Profile picture for user4585895

We are upside down, our interest is 7.58, we are barley able to keep our head up, any help for us?

  • July 03 2012 - Phoenix
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Answers (17)

Profile picture for blank screen EXILED
"It's exhausting dealing with people who think they know everything." -

Only one person on this thread posted that they "know almost everything"... and it wasn't me... to the contrary, I posted that there were 349 TRILLION things that I specifically "don't know".  (I would list them for you, but there is not enough space, and no one would read it).

But one thing is certain, you can get a refinance if you stopped being so hard headed about it and went about it in the right manner.  To get a loan from your existing lender, you need to go through a "broker", not direct.

And really, who cares about paying for more mortgage insurance if it saves you money?  That is what insurance is for, and people regularly pay insurance premiums when required.

If it wasn't for the Democrat and Republican legislators "giving away loans", there never would have been a housing bubble in the first place, nor would there presently be a European debt crisis.
  • August 27 2012
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Profile picture for gpqjigfporge90ajgf9i
Wow, you guys really have a bug up your butts.  Scientists?  50 billion subjects?  Misleading?  Must be the smog in So Cal that has clouded your mind Pasadenan.  You don't read what others write, you consider YOURSELVES right yet blame others of the same, and I DID state our loan is after April 2009, so I'm not keeping anything pertinent out of the discussion.  It makes absolutely no difference what interest rate we have on whether lenders will or won't refinance an FHA loan, and none of them asked what our current rate is (it's 4.7%).  The decision about any "savings," if any, would be ours to make.  I called our CURRENT l lender and nine others.  Not only would they double our monthly MI even though our credit score is 800, if they decided to refinance our FHA loan they would charge another $6,000 in a lump sum MI fee just like they did when we took out our original loan.  Believe it or don't, up to you since you seem to be the one who is hard-headed and in the dark about this.  I stated from the very beginning that I called several lenders -- just how many times do YOU  have to be told the exact same thing before it sinks in?  I guess I'm just not as hard-headed as you and I refuse to waste my limited time on this planet fighting with people when I already know they don't want to do something.  The Government (Republican Legislature) purposely does not allow any good refinancing program for those with FHA loans because why should they?  Lenders are already making a boat load of money off of people who pay thousands and thousands of dollars in mortgage insurance just because we didn't have 20% for a down payment.  Oh, don't bother replying since I won't be checking back here.  It's exhausting dealing with people who think they know everything.
  • August 27 2012
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Profile picture for blank screen EXILED
forthedogs1--

I also don't work for Zillow, and am not even in the lending profession, but just to add to what Wayne posted...

"checking several", and "no one will", imply two different things... and the "no one will" in that context means "none of the several checked will", not that it can't be done, nor that it won't be done.

You posted "Sounds nice on paper, the Government keeps telling people current FHA loans can be refinanced, but THEY CAN'T."  And then posted "I'm 54, I'm not in the dark about most things."

Just because someone won't do something for you, doesn't mean "it can't be done", nor does it mean it won't be done for others.  And "age" has nothing to do with being an "expert" on 50 billion subjects, especially as most scientists freely admit that they are 99% "in the dark" about the subjects they are studying.  They wouldn't bother studying them if they already knew all the answers...

You claim that the original posted can't get help and can't do what they would like to do is just "false".  And your posting but withholding the date of your loan and your present interest rate and stating something "can't be done" is misleading.

If you want an answer to your question, you really should post it as a separate question thread and give the relevant details.  Of course you won't get relevant answers if you leave out the details needed for an appropriate answer.  You won't find any mind readers here.  You need a different website for mind-readers.

I also suggest trying the ZMM robo-quotes... they don't cost anything, it doesn't cost the robo-quoting loan officers anything to provide them..., they are more tailored to the specific conditions, and your anonymity is protected until you actually contact one of them.  And then if you don't get quotes, you can ask a question why, referring to the specific quote request by quote request number.

Many of the loan officers have indicated that for some loans, you are more likely to get a refinance from the same lender or servicer, by going through a mortgage broker that deals with that lender or servicer.  In cases where another lender might not lend, the rules and subjugation of existing mortgage insurance & secondary liens.... is different if the lender will be the same.

