Try FHA if HARP Refinancing Is a No-Go Fox Business
The Home Affordable Refinance Program, or HARP, is designed to assist homeowners in refinancing their mortgages, even if they owe more than the home's current value.My concern about your ability to refinance under HARP is that you estimate that your home is worth more than your mortgage. One of the stated conditions for HARP eligibility is: "You owe more than the home is worth, but your mortgage does not exceed 125% of the current market value of your home." However, HARP allows you to finance closing costs, which may help with your eligibility.
The other conditions are:
You have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac . You do not have a loan from the Federal Housing Administration, the Department of Veterans Affairs or the U.S. Department of Agriculture. You are current on your mortgage payments and have not been more than 30 days late making a payment over the last year. Refinancing will improve the long-term affordability or stability ofRefinance Help. Fill this form and get help!
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How do I refinance on 30yr mortgage with PMI,without touching the equity and me paying from my pocket?
And is't a good advice to refinance with my mortgage company (CountryWide Home And Loans) or shop around other Loan companies
I am a mortgage banker in TN & KY
With a mortgage loan such as this you will not get any cash in your hand and the minimum equity would be used for this transaction. You could also possibly lose the PMI requirement that is required by your current mortgage.
You might also check and see if your current mortgage company will do this rate and term refinance with you, only they will call it a stream line refinance. If your current mortgage company is able to do the stream line it will be a lot less paperwork because they have most of the information needed.
I hope this has been of some use to you, good luck.
"FIGHT ON"
This is how banks make money...they charge a fee for refinancing.
How do you think the loan officer gets paid a commission? They are not on salary. Same for underwriters, processors, they are all on salary plus bonus, along with sales managers, post closing auditors, receptionist, etc.
So you either have to pay for the closing costs out of your own pocket or you have to finance them back in with the loan.
No bank is going to do it for free. Why would they?
If I want to increase my home mortgage payment, do I need to refinance?
Let's say my Countrywide home loan term is 20yrs, $1000 a month with fixed interest rate 6.5%. What's the bad/good if I decide to double my monthly payment?
If you're with Countrywide, you're in a good position with 6.5%. On the wholesale broker side, I can tell you that Countrywide does not have a pre-payment penalty. Also, it would be worth refinancing and incurring more closing cost's on your mortgage. 6.5% isn't the best, but its pretty decent these days. I'm assuming you went through a "retail" branch of Countrywide instead of using a Mortgage Broker.
copy and paste this website to your browser, and it will show you how much faster you'll pay off a 20 yr mortgage if you double you're payment:
http://www.eloan.com/s/amortcalc?context=purch&sid=G1-MCgZPwV0VamaXA8YdEaYRl1U&user=&mcode=
From your information you listed, I'm assuming you took your loan out for 134,125. If you double your payments and add $1,000 to the balance every month, you'll go from a 20yr loan and have it paid off in 7 years!!!
Also, Countrywide has a great program to help pay off your loan quicker. If you make a large payment toward the principle balance, they'll reamortize your payments with the amount of years left and the new balance. Thus reducing your monthly payment. The is a small 400-500 fee to do this, but I believe they just add it onto the back of your loan.
There's no need to refinance. Just be sure there isn't a prepayment penalty.
It's always a good idea to get ahead on a loan. you'll save a ton of interest.
I need the name of a reputable mtg co. to refinance current Countrywide neg-armt vary loan??
I help my 81yr old mother with her Triplex she owns and am very new to borrowing $ for mortgage since I have never owned a home myself and am 50. 2yrs ago I refinanced her bank loan she had since the begining with Countrywide and desperately need to change this loan NOW. We now owe CWide an additional $5000 from the original $ borrowed AND monthly pmts have gone up AND we still can only make the bare minumum pmts each month especially now!!!! Countrywide has backed us into a corner and wont call me back at all to help us!!!!!!! We also have a few credit card debts and would love 2 pay off to eliminate them due to high interest rates (29.9% on Chase!!!!)
I just don't know who to turn to, trust, or rely on for this mess...Chase is getting ready to put a lien on Triplex for non payment (90 days past now)
MOM DESERVES THE RIGHT NOT TO DIE BANKRUPT!!!!!
