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Advice

We have been with HFC/HSBC for a long time. We got caught in an ARM. They have closed all the local offices. When we opened our loan we were told that if we made all our payments on time there would be an annual reduction in the interest rate, wehave yet to see one. In fact, when the ARM set in we went from 6.75% tyo 11.99%. We paid over $24,000 in interest alone last year. Our payment went from $822 to $2247.00 a month. We have continued to make at least 1 additional mortgage payment a year. However, keeping up with the mortgage has caused us to fall behind in other things. We are not happy about this. We are also having a lot of medical issued over the past year. We received a letter from a company called Advanced Financial Services, Inc. that sounds too good to be true offering a refi offer. Can anyone offer some advice. We've never sought advice over the internet before, but we are at a point where we don't know what else to do. Help would be appreciated.
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September 11 2009 - Durham
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Answers (7)

You should have several mortgage loan options avaiable to you. This will depend on your Loan amount, Loan to Value, Credit Scores and Debt to Income. Contact a Mortgage Professional like Nic to the right under top Lenders and see what's available for you. .... Good luck, Rudi

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September 11 2009
Profile picture for tgrego
I find that if it sounds to good to be true it is not true.
While you have been through a mess it is now time to focus on the "now"
Check with a banker and talk in detail about what you need to do. If you feel comfortable then share some information so they can pull credit and see if a new mortgage can happen. Please note that underwriting is getting very strick.
If you want to call or email me I would be more than happy to help.
Good luck
Tony
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September 11 2009

This sounds horrible.  You should refinance to a lower fixed rate ASAP if you qualify.  You ought to talk to a new Lender as well to see what type of a new loan you may qualify. 

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September 11 2009
1) post a rate quote request on this site  for some  refi proposals
2) be aware  of any options that do look to good to be true ( do not pay any upfront  fees  for any offers )

3) there is no ARM program that guarantees rate reduction  with timely payments ..so if you were told this ..it was likely a lie ...you  can check your note  to see exactly how the rate and payment adjustments  happen
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September 11 2009
I would look into refinancing prior to applying for a modification.  Rates are low.  What sounds too good to be true about the offer you received?  What has held you up from refinancing over the past year?  Credit issues?  No equity?

I would recommend filling out a Zillow loan request and see what can be done for you.  Check the lenders feedback if you choose to move forward with a Zillow lender.
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September 11 2009
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We have tried to talk with them about a modification, but haven't gotte anywhere. They seem pretty happy with the very high interest they are getting from us. We are not interested in selling at all. This is the home we plan to retire in. It is the home my husband grew up in. We bought it from his dad before he died. We have complete gutted and remodeled it. We've added decks, etc. We have 2 girls finishing college and our son is done and has a family of his own. 
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September 11 2009
I am sorry to hear about your situation.  I totally understand and you are doing a great job if you are able to keep up with the payments.  Have you spoken with your lender about a modification?  I have just completed one personally and happy to discuss my experience with you if you are interested. [content removed by moderator for being self promotional] Have you considered selling the home?
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September 11 2009
 
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