Profile picture for eme1970

Want to refi to avoid foreclosure

We want to refi on our current loan to avoid foreclosure or default...our payments are just too high. The problem is our balance is higher than our home value...is there anything we can do? We have no debt and excellent credit.
  • January 26 2009 - Rancho Santa Margarita
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Answers (3)

  • January 29 2009
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Hi,

If you have no equity...you are more likely going to be interested in a loan modification. It's not going to be good on your credit since most lenders are wanting to talk to people who are behind...which makes me crazy. There is a program....Hope for Homeowners which is an HUD product, you don't have to be behind in payments, but it's an equity sharing plan with the government, the good news is that the lender has to reduce the principal of the loan to 90% of the current value, so you do start fresh..so to speak. You can get information on their website at http://www.hud.gov/hopefo ... index.cfm

Other than that...you can call your lender and start talking. Tell them that you are unable to continue paying on your current loan and see what they think.

I'd  be happy to talk to you further and suggest some personal ideas you can try at no cost to you. I wouldn't start by paying anyone anything....loan mod companies are showing up in droves and not all know what they are doing.

K



  • January 28 2009
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Hi Eme,

What is your loan amount and what is your house value?  Credit score if you have it.
  • January 26 2009
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