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I have a 15 year home equity loan in first position with USB. I've lost one of my sources of income

sources of income, and need to get a 30 year.  My bank says I don't qualify for any Obama plans because I have a home equity loan, not a regular mortgage, plus I'm current with my payments and my credit is good.  I am self employed with variable income.  Do I have any alternatives?  Thanks for any input.
  • July 26 2009 - Novato
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Answers (2)

There's a lot more info needed on your part. Really too much to discuss here. I use to suggest putting in a loan request with Zillow. I don't do that anymore. Hardly anyone will read your comments. most are auto responders. ... I'll be happy to speak with you, if you wish. .... Best wishes, Rudi Hofmann
  • July 26 2009
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Another option for you is to call the Loan Modification or Loss Mitigation department of your bank.  Explain to them that you are now having financial problems.  Remember, to call both your 1st and 2nd lienholders.  If the bank told you that you are not qualified to the refinance under the Obama program then what it means is that your loan is not owned by Fannie Mae or Freddie Mac.  This should not discourage you from exploring more options with your lenders.  Loan modification takes a long time and you need to be very patient.  Do not pay anyone to help you with loan modification.  There are a lot of people prying on people like you at this time.  Stay away from scams.

One last tip, document every call or fax by writing down the date, contact person and discussion so you can always refer back.

Good luck.

  • July 27 2009
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