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Answers (10)
- devamark
- Contributions:1
This may be too late (sorry if it is). We are a military family that just retired eight months ago (2009). In about 2002, we were stationed at Eglin (6th RTB) and lived on post. We owned a home in North Carolina (Ft. Bragg area). While in FL we refinanced with a company called MIC (Mortgage Investors Corporation). From what I understand they only or mainly catered to military families. MIC came to our home (on post) to do paperwork. We thought they would collect a little money with doing the paperwork for refinancing, but they collected a check from us (maybe 100.00) and then mailed our check back to us (just like they said they would do). So, no out of pocket monies for us. It is worth a try. Good Luck.
This is the number I have (it is an old business card I still have..)
800.662.6948..or 727.344.4992. They are out of St Petersburg, FL
If this # does not work, I'm sure they are online.
This is the number I have (it is an old business card I still have..)
800.662.6948..or 727.344.4992. They are out of St Petersburg, FL
If this # does not work, I'm sure they are online.
Cheryl:
Sorry to hear that. The only other alternative would be to do a short sale with your lender. Here again we would ask the lender to accept a short pay-off for the home. This alternative will have a small impact on your credit (about 50 point drop, I'm told). You do not need to be delinquent on your mortgage in most cases. The short sale process can take anywhere from 60 to 120 days once you receive an offer. There is a new government program coming out on April 1 that is helping to streamline this process and should shorten the whole process to under 60 days. I have done about a dozen short sales this year with many military members and I have been able to get all of them done accept one. Let me know if you think a short sale might work for you.
Sorry to hear that. The only other alternative would be to do a short sale with your lender. Here again we would ask the lender to accept a short pay-off for the home. This alternative will have a small impact on your credit (about 50 point drop, I'm told). You do not need to be delinquent on your mortgage in most cases. The short sale process can take anywhere from 60 to 120 days once you receive an offer. There is a new government program coming out on April 1 that is helping to streamline this process and should shorten the whole process to under 60 days. I have done about a dozen short sales this year with many military members and I have been able to get all of them done accept one. Let me know if you think a short sale might work for you.
- Cheryl Komteter, "cmkometer"
- Contributions:4
Thank you Judy.
We've already contacted HAP -we paid more than the Fannie Mae limit of 419K - so we are ineligible for HAP....unless they change the rules.
We've already contacted HAP -we paid more than the Fannie Mae limit of 419K - so we are ineligible for HAP....unless they change the rules.
Hi Cheryl:
I know the frustration you must be feeling being in this position. I would suggest you check into the HAP program for military members http://hap.usace.army.mil/Eligibility.html . The program is designed to help military members that are "up-side down" on their mortgages. This program will help you sell the home with the program picking up a lot of the difference between what you owe and what you could sell it for in today's market. You would be able to sell this home, eliminate the 800/month you are paying and move on to buy a home in your new duty station.
I have been successful in helping other military members take advantage of this program. The process takes about 120 days from application to closing. You would want to apply now in order to sell this spring. Let me know if you would like any assistance, I would be glad to help.
Warm regards,
Judy Griffin, Realtor
-Pelican Real Estate
I know the frustration you must be feeling being in this position. I would suggest you check into the HAP program for military members http://hap.usace.army.mil/Eligibility.html . The program is designed to help military members that are "up-side down" on their mortgages. This program will help you sell the home with the program picking up a lot of the difference between what you owe and what you could sell it for in today's market. You would be able to sell this home, eliminate the 800/month you are paying and move on to buy a home in your new duty station.
I have been successful in helping other military members take advantage of this program. The process takes about 120 days from application to closing. You would want to apply now in order to sell this spring. Let me know if you would like any assistance, I would be glad to help.
Warm regards,
Judy Griffin, Realtor
-Pelican Real Estate
- Cheryl Komteter, "cmkometer"
- Contributions:4
House is in Niceville, FL - Lender is Suntrust....
- Hamp Yonce, "Zilluminati"
- Contributions:3463
Where is the house? Who is the Lender?
- Cheryl Komteter, "cmkometer"
- Contributions:4
It is a Fannie Mae. Interest Rate is 5.75 for 1st...4 for second...total for two loans added together is 390K. Bank has not wanted to help because we are not "late".... total Pand I now is about 2400....would like it to be around 2000.....
- Brian G. Allen
- Contributions:334
That's tough as previously noted you have to see if the loan is Fannie or Freddie both allow financing an investment property providing you do have more than 5.
- Liberty Mortgage
- Contributions:470
Your only option of refinancing is first determing if your mortgage is a Fannie Mae or Freddie Mac- Once that is done, a matrix is looked at to determine what loan to value an investement property can go to. Keep in mind that even if your home fits into the financing category, doing a refi may not make sense as the hits to the loan are quite high- You are looking at around 2% in rate hits- You are probably looking at a rate of say 5.50% with no points- If your rate is similar, it obviously does not make sense to refi-
- Hamp Yonce, "Zilluminati"
- Contributions:3463
That is a FUBAR conundrum. Refinancing as Non Owner Occupied probably wouldn't save you any money, even if it were possible. IMHO, veterans in your position should be helped by the banks first, and your employer next. If I were you, I would apply some reconnaissance on the possibilty of getting your loan modified by the lienholder.
Military
We are a military family...bought home at PEAK of market with conventional loan. Military moved us...and currently have to rent home because can't sell...value down 20%. With rental market as it is, we currently pay about $800 out of our pocket to keep the house. Bank will not talk to us about refinancing because we don't live in the house (though it was not our choice to move...military mandated it) -- Is there anyone that knows what options are for military families? Tried everything we could think of...but since it is not a "primary" residence (we currently rent in new location) - no one will help. We have perfect credit...never late on mortgage payment.
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