinance. The program is designed to help businesses lock in long-term financing and protect assets, which will protect more jobs and free up cash for hiring additional employees. Previously, businesses were only eligible if the mortgage was over 5 years old and a third party lender was willing to fund 50 percent of the refinanced loan. The program’s new rules allow for commercial mortgages over 2 years of age to qualify and the third party lender restriction has been removed. Businesses have until September 27, 2012 to take part in this program.
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Can bankruptcy stop foreclosure?
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What is a mortgage refinance company that handles hard-to-finance situations?
Need a refinance of 20 northern Idaho acres that is:
1) in foreclosure, 2) is an animal sanctuary, 3) has older mobiles used for "kennels" and staff, 4) the animal sanctuary is a 501c3,
5) has gone through probate and is now in the name of the Pres/CEO, 6) no verifiable income except the CEO's SSI (donations vary).
We really need someone who is humanitarian-oriented, perhaps a philanthropist, who will believe in what we do: we specialize in helping handicapped animals; we are a right-to-life, right-to-love, right-to-respect 9 year old organization needing some help.
Does anyone know where we can turn for help?
Ed, VP/Sanctuary Director,
Cheryl, Pres/CEO
Cheryl,
Email me would like to help. Commercial is something I do and since its on the west coast I can get some good lenders for your situation.
What condition if the non-profit in does it have any money, other than owning the property in foreclosure?
Who is in foreclosure? The individual or the non-profit corporation? How long have you been in foreclosure?
What is the value of the property as it stands? What is currently owed on the mortgage that is in foreclosure?
Are any of the mobile homes in need deferred maintenance? If so how much?
The above would be good information to know if you are to be helped.
The bottom line is you might find a land lender that will lend you 50% of the value of the land. There might be a bit more if the mobile homes are in pretty good condition. You might find a hard money lender that might lend a bit more say 60%.
Check your local telephone book for land lenders, and sub prime lenders. These are the two that I think will give you the best possible chance of getting out of foreclosure.
You might also advertise in your local paper for an equity partner to raise money and get out of foreclosure. You might find a local person that is interested.
You might also go to the local county and city governments for programs they might have available to repair county and city property. Some have low interest loans and other programs that are not widely known.
I hope this has been of some use to you, good luck.
"FIGHT ON"
JOe from Equistar Financial
Is there a mortgage company that will refinance......?
Is there a mortgage company that will refinance at 100% LTV with a low credit score? The mortgage history only shows (1) 30 day late in the life of the mortgage (just over 2 years).....also, I am trying to do a cash out option to consolidate a few other bills and do some home renovations. This still would not make the total loan exceed the value of the property...but with this cost and closing costs...we'd be real close to what we anticipate the appraisal to be. Therefore, we need 100% re-financing. I would really appreciate serious answers...We got stuck with a house that we had sold on land contract with a 5 year balloon,.....we were 3 years into the contract and they abandon the house leaving us with a REAL mess and property taxes unpaid......we don't have the immediate resources to fix it up...but have no choice but to move back into it to keep it from going into foreclosure...Thanks for all your help!!!
Without knowing your actual score, hard to say. Usually you need a 580 score to get 100% financing.
All I can suggest is to call some brokers, and ask them right away if they can do credit score modelling. If they can, see if they'll run you through it and find out what might be able to be done to get you higher. Doing a "rapid rescore" takes a week or two, costs about $100 per tradeline that is updated, but sometimes, something as simple as paying a credit card with a $300 limit and $300 balance down to $100 or paying it off entirely can get you 40 points overnight.
Worst case, is there anyone in your family you could sell the home to, and let them finance it? And put you on a CD like you had it with your old buyers?
www.totaldebtsolutionsllc.com
2nd mortgage Foreclosure: How long is the delay to put it on your credit?
