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How can my parents refinance a Wells Fargo portfolio loan?

My parents have recently tried to do a streamline refinance with Wells Fargo.  They have a mortgage rate of more than 10%.  They are on a fixed income as my dad is disabled.  They have never missed a payment, but since their attempt to refinance the end of last year, their mortgage with WF has gone up from $900 to over 1,000 a month.  They have a portfolio loan, which they had to get when my dad became disabled.  Is there another type of loan that can be acquired?
  • March 14 2012 - Raleigh
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Answers (4)

Profile picture for shapiroamg
ok, forget the reverse mortgage then.
  • March 14 2012
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Profile picture for user857295

Their balance is $90,000 and it last appraised for a little more than that but the housing market has fallen since.

  • March 14 2012
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Profile picture for shapiroamg
You might also want to consider a Reverse Mortgage depending on the answer to Clay's question. Both parents would need to be at least 62.
  • March 14 2012
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What is the mortgage balance and estimated value?
  • March 14 2012
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