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Need refi advice--Can't find a lender to help us despite income>$110k and LTV<70%

I need help with finding a lender to do a refi in California.  Our house is worth about $850k and we have a 1st mortgage with about $370k left to pay at 6.25%, and a 2nd mortgage with about $110k left at 7.25%.  So we want to refi, obviously.  The issue is that our monthly payments are so high, and my salary has decreased recently, so now we're stretched too thin.  We bring home about $6800 net but have $4500 of monthly payments to make.  As a result, we have two 30-day lates in the last year on our 1st mortgage. The rest of our credit profile is neither great nor bad; we have no car loans and a few credit card payments, about $750/month.  I got one score last week of 620; my wife's is likely higher.  We talked to one broker last week who told us that it was the 30-day-lates that disqualified us from being helped by him.

Anybody have any advice?  Is there any lender who can help us?  Or are we stuck in a loop where we need to lower our payments, but we can't because we can't make the payments that we need to lower?
  • March 06 2013 - San Mateo
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Answers (4)

I have a lender will allow   1x30 mortgage late in the last 12 months  with an Letter of expaination from the borrower!  (Conforming Only)
Let me know if I can be of of any help.

Jasbir Gujral
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  • April 27 2013
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I would contact your existing lender. It sounds like you may qualify for a HARP loan but without having all the information, I cannot make an exact determination.

Most banks will not allow for the refinance due to the late payments. That is why I would recommend you contacting your existing lender. They may be able to do some special  financing for you.

Good luck!
  • April 26 2013
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Many lenders will decline anything that has 30 day mortgage late in the last 12 months.   From the scenario you describe, I think there is potential to qualify as long you both have qualifying median credit scores at 620 or above.

I would be happy to review options for you, you can contact me through my profile for a closer look.
  • March 06 2013
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Profile picture for chrisjonesmtg
Have you tried contacting your existing lender?  They may have a few more options for you because of the couple late payments.  
  • March 06 2013
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