You don't need to be upset about the "system" when there are ways of dealing with the system and working around problem issues.
  • August 27 2012
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FourOurDogs1
I am sorry, I thought you wanted help........if user4585895 MI doubled  savings would still be huge. MI is different depending on when FHA loan was originated and initial LTV, so my comment of  " likely to remain the same" was pertinent. Your "bait and switch" comment is lame as I don't recall "trying to sell you something else", and in fact I did not solicit your business nor would I.
 If you really want help l, go to Zillow Professionals tab above (no I don't work for Zillow) and call lenders in your area/state until you find one that can help you. .
  • August 27 2012
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Profile picture for gpqjigfporge90ajgf9i
"in the dark?"  Hardly.  Evidently you didn't read my note.  I've checked with several lenders and no one will do it.  Our loan was after 4/30/09 so our MI will double.  I see you wrote "likely to remain the same."  Why wouldn't you know that for certain?  Seems like you're just trying to get business by having people contact you, then when they realize they can't refinance their FHA loan you'll try to sell them something else.  I'm 54, I'm not in the dark about most things.
  • August 26 2012
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ForOurDogs1,
Not sure why you are in the dark about FHA streamline refinancing..... it happens quite easily, and if loan was closed before 4/30/09, the monthly MI is likely to remain the same; which makes it an amazing gov't program.
  • August 26 2012
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If you were to refinance you could cut your interest rate in half. It's also important to know what kind of loan you have. There are differences between conventional, FHA, and VA loans. Contact me and I'll see if I can help you out.
  • August 26 2012
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Profile picture for gpqjigfporge90ajgf9i
If anybody is actually able to refinance a current FHA loan, I'd like them to post it here since NO ONE is allowing it.  Lender participation is optional, NO ONE I've contacted will do it... unless the homeowner is willing to pay a giant FHA payment AGAIN just as they did when they took out their first loan, AND mortgage insurance is almost double what it used to be so any savings on the interest rate would be eaten up by having to pay twice the mortgage insurance they used to pay.  Sounds nice on paper, the Government keeps telling people current FHA loans can be refinanced, but THEY CAN'T.
  • August 26 2012
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User4585895 - you did not answer the question Deb asked, but if your loan is an existing FHA loan a streamline refinance would be viable option. An appraisal would not be needed, and closing cost & pre paids could be paid by a Lender Credit. At that rate /APR it is not likely an exksting  FHA but other links Dunes provided should be explored.

  • August 26 2012
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Profile picture for gpqjigfporge90ajgf9i
Diane Tuman's reply about FHA loans is not accurate.  She listed a website for "FHA streamline" loans, but that is if you want to convert to an FHA loan, not if you already have an FHA loan.  If you have an FHA loan,  you're screwed.
  • August 25 2012
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Refinancing might be your best option but if that does not work you can also try a loan modification. You can also do a short sale if you do not want or can not keep your house.

  • July 03 2012
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What type of financing do you have?  I need more detail.  Happy to help.Deb
  • July 03 2012
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Profile picture for dianetuman
Thanks, Dunes! I got a little sloppy.
  • July 03 2012
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Profile picture for Dunes ..
Easy Links to use for the info Diane/Zceleb Zillow employee provided


If you have an FHA loan: FHA streamline LINK

If you have a loan with Fannie Mae or Freddie Mac: HARP LINK

Here are all other programs LINK

Zceleb has apparently left the building ;)
  • July 03 2012
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Profile picture for dianetuman
Yes -- there are programs available, even if you are underwater! Check these out:
If you have an FHA loan: FHA streamline -- http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/short-refinance.aspx
If you have a loan with Fannie Mae or Freddie Mac: http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx
Here are all other programs -- http://www.makinghomeaffordable.gov/programs/view-all-programs/Pages/default.aspx
  • July 03 2012
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Profile picture for Rita Walker
The interest rates are so low right now - Refinance!!
Talk to a good lender to see what is available for you.
Good Luck and get out from under that interest,
Rita
  • July 03 2012
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  • July 03 2012
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