Profile picture for user685295

My Mortgage is held my an out-of-state bank that does not have a mortgage license in my state!!


Hi,
I'm so aggravated like millions of other American who took on mortgages 6 years ago. I live in Chicago "the city that works" yeah right.  The good news...I have a secure job, excellent credit, and have been paying my mortgage on time for the last 6 years. Now,  the bad news...My condo is underwater by 30-40%, My mortgage was "inherited" by an out of state bank a 5 years ago to which Im still paying a pmi.  Here's my question: When attempting to re-finance, My current lender told me that they do not have a license in illinois and therefore could not re-fi my loan.  They advised me that a local lender would have to service me. So I went to local banks, they told me that they cannot help me because 1) Its underwater and 2) Even if i wasn't, they cannot  touch out of state mortgages.  Any advice or guidance given my situation???  All these years I've worked hard, never missing any kind of payment..mortgage, credit card, student/car loans (paid off). I'm getting married this summer and want to start a family and eventually buy a house.
  • May 14 2012 - Chicago
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Answers (2)

Profile picture for Matt Laricy
This sounds like a terrible situation. Have you tried speaking to a few different lenders? I know of one that may be able to help. I would be happy to provide a name and number. I really hope your situation gets better.
  • May 14 2012
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Do you know if your current mortgage is owned by either Fannie Mae or Freddie Mac?  If it is, and if you had taken your current loan out prior to June of 2009, you may qualify for the HARP program.

You can check to see if your loan is owned by Fannie Mae or Freddie Mac here:

http://www.fanniemae.com/loanlookup/

 

https://ww3.freddiemac.com/corporate/
 
I'm licensed in IL, so feel free to contact me any time.  John

  • May 14 2012
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