It is HER turn to live the rest of her life worry-free!! After all she's done everything right ALL her life-I Love Mom!HELP!!
First of all, Chase can't put a lien on the triplex. At least not like that. They would have to go to court and get a judgment first before they could legally do anything.
I am wondering what the reasoning was behind refinancing that tri-plex in the first place. If you already had a loan on it in good standing, what was the reason? And Country Wide is usually sub-prime mortgages so why didn't you refinance with the original lender?
Can she qualify for a loan back with the original lender? Or some other lender?
If monthly payments have gone up, it's because YOU got an adjustable rate 2 years ago thinking interest rates were never going to go up. Adjustable rate means just that. If the rates go up, so does your payment.
What is the $5000 Cwide has added? You didn't explain what that was. They can't just add $5000 on, unless you've been making late payments and you've gotten a bunch of fees added on.
Stop using the credit cards. If you've got a credit card with a 29% interest rate, why on earth would you charge something on it and then not pay the whole bill off when it comes. If you pay the entire bill every month, there is ZERO interest. If you charge a bunch of stuff up on it, then you get to pay interest.
Call Chase. Tell them you are in financial difficulty and work out a payment plan with them. Letting it go 90 days in arrears isn't going to work.
You're Mom DOES deserve to die not bankrupt and I'm wondering why her daughter (you) decided to go refinance her house and get her into this mess.
By the way, an additional point of information, when Mom dies, all of her assets, including the tri-plex will be sold and all of her debt will be paid, including the Chase card, BEFORE anything gets paid to heirs so you may need to get some financial counseling and figure this out. You may want to consider selling the tri-plex now and just renting the unit you're living in from the new owner.
Two companies offering STREAMLINE HOME REFINANCE. Which one do I choose?
My wife and I purchased a home last June. The mortgage company sold the loan to Countrywide. Now, the original mortgage company, Pine State, is offering a streamline refinance at 5.5%, 30 yr fixed. Payments would be lowered about $100 a month. The principal balance would go up $2000 from the beginning principal balance. No out of pocket expense, no appraisal.
I called Countrywide to see if they could match or beat the interest rate offered by Pine State. Countrywide offered 4.875%, 30 yr fixed. The monthly payments would lower about $90. We would need to pay for an appraisal... $400. I don't understand how the interest rate is so much lower but the monthly payment reduction is less.
Anyway, I explained what Pine State had offered to the guy on the phone from Countrywide and he acted surprised. He stated that there are three "levels" of streamlining, one being a Total Streamline, which Pine State must be offering. But he said they that the new loan amount cannot be more than the original loan amount on a Total. Now I'm thinking someone is pulling the wool over my eyes... either Pine State or Countrywide or both.
Help!!! Please thoroughly explain the types of streamlining, process(es), and which of these companies should I go with and why.
Refinance my home, is it worth it?
I've been living in my home for 3 years now, we took out a 2nd mortgage. Hour home loan was financed at 6.25, our 2nd mortgage at 7 3/8. I don't want any money taken out i just want to refinance, put my 2 loans into one and get a better rate with the 2nd. Is it worth it or not? I seen that countrywide is doing a no cost refi and am thinking about it.
It could be worth it, but you have to do the math though. You just don't want to end up upside down on it though.
Get an appriasal
Get a Good Faith Estimate from Countrywide to check for points or other hidden costs.
If the new loan is less than your appraised value, and your payments will be less then yeah it may be worth it.
Get set up on an accelerated pay plan where you make a 1/2 payment twice a month. Also send in a seperate check for the next month's pricipal payment. That will help you make up lost ground on you refi's, and help you to pay off the mortgage sooner.
1. Is the payment of the proposed refinance going to be lower than the combined of the current two mortgages?
2. Is your goal to stay in this loan for at least 10 years? If so, ensure that the program you choose is something that will pay down principal over that course. If you are planning to move or refinance in less than five, you're better off keeping what you have because to recover the costs of refinancing will take anywhere from 4 to 7 years depending on closing costs.
3. Is the new loan amount going to be 80% or less of the appraised value of the home?
4. Regarding Countrywide, make sure you look at the rate and program they are offering, in addition to the good faith estimate. They usually make up for their "no cost" refinance somewhere else - LIKE IN INTEREST RATE (they'll raise your rate to make money "on the back end").
