Profile picture for 321hoss

I'm looking to refinance, but my credit isn't so good.

I bought my house 2 years ago for $185 (it's now worth around $148K....the amount I borrowed to buy it.)

Loan is a 30-year fixed at 8 5/8%, and it takes about 75% of my take home pay each month. (I am single with one income, and my employer is coming out of Chapter 11.)

Must I stay in this mortgage...or is there some way I can refinance it (NO ARM's!!) without getting screwed?
  • June 02 2009 - Riverview
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (15)

When is the last time you had a credit analysis done to determine derogatory issues on your report?
  • August 15 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for 321hoss
I've contacted Litton about going thru theior loan modification program....no response from them yet (as of June 25th).
  • June 25 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

321Hoss
You need a roommate!

Are you in Riverview, FL?  If so it is rough there.

You should to find a Mortgage person, there, to have a face to face with.

You can buy your scores, from Trans Union, Equifax, and Experian, directly.
  • June 04 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Did you have a reduction of income since your purchased?  Do you think any family members would be willing to gift you money to help you out, so you can refinance?  FHA does permit gift funds.
  • June 04 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for 321hoss
I have no money saved up (can't afford to save anything when it all goes out every month, 3/4 of it for my mortgage payment)
  • June 04 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

FHA will finance up to 97.75% of your home's value.  Do you have anything saved up to pay down the mortgage?  You can bring money to the table and pay down the mortgage to have the sufficient LTV to qualify.
  • June 04 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for 321hoss
Also, I don' t recall that my mortgage is FHA or Fannie Mae...it was made with SunTrust Bank, who dumped it on Litton Loan within a year.

And, I have no credit cards, no student/car loan debt. All I owe money on is my house.
  • June 04 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for 321hoss
I submitted a loan request to Zillow Mortgage marketplace, but I've received NO quotes to date.

My current "servicer" is Litton Loan...who I'd like to get away from. They just upped my monthly payment $100/month to pump up my escrow account, so they tell me...though the truth-in-taxation statement that says what my next property tax bill will be won't go out until August.

Litton also says they're NOT part of the government's loan-modification program, so I see little benefit in inquiring about doing a loan modification thru them.

I don't know my exact credit score, and I'm NOT willing to give my debit-card number to those so-called "free credit report" services to get it. (Those look like bait-and-switch scams to me, btw.)

So, based on what I've read here, it seems that I'm totally out of luck...and if I should have any unplanned major expenses, I'll likely lose my house.

Thanks for the help.
  • June 04 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Nate
321hoss,
Try submitting a loan request on Zillow Mortgage Marketplace. It is free, anonymous, and there are thousands of lenders.  I can't guarantee you will get quotes in your current situation, but there are lots of lenders looking at the loan requests and you may find someone who can help.  Joshua is right in that credit is important.  I would also take Justin's advice and follow up with your current servicer.
Thanks,
Nate
  • June 04 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

We can sit here and assume anything. 321hoss, we need to know what type of loan you have currently. I see that you put down 20%, if you have a Fannie or Freddie Mac loan, you should be able to lower your rate and monthly payment. But again, your credit score does have a major effect on whether you'll be approved or not and what rate you'll qualify for. 
  • June 03 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yeah, you're right, I didn't think about that.  Sorry!
  • June 02 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I don''t think Fannie loan would be 8.625 30 Year Fixed in 2007. 

Sounds like a Stated Sub-Prime loan to me....but I'm just guessing.
  • June 02 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

But Justin, if he's been current on his mortgage, he might qualify for a fannie/freddie DU refi program also.
  • June 02 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Loan modification is probably your best shot.  Have you tried talking to the existing servicer to explain your situation??
  • June 02 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

What is your credit score?  Have you been late on any mortgage payments?
  • June 02 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.