Profile picture for Bevo918

need refi

self employed, bank statements, 700,000 loan, 588 score, arm to reset 2009
zip 91307, 4bed 2 bath, 2077 sq ft house, pool spa, view, upgraded house,
any takers ???
  • June 07 2008 - US
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (21)

Property value?

  • June 07 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Bevo918
about 710, 000 now i think, as everywhere declining market, owe 635,000 on
1st, 50,000 on 2nd
  • June 07 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Bevo918
appraised 7 months ago at 810,000, but like i said declining market
  • June 07 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Bevo,

 

Unfortunately you will not have any luck in a refinance in that scenario.  The three most important parts of lending are Credit, Capacity, Collateral.

 

Credit at 588 is marginal
Capacity (Income), Bank Statement Loans don't really exist right now

Collateral your Equity Position is very tight

 

In preparation for your ARM reset, you best chance would be to seek a Loan Modification from the current lender.  Understand that they will WANT you to be able to make payments on the loan.  You would have a good chance of having them agree to keep the same rate on the loan for a few more years without adjustment.

 

Loan Mod's take some time to get done, so I would call them now and open a dialogue. 

  • June 07 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Bevo,

 

I agree it would be tough for you to refi, but it does depend on what value you have in your home. I'm not sure if you would qualify for FHA secure but it might be worth investigating. I'm sure someone here more well versed in FHA secure will come along soon.

  • June 07 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Rob Cochems

Bevo,

 

In the meantime do you have your mortgage documents handy?  We can help you determine what your new payment will be...the adjustment may not be that bad...but if it will be, you need to call your loan servicer and speak to their loss mitigation department right away.

  • June 07 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Bevo918
rate is 6.99 servicer is first franklin, CAN afford the payment just wanted to see is anything better was out there,
Thanks everyone
  • June 07 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

That will be a SubPrime ARM.  It will have the 6 month LIBOR index and my guess would be a margin of 5.99.  The fully indexed rate right now is around 9%.  Your loan will allow for a change at the first change date most likely to a max of 9.99.

 

I strongly suggest you research "5 Year Rate Freeze" and approach First Franklin to see if they will perform this modifcation before the adjustment.  You could be facing over $1,000 in monthly increase without this modification.