5. Have your loan officer give you a report that will show you what the net cost of the proposed loan will be and how long it will take you to "break even". If you refinance or move before that breakeven point, the refi was a waste of money.
Bottom line is, depending on what your plans are with the house (whether you'll stay or possibly move in a couple days) will really predict whether you should refinance or not. If you're staying for a long time, I would ensure to get a 5.875% or 5.75% 30 year fixed (that's if your loan to value is under 80% and your credit is great! oh, and you have income, of course). I'm a personal mortgage consultant and a member of the national association of responsible loan officers. These are the rates I'm able to give my clients right now.
Also, have your loan officer compile that report I touched on earlier. It's an invaluable tool in helping you decide whether refinancing is right for you!
Browse through my website below if you need more information (sorry, it's still in it's "development" phase so excuse the poor graphics!).
And feel free to email me (contact info in site) with any thing else! I'd love to help!
I= the amount of interest paid P= the principal R= the annual rate of interest charged T = the time money is borrowed.
Amortization is a process of loan repayment in which the borrower makes periodic payments that cover all of the interest due and part of the principal. By the end of the loan both will have been paid off.
Example. $125,000 @ 8.5% for 30 years. The first amortized payment will be $964.14 The first interest payment is calculated like this.
I=$125,000 x .085 x 1/12= $885.42 For the first monthly payment is calculated by subtracting the interest payment from the total payment.
Principal Payment= $961.14-$885.42=$75.42 Next, calculate the 2nd month’s principal payment ($75.72) from the original principal balance for the 2nd payment ($125,000-$75.72)=$124,924.28) Then the calculation of the 2nd month’s interest is : I=$124,924.28x.085x1/12=$884.88
For your reference, here’s an example of how the formula works:
Scenario: Calculations:
80% LTV First Mortgage
W1= 80 / 100 100% CLTVW1= 0.80 6.25% First Mortgage Rate 7.38% Second Mortgage RateW2= (100 - 80 ) / 100 W2= 20 / 100 W2= 0.20
Blended Rate = ((0.80 x 6.25%) + (0.20 x 7.38%)) Blended Rate =6.476%
Can your spouse apply for refinance of home, without you on the note, without being aware that your not?
Approx. 5 years ago, I bought a home with my soon to be wife. I was first signer on the title and she second, using her maiden name, after marriage, she signed at title co. with her new name. About one year after that she said hey why dont we refinance and lower the house payment. I said great, so she has me sign the truth in lending disclosure, and the right to back out in 3 days document, on the borrower line. But then she applies for the new loan without my name on it. Her mother is a local mortgage company lender, so of course she was involved. Did her and her mother break the law? You cant just remove someone off the note of their house with out them knowing about it can you? Im going through a divorce now, and with her name the only one on the note. Countrywide wont even discuss anything about the account with me. But they had no problem taking my money twice when my wife made it go into foreclosure by not paying the payment. If she broke the law, does anyone know which?
Welcome to America...or should I say, "post modernism"? As to say ALL men appear as not human beings, but as money bags, or monster. She is definitely taking YOU for a ride. Unfortunately, this is VERY COMMON. Yes, there aught be laws based on this type of fraud. Likewise, paternity fraud - its a HUGE money maker. Which isn't going to be fixed anytime soon. Please, by all means, get yourself a real estate counselor.
On a personal note, however, watch your back! If your STBX wife finds out that you're trying to help yourself out here? As vile and vindictive as she seems to be, I wouldn't put it passed her if she'd get a restraining order against you at her local participating court house. She needs no proof, but only mere allegation. She could then push to have you arrested & jailed. It is YOUR burden to prove your innocence as there are no longer due process nor fair trial for men. As she forces you into jail via false allegations of abuse, she can pretty much take what she wants....think I'm kidding about this?
I mention the above because it happens quite a bit. I pray this doesn't happen to you. If she does? You'll have a lot more to deal with than just her taking your real estate. God help you if you have children in common with this woman. God help your children as they will suffer.
his books are very informative. i would suggest them.
he does t.v. and radio too where people can call in with specific problems...
his books are sold pretty much anywhere book are sold :)
(borders, barnes and noble, etc.)
he answers real estate questions regularly on NBC
Also agree with above, as long as your name is still on the title you can rest a bit better, dont know what state your in (all processes different) but for most place for her to remove your name from the title you would have had to sign a mortgage transfer document which would then be lodged with the relevant gov agency for your state. If you haven't and you no longer on there it could be fraud? too.
