Close

See current mortgage rates on Zillow Mortgage Marketplace

I have a Wachovia pick a pay loan.The first is for 6.99% The second is 5.127%. Can I get a modifica

This house is a rental with a tenant.  I have a mortgage of about 206k at 6.99%  The second is an eloc at 39k at 5.127.  Is there anything I can do to get a better finance rate?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 09 2012 - Salem
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (10)

Thanks again for your help!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 10 2012
Judith,

Sorry Zillow removed my link to the Wells Fargo modification department. I guess posting a link to help a consumer get the information they need is against the good neighbor policy. Just Google it and you should find it. Wachovia is now owned by Wells Fargo so you need to talk to them. As I stated, you can forget about the Zillow quotes because you won't be able to refinance your pick a pay conventionally. 

Good luck to you.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 10 2012
Do you have your loan request number?  The loan request number starts with a ZR or ZQ.  I can take a look and see why you didn't get the results you expected.  Also take a look in the professional directory.

Candace
Zillow Mortgage Support
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 10 2012
It's a no go at Zillow....
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 10 2012
I really appreciate the advice!  And Paul and Prof if you think of anything else, let me know!!!!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 10 2012
In addition to what Paul said, these are not conforming loans or FHA loans so the chance of Zillow Mortgage Marketplace assisting you is slim to none. HARP won't be an option since neither Fannie nor Freddie own this. Your best bet is definitely to call and demand, don't ask for a modification. 

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 10 2012
If you have that type of loan and like many others have been only making the minimum payments since day one, chances are you now have a much higher balance on the first mortgage and the same balance on the second. And if your home is in the good ole' USA then chances are also your home's value has decreased as well. The result is that the home may be 'upside down on it's value'  The good news for you is that the type of 'hybrid' first mortgage you have has been highly scrutinized by home lending regulators based on lack of clear disclosure of terms to many of those who took them out. There have even been consumer law suites against Wachovia etc. Hence if you pursue it accordingly, you may be granted a decent modification of the current terms of one or both loans.

where there is a will there is a way 
to get a low fixed rate on your heloc and pick a pay...
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 10 2012
Have you contacted your current lender to see if you can consolidate 2 loans or modify the loan?
Most likely with the HELOC the lender may not let you merge the 2 loans.
It is sometimes cheaper to refinance with your current lender rather than a new loan or a complete refinance.

Good Luck
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 10 2012
Thanks,  I'll give it a try!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 10 2012
Hello Judith,

Have you shopped for refinance quotes on Zillow Mortgage Marketplace?  All you need to do is click on the link and then on the left side update the results with your loan scenario.

Thanks,
Candace
Zillow Mortgage Support
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 09 2012
 
Related Questions
I have a Wachovia pick a pay loan.The first is for 6.99% The second is 5.127%. Can I get a modifica
Profile picture for judith buckles
Latest answer by judith buckles
January 10 2012 | 10 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 2265 Natoma Dr, Virginia Beach, VA Home For Sale
    2265 Natoma Dr, Virginia Beach, VA 23456

     For Sale: $418,000

    • Beds: 4
    • Sqft: 3236
    • Baths: 3.5
    • Lot: 10280
  2. 1880 Pepperell Dr, Virginia Beach, VA Home For Sale
    1880 Pepperell Dr, Virginia Beach, VA 23464

     For Sale: $279,900

    • Beds: 4
    • Sqft: 2020
    • Baths: 3.0
    • Lot: 6205
  3. 3537 Light Horse Loop, Virginia Beach, VA Home For Sale
    3537 Light Horse Loop, Virginia Beach, VA 23453

     For Sale: $265,000

    • Beds: 4
    • Sqft: 2444
    • Baths: 3.0
    • Lot: 5240