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My lender will not modify. I am current but need a lower payment

  • November 21 2009 - Magnolia
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Answers (6)

Best Answer

Why would you ask those questions Phillip?

Might this be why you are no longer a confirmed lender?  "Anyone Can Refinnace"...I would have to disagree with that statement....Plenty of folks would like to refinance but can't for any number of reasons.

LTV, Income, Assetts, Debts, property condition, credit score....and so on!

  • November 21 2009
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We have access to a new program that allows for up to 105% LTV 125% CLTV for current homeowners. [content removed by moderator]
  • March 03 2010
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Profile picture for daveskow
whats loan amt ? whats the appraised value ? credit score?  income  and debt level ? is the loan a fannie or freddie loan?  who is present lender?

as you can see - lots of questions  go into this answer
  • November 22 2009
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piggy, you should have asked what the loan amount is first and if they currently have a job. Not,  can you refi. Anyone can refi, the refi just might not work.
If the loan is over 417000 or if the borrower is unemployed, 99.9% of the time the banks won't modify the loan. Especially if the borrower is current .
  • November 21 2009
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Do you "need" a lower payment or do you "want" a lower payment? If they won't modify I suspect the latter. 
  • November 21 2009
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OK...Can you refi?
  • November 21 2009
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