Another problem is that your wife can't mortgage your house without you being a party since your on the title (if you are).
End the end you may be lucky, she could have all thedebt and you have half the house.
Legally, Countrywide can not speak to you about a loan that YOU are not on. Countrywide should NOT be reporting on your credit BUT if the home does go into foreclosure, you can expect that to hit your credit as a public records item - since your name is on the title (or at least still should be)
Sorry to hear of your divorce, hang in there. Hope this helps. To have reassurances, go online to the county you live in and do a property search for your home and you should see your name still on title to the home.
Good Luck,
My home's worth 1/2 of my mortgage! Question resubmit with more details.?
I purchased my house in a suburb outside of Detroit in 2004 for $147k which was one of those awesome 105% loans where the concessions paid for my closing costs.
The issues starts where my wife lost her job at the end of the first year of us owning it (causing us to go bankrupt on some credit card debt) but I could still make the house payments on just my income. Since then, gas is 4 to 5 times as much as it was then and of course inflation on food and everything else. So after being a stay at home mom for 4 years since she lost her job, we were behind one mortgage payment and she was forced to go back to work and our two children are now in child care and/or school.
We've already gave up all of our "luxury" stuff with the exception of cell phones and broadband internet. The cell phones though have no data or extra features, just 700 shared family minutes. We don't leave the house except to go to work (an hour away each of us). We eat cheap foods that's caused me to go up 2 pant sizes... We only eat out at McDonald's and we order from the dollar value menu... Our cars are paid off but in order to afford the house while she was looking for a job we had to get a credit card to supplement the income so we have about $5,000 in debt to Discover at 22% APR.
Now back to the house. We haven't made any improvements on it (since we can't afford the house in the first place let alone another loan) and the homes in my area/city are selling now for $70k on a short sale (some of them are bank owned but most of them are short sales). The homes in my area that are selling over $70 (but under $80) have garages and I unfortunately do not have one...
The deal is we would like to stay in this house if we can get Countrywide to agree to a forgiveness of debt since my mortgage is for 6% and I know I wouldn't get approved for that again with my bad credit from the bankruptcy but last we tried to work with them they wanted us to be 2 months behind in our payments before they would talk with me about it (ruining my credit that I've recovered since bankruptcy). So I tried to refinance the house but they would only refinance what the house was worth leaving me with almost 40% negative equity to have to cover out of pocket... I lastly got approved for a mortgage (before my wife was back to work) and found a house I wanted but found that in order for me to move into the new house they wanted me to have my old one sell first to make sure I wasn't renting out the new one since it was so much cheaper than the one that I owned (not in value but in mortgage amount)...
What do I do???
First, Countrywide will not likely forgive you your debt. If they did, the $70,000 in debt that would need to be forgiven will be considered taxable income by the IRS.
If your mortgage was for $147,000 at 6% your monthly payment excluding taxes and insurance is less than $900 per month. I know times are tough, particularly where you live, but I suggest you try to get a second job and your wife a first job. A minimum wage job will cover your entire mortgage.
Good Luck.
You could also short sale the house to a family member or friend you can trust and pay their mortgage and buy it back when you repair your credit in 7 years.
Good Luck
You might consider just signing the deed back to the bank..
Since this is your primary residence, ignore anyone who talks about tax implications. You won't get taxed for a discount in the principal on your primary residence.
A Home Refinancing Question?
Ok ... I literally don't have a great Knowledge in this Subject but I do want to find out regarding this Letter I receieved from one of the Agents .... incase its a light in the darkness for me.
I have received a letter which mentions these things ...WHAT DOES THIS MEAN ????
you may refinance and possibly lock in a interest rate and get a good amount of cash from your home's estimated available equity through exclusive fast track loan program, available to you as a select, qualified COUNTRYWIDE home loans customer ? On top of this you may also qualify for 1/2 point reduction in in the DISCOUNT POINTs on your NEXT HOME REFINANCE or Purchase Mortgage ..
MY PARENTs own this condo for last 4 years and they received this letter ........ is this for REAL ???
