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If you are behind on your mortgage, is it a good idea to refi to get the mortgage lowered?

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December 18 2008 - Lawrenceville
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Profile picture for Jarvis Team
They are correct.  If you are behind you have 2 options (in most cases)

1. Loan Modification
2. Short Sale

I'd be happy to discuss with you both options in more detail and if I cannot help you I know those that can.

Good Luck,


Joshua Jarvis
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December 18 2008
You should try loan modification to lower your rate, they do not look at late payments negativity.
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December 18 2008
If you are having trouble with current payments AND you can qualify for a new loan that will lower those payments, then yes it would be a good idea to refinance.  If you have a large amount of equity in the house it is sometimes possible to get conventional loan approvals as long as you have nothing worse than 30 days late in your history.

Try submitting a request and applying.  It can't hurt to try.
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December 18 2008
Profile picture for BungalowMo
If you're behind, you're showing late payments on your credit report.  It's hard enough right now for folks with a good credit score to get a loan, let alone someone showing active lates.

Sorry, but that's the way things are right now.
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December 18 2008
 
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