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Answers (5)
- Chris Richter, "ChicagoMortgageLoan"
- Contributions:101
Lamini,
Was this originally 100% financing or what is the loan balance?
Something doesn't quite make sense. Basically conventional loans are going to be owned by Fannie, Freddie, or someone else. This is totally and completely unrelated to the lender, where you send your checks, etc.
HARP would mean you'd need to come up on one of these:
www.fanniemae.com/loanlookup
www.freddiemac.com/mymortgage
Have you tried these links previously?
Was this originally 100% financing or what is the loan balance?
Something doesn't quite make sense. Basically conventional loans are going to be owned by Fannie, Freddie, or someone else. This is totally and completely unrelated to the lender, where you send your checks, etc.
HARP would mean you'd need to come up on one of these:
www.fanniemae.com/loanlookup
www.freddiemac.com/mymortgage
Have you tried these links previously?
- LAMINI
- Contributions:5
thanks all for the replies.
Chris, original price (2005) 265k. Got house appraised this year $219k. I had always thought I had a fannie or freddie, learned last year i actually have a "conventional" loan. I called HARP last year, dont remember all the details, but I got nowhere.
Simon, my mortgage company doesnt do refi's, if youve ever heard of that (it was new to me). I did a package through some obama thing with another company (free) (had to listen to stuff I already knew for 2 hours), they submitted it to my mortgage company stating that I'll be in the dirt if my rates dont lower, but my mortgage denied the package. Actually my mortgage went up since then, its no longer interest only, though I always have been adding hundred $$$ or so every month for the principal. Im in an adjustable rate with pricipal+interest, which to me was also new. I had always understood it was a fixed rate, or adjustable with interest only (new to the homebuying bussiness obviously).
never been late to a mortgage payment, equifax says I have 710+, never bankrupt, nothing outstanding on me, nothing... etc etc.
Chris, original price (2005) 265k. Got house appraised this year $219k. I had always thought I had a fannie or freddie, learned last year i actually have a "conventional" loan. I called HARP last year, dont remember all the details, but I got nowhere.
Simon, my mortgage company doesnt do refi's, if youve ever heard of that (it was new to me). I did a package through some obama thing with another company (free) (had to listen to stuff I already knew for 2 hours), they submitted it to my mortgage company stating that I'll be in the dirt if my rates dont lower, but my mortgage denied the package. Actually my mortgage went up since then, its no longer interest only, though I always have been adding hundred $$$ or so every month for the principal. Im in an adjustable rate with pricipal+interest, which to me was also new. I had always understood it was a fixed rate, or adjustable with interest only (new to the homebuying bussiness obviously).
never been late to a mortgage payment, equifax says I have 710+, never bankrupt, nothing outstanding on me, nothing... etc etc.
- Chris Richter, "ChicagoMortgageLoan"
- Contributions:101
Lamini, You said the home dropped 30-40k. Do you have some quick numbers? Value then, value now, and the loan amount?
I don't think you're missing anything, but you might be listening to the wrong people. A lot of agents/loan officers are complaining about "the market," but they're really just complaining about their income. That's like someone in a bad relationship saying relationships are bad.
I have a non-biased third party: the PMI companies. They are loosening their guidelines every day. There is zero emotion with those companies. They're loosening guidelines because things ARE getting better.
There were two different programs that got lumped together by the media and they are radically different. There is the HARP (refi) and HAMP (modification). HARP is great. Calling your lender for a loan mod is about the worst thing you can do. It works out something like this:
You: I'd like a loan mod.
Them: Can't help you until you are delinquent
You: So you want me to skip my payment?
Them: Yes. Then call us back.
When you call back:
You: I skipped my payment, I'd like the loan mod.
Them: Gotcha. Your credit is now ruined, we know you can't go anywhere, and we're not doing the loan mod. By the way, you owe us for that payment and we've added late charges.
Try HARP first. Have you checked to see if your loan is owned by Fannie or Freddie? Try these:
www.fanniemae.com/loanlookup
www.freddiemac.com/mymortgage
I don't think you're missing anything, but you might be listening to the wrong people. A lot of agents/loan officers are complaining about "the market," but they're really just complaining about their income. That's like someone in a bad relationship saying relationships are bad.
I have a non-biased third party: the PMI companies. They are loosening their guidelines every day. There is zero emotion with those companies. They're loosening guidelines because things ARE getting better.
There were two different programs that got lumped together by the media and they are radically different. There is the HARP (refi) and HAMP (modification). HARP is great. Calling your lender for a loan mod is about the worst thing you can do. It works out something like this:
You: I'd like a loan mod.
Them: Can't help you until you are delinquent
You: So you want me to skip my payment?
Them: Yes. Then call us back.
When you call back:
You: I skipped my payment, I'd like the loan mod.
Them: Gotcha. Your credit is now ruined, we know you can't go anywhere, and we're not doing the loan mod. By the way, you owe us for that payment and we've added late charges.
Try HARP first. Have you checked to see if your loan is owned by Fannie or Freddie? Try these:
www.fanniemae.com/loanlookup
www.freddiemac.com/mymortgage
- Simon Mills, "Mills Realty"
- Contributions:1858
You should contact your lender about doing a modification to your terms. Let them know that you would agree to a fixed rate at today's interest rates otherwise your payment is creating a hardship that you may have no choice, but to walk away from. With some creativity you may get somewhere.
Simon Mills
Mills Realty
Simon Mills
Mills Realty
- Fortes Joseph, "neworleanshomeloans"
- Contributions:3
There are some Lender programs that allow you to go as high as 125%
loan to Value. This figure will be based on the current appraisal value. However there are more questions that would need to be answered. You can start by finding out if your loan is a Fannie Mae or Freddie Mac loan? There are relief loan avl for this purpose.
House is 30-40k less than what I bought it for
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