DO I HAVE ANY benifits out of this ????
Country Wide is being bought by Bank of America ... so I don't even know if all these is for real ....
Any experts can let me know ..... ???? what does that Sentence mean ??
OK well there are a bunch of parts to that so I will do my best to provide some light to you on your journey.
To refinance your mortgage you are essentiall paying off the first mortgage with a new one. this can be done many ways either keeping the same loan terms or extending or shortening the term; all of these will raise or lower your payment.
Locking in a new rate can mean one of two things: the first being that the current mortgage is an ARM or adjustable rate mortgage where the loan is about to ratchet up to a new interest rate. or you are just in a position to be able to benefit from a lower interest rate due to the rate reductions of late. Basically it is trying to get the loan holder to get a new loan at a different and hopefully better rate.
Now the cashing out equity part is generally a bad idea as house values are going down and it will increase your debt which would be bad if all of a sudden you need to sell so in today's market a home equity cash out is pretty much a bad thing, however having a home equity line of credit isnt so bad in case of emergency where you need to tap into some cash, have the line of credit but dont use it unless it is a real emergency.
Of course Countrywide is being bought by BoA but that doesn't affect you or your parents. it just means somebody else owns countrywide.
The letter is probably for real but if you dont own the condo then you probably will not directly benefit from it. Your parents may be in a position to lower their payments or protect their loan but it is up to them to investigate based on their current loan terms.
hope that helps
Mortgage Rescue Insurance?
I just recently refinanced my home. My original mortgage was with Countrywide. They offer a service through Balboa insurance Co called Mortgage Rescue. What this does is pay your mortgage payment for you if you home is deemed temporarily unlivable due to fire, natural disaster, etc. My homeowners insurance pays to fix the house, they pay the mortgage while it's being fixed. Now that I've refinanced, my loan has been picked up by Chase and they don't offer this service. Balboa only offers it through countrywide. Does anyone know of another company that offers this same type of service. This is not a life ins. policy.
Thanks
No, and I think it is a waste of your money. Read the fine print in this contract, it is harder to collect than you think.
Will the housing market hurt my chances for a refinance?
I purchased my home 2 years ago and didn't have many options for loan products because of credit and financial situation (new small business owner). The variable rate kicks in around June and I have been planning to refinance. My financial situation is signficantly better and I have managed to raise my credit score 60-80 points since my original loan. Two questions:
1. How much will the current mortgage situation effect my ability to refinance?
2. I plan to shop the rate, should I use a combination of local banks and national lenders (such as CountryWide) or does it make a difference? What is the best strategy for mortgage/refinance shopping?
Thanks in advance
You can still refinance as long as you have 2 years verifiable income, good credit, & equity in the home. You probably have a pre-payment penalty till your 2 years are up but I would start shopping about April. Banks are harder to get approved at & Countrywide is having some problems with the FBI. Look for a hud approved lender-
countrywide home loan mortgage refinance - News
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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 said Donna Angarone, a mortgage rep with Countrywide Home Loans in Glenview. "I felt really sorry," she said of her recent loan applicant. |
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Holding on in the face of foreclosure - The Virginian-Pilot Holding on in the face of foreclosure Refinancing again seemed like a good option as her home's value continued to rise, she said. With each new loan, Pitt's mortgage payment of $600 grew |
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BofA, Citi "Gone"? Shoot The Messenger - CNBC BofA, Citi "Gone"? Shoot The Messenger What did people think they were getting into when they signed papers for an Adjustable Rate Mortgage? They act shocked when their loan adjusts? |
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Family wonders if Countrywide deal will help fix their mortgage mess - Colorado Springs Gazette Family wonders if Countrywide deal will help fix their mortgage mess On Friday, Bank of America, which has taken over Countrywide, announced at least a three-week moratorium on foreclosures on all its mortgage loans. |
Dodd releases mortgage records; says he will refinance home loans - Waterbury Republican American
The Miami HeraldDodd releases mortgage records; says he will refinance home loans It isn't surprising given what he has gone through since questions were first raised about the Countrywide loans last July. The two home loans damaged US Sen Dodd to refinance two Countrywide mortgages Dodd Says He Will Refinance Two Controversial Mortgages Dodd releases loan details -
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