We paid off a 2nd mortgageforeclosure before it went through. We continued to pay on our first mortgage with no problem. The attempted forclosure was not on our credit report until we refinanced with a new mortgage company. Is this fair? It looks suspicious that it only appeared on our credit after we refinanced with a new company. We understand that business is business but it seems that they were fine with everything until we pulled our mortgage from them and went with another company.
Well, you were late, so the info is accurate.
It is probably just a coincidence... sometimes it takes time to get stuff posted onto a credit report.
http://www.realestate-investment-solutions.com is the best resource for mortgage information. With over 10,000 posts it is the most comprehensive site of its kind anywhere online.
Refinancing Through Mortgage Company?
I'm concerned.
I'm looking into refinancing our house plus some extra to take care of some credit card debt. We really need to eliminate it, and while most of the banks I've talked to would barely lower my present rate of 7.3%, I talked to a "mortgage company" that offered me 6% straight.
I really need this refinance, but don't want to end up in foreclosure because I don't have the foresight to sense issues with this. It is relatively reputable...a family business in town for 20 years (not a fly-by-night), but what do I need to watch out for? What do I need to put in the agreement to make sure I don't get screwed with one late payment or something. Can I make sure my loan doesn't get sold to an outside source?
Help me out, please!
What you need to consider is how much you are saving by paying off your credit card debit. If you are saving money each month, than it is to your advantace to refinance. You can clain the mortgage interest you pay going long form at tax time.
Talk with a bank/broker, a bank/broker underwrites for the bank side, and if they can’t do it, than the loan is submitted to a outside lender. For instance, I look at rates, and choose the best rate possible for my clients, before locking in the rate. (I have 100 outside companies that I can submit to) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking to purchase a home &/or refinancing, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.
Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). This will tell you the up-front closing cost (etc) associated with your loan. This is a estimate only - not the final - but it does help you figure things out. With the many changes with lenders today, companies will want you to escrow you taxes and insurance if the LTV (loan -to -value) is over 80 percent of the appraised value.. FHA requires it. Conforming side, will charge a .25 to the interest rate if you want a escrow waver... Good Luck.
The Five C's of Lending
Character – The member's integrity, trustworthiness and quality references.
Capacity – The ability to repay the loan.
Collateral – The security or property pledged against the loan.
Credit – The member's payment history.
Capital – The member's net worth or the personal dollars invested.
You need to do more than "just talk" to a mortgage lender in order for anyone to quote you a rate for a mortgage. You need to apply, submit all necessary documentation, have the file underwritten, receive stipulations from the underwriting department AND actually "LOCK" the loan for a specified period in order to be assured the rate, term etc..., then once you recieve a FINAL GFE (Good Faith Estimate) 3 days prior to closing, you can make the most informed decision regarding the refinancing of your home. As for your outside source remark, most lenders ARE NOT portfolio lenders and will at some point sell your paper. Hope this helps.
Ask a lot of questions and pay attention to the answers. Ask straight out, Is this loan fixed for life, or will it adjust someday. I'd bet it's probably a fixed rate they are offering you, since most banks these days have severely cut back on the ARMs they are offering. The smart money is in FHA and Fannie right now, and most of the business here is fixed rates.
As far as your other questions:
Loan terms generally don't change if you miss payments, they aren't like credit cards. If this is a fixed rate, the rate won't change because you miss a payment.
There's not much you can do to prevent a loan from getting sold, especially if it's done through a broker. It's standard practice these days, and the only thing that changes is the address the checks go to. The loan terms can not change because the loan was transfered.
I would also recommend getting quotes from 1 or 2 other agencies. If you want to post your specifics here (credit score, income, equity, etc...) I can better answer your questions.
And for the person who said brokers are better then banks. This may have been true last year, but many of the major banks have completely cut out their wholesale divisions. The fact is, you don't have access to all the loan programs you used to, and a mortgage bank that does correspondent lending will usually have more programs available then the average broker. You just need to find an LO who actually knows what they are doing and is a professional, not just some kid that recently got into the business and doesn't know how to do any more then read a rate sheet. Go to ml-implode.com and check out all the major banks that have cut out their broker business completely. The banks are trying to push the brokers out of the industry. Broker originated loans statistically perform much worse then bank originated loans, and the banks and investors know this. I'm not saying all or even most brokers are bad, but the small percentage that are really ruin it for the rest of you.
Is there a loan company out there anywhere that refinances under 500 credit score to stop foreclosure?
I am in need of refinancing our home. We are currently almost 2 months behind on our mortgages. We stopped the foreclosure in October but are headed that way again if we don't find a way to refinance. When we stopped the foreclosure in October we thought it was paying for Novembers payment too but it wasn't so we were behind a month again right off the bat. We have a first and second mortgage we want to consolidate them. We also have an adjustable rate mortgage that is killing our finances. We filed bankruptcy almost 7 years ago. This is my dream home and don't plan on leaving it until I go in a box in the ground. If anyone knows anything that would help I would be very greatful.
Yes, there are people who do that, but your rate will be 14% or way more.
My situation may be different but I want to let you know that they (priceline) were EASILY the best mortgage rate and the whole process was seriously painless. I do not know what they have to offer someone in your situation but please make a call to their people. There is no stupid fees to talk to them, I only paid a small fee for the application process when I knew I would commit to them. I have zero regrets and am very satisfied with my outcome (30 year convential loan), they undercut everyone's rate with NO HASSLES and they were by far the LOWEST CLOSING COSTS. I saved at least $20,000 over the course of the loan by saving on interest and closing costs, house was purchased for less than $150,000 that is saying a lot!
You mentioned foreclosure of course and I am assuming you have at least one lien against your property? If you do or are not sure make sure to contact your local municipality tax office to know where that stands.
I work in the property tax field for closings in NJ, usually foreclosures also have liens, but not always.
Also if you start getting offers you are interested in, please also checkout bankrate.com for their mortgage calculator section, it's dead on accurate if you know a few basic facts and you can look at scenarios/comparisons.
Good luck, homeownership is one of the greatest material joys in this life, I could imagine how you feel.
if you send me an e-mail so i can get some more info from you i might just be able to help you with your sitiation.
http://www.refn.citymax.com.
He has 30 years experience in this area and can definitely help you. Or you can call him directly at 866-728-8587 or 919-373-4120. He save my house and I'm sure he can save yours
The link below can offer many answers to your questions.
Is it possible that a mortgage company will lower your interest rate because u will lose ur house otherwise?
My debt to income ratio is too high right so I cannot refinance my home for a lower rate. I have a 9.99% and I cannot afford payments anymore. Has anyone had their mortgage co. lower their interest rate without refinancing so they can keep their home instead of foreclosure?
No, this is usually not possible without refinancing. If it were, everyone and his brother would be asking for a lower interest rate WITHOUT the cost and time of refinancing. You might ask them but it depends on the state you are in and also many other factors, such as how much equity you currently have in the home. If you have a high debt ratio then you really need to bring that down and get your debt under control. If you can no longer afford your home, you would be wise to place it on the market now and hope you can sell it soon. Better that than foreclosure. BTW: Lady Linda is totally in the dark. A mortgage company is not OUT TO FORECLOSE because they are vultures. When they foreclose, it costs THEM money and they have to take your property and resell it. And yes, they will eventually make money but foreclosure is NOT their main aim, trust me. However, it would be ILLEGAL for them to give you a lower rate (without refinancing) just because you are in dire straights.
Regards
But you may be able to get your payments reduced if you refinance and take a longer amertization. Not really a good thing to do but if this will keep you from loosing your home, is a lesser of two evils.
Some sound advise for you, sounds more like the problem is you bought more than you can afford. Probably the best thing for you is to sell and purchace something more within your means.
Wonderring who you financed with they should have been able to see you were over financed. Or have you just occurred more debt elsewhere. That is credit cards furnature payments or other.
Good luck...Lets.
If it's any consolation, we have all done this. It's hard not to do. But you can get books at the Library which will show you how to cut costs to the bone until you get some of your other debts paid off.
But the first thing to do is cut up the credit cards and use cash. It makes you take into account everything you buy.
We did the same thing and after a year and a half, things were under control again. If you have credit card debt the thing to do is to get a loan so you make only one payment and don't buy anything with a credit card until the debt is paid off.
There is a good book written in th 1930's by a man who was in financial trouble and teaches financial management through stories. It's a classic, but his precepts are still good. It's called, "The Richest Man in Babylon."
You can talk to the bank and have the term of the mortgage extended but in the end it won't change anything.
However, if you had a bankruptcy and included your home you may be able to get them to lower the rate.
Sometimes they'll lower the rate if you are near foreclosure also because the last thing any lender wants is to foreclose on your home.
Most lenders recover only 65-80% of the original value of the property because of all the interest not paid and legal costs plus the homes are generally trashed when they take possession.
As far as tacking your payment onto the end of the loan: I would avoid this because they may report you late or show that you are in forebearance which lowers your credit score quite a bit.
Beneficial Finance - Is refinancing available on a existing mortgage which is through a "Private Lender"?
The individual & his partner that sold us the property carried the full purchase price amount (less the down payment), as a "Contract of Sale". Over the last couple of years both parties (buyers & sellers) have been faced with some kind of financial, real estate, health &/or family "issue(s)", one of which, is being us, the buyers. Thus causing our Mortgage payments to fall behind, drasticly. So in order to refinance, (with Benificial or another Mortgage / Lending Company), they would be paying off two individuals (the partners), not a actual "Mortgage Company". Does this create a problem? What if the property is in foreclosure, how would that effect the odds of getting refinanced with a new Mortgage Company?
Although, there's at least one good thing in our favior...
Currently we have approx. 55k equity in the property.
Please advise. Thank You.
You need to hold title to the property before you can finance on it. If you have any secured loans on the property, they will be paid off, regardless if they are a private individual or a lending company.
Also, no covential lender will loan money to a property that is in foreclosure. You have to use a foreclosure bailout lender. They usually require a 70% loan to value before they consider loaning you money.
At this point, your equity means nothing if the banks foreclose on this property. If you're in Southern California, contact me and I'll see what I can do.
Regards
Sounds like you may have some challenges securing a loan, due to the fact that you have a bad payment history. However, if you have stable income, decent debt to income ratios and an otherwise clean credit report, you should be able to accomplish your goal.
Be persistent...
Regards,
Joe Ballarino
http://www.amerivestrealtyofnaples.com
Can I Refinance my Mobile Home Mortgage after almost 1 Year into my Chapter 13 Bankruptcy Case?
I have managed to fall behind another 3 months, now the mortgage company (WAMU), I'm not going to mention them by name, are trying to take me back to court and have the Motion for Relief to Stay lifted so that they can go ahead with starting Foreclosure procedures. I hear, in Texas, the whole process is usually done in about 3 months. Most cases dont even make it to the Judiscial level!
why don't you start earning some money..
get a room mate..to help with expenses
i have a tent..you can buy..or a cardboard box..for free.
simply put... where/what are you going to do if you don't change this situation...
live under a bridge in a cardboard box..
move into a dumpster..
I refinance and now my mortgage said I didn't pay!!!?
Maybe somebody can help?? I refinance a house that I have about 4 months ago... my mortgage company give me a great interest rate, as of today I made the down payment for the "refinance" loan and my first mortgage payment and the person that live in that house call me and tell me, that they were taking pic. cause they r putting the house for FORECLOSURE!!! I call and they said that my papers are not in the system yet!!! can somebody tell me what I should do??? I'm very worried and don't know what to do...
Well I talked to the mortgage company today... And the firts check was a cashier one... and Yes I have a Loan number... I
If your not in the system yet how did you make your 1st payment ? they have to send you a payment book or statement or something in order to pay them right? you have a loan # don't you. Call the bank back monday and find out whats going on. also if you made your payment they cashed your check didn't they?
Can I refinance a 2nd mortgage I co-signed to buy a home?
This may sound really stupid, but I'm new at this whole thing.
I co-signed a 2nd mortgage for a family member when I turned 18. I know, dumb me. Well the home has sat empty for a year, almost two, since about one year after I signed the mortgage. It has been in foreclosure but is not yet foreclosed.
I fought the claim on my credit and the results of the investigation were that it was deleted from my credit report. Or so I thought. I filed with Experian, used TransUnion to check that the charge was gone, and it was. At the time, I was unable to view my Equifax report because they needed me to verify the information on the mortgage for which I had no paperwork. Come to find out, the charge is still listed with Equifax.
Now I am in the postion of either A) waiting another 30 days during which time the mortgage company has yet another chance to prove the charge, basically giving them 60 days instead of 30, since they already had 30. Not sure if I have that kind of time. I need
to either buy or rent SOON. Like, by October at the latest. My other option, I think it's an option, which is my question, is B) refinance the 2nd mortgage with FHA to include enough to either short sale the first mortgage and live in the 4 BD house which is a lot more room than we need, or use the remaining to buy a different house.
Is that possible? Other than this loan I have minimal debt, and between my fiance and I, can afford a decent mortgage. Obviously I'd rather have the whole thing taken off of my credit, but waiting 30 days to MAYBE be able to START the home buying process is way longer than we can wait.
So can I refinance the 2nd mortgage since I'm not on the first, to include only myself. And if so will they allow me to refinance for as much as I would qualify for? The mortgage is 25K, will the refi me for 125K, or is that too high?
How could I buy the house from the owner when my problem to begin with is not being able to get financing. I can't get a loan, because it shows as a foreclosure, even though it has only been filed and not completed.
A lender will not take on a new second mortgage if the first is in default. The only way to do a refi is to refi both the first and the second. The question is if it will be another piggy-back first plus second, or a refinance done with just a first mortgage.
The home will probably need to be a primary residence in order to do a refi. Otherwise, lender will look at this as a bridge loan to be used while house is up for sale.
You may be able to buy out the person for who you cosigned the loan. We have done loans like that.
company foreclosure mortgage refinance - News
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Bill would remove penalty for tapping 401(k) to avoid foreclosure The money could be used in a lump sum to pay down the delinquent mortgage balance or to fill shortfalls caused by reductions of household income. It could also be used as part of loan modification agreements with lenders designed to avert a foreclosure |
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Democrats losing patience with Obama over foreclosures Doris Matsui, D-Calif., said of the foreclosure crisis, "and it has been for too long." Matsui and 31 other House Democrats representing California wrote President Barack Obama urging more help with mortgage refinancing, interest-rate reductions and an and more » |
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Borrowing from your retirement plan may avert foreclosure, but be aware of risks The money could be used in a lump sum to pay down the delinquent mortgage balance or to fill shortfalls caused by reductions of household income. It could also be used as part of loan modification agreements with lenders designed to avert a foreclosure and more » |
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US Housing Market Problems Are 'Manageable' Economist Says US Housing Market Problems Are 'Manageable' Economist SaysCHICAGO (Dow Jones) -- The US housing market may begin to stabilize after another year or two as the mortgage finance industry works through oversupply from past building and the current foreclosure crisis, and more » |
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Commentary: A simple solution to ease the squeeze on homeowners Government agencies are ultimately responsible for all these mortgages and refinancing does not increase their risk, rather it lowers foreclosure losses dramatically. 7. Current holders of mortgage-backed securities, which sell at a premium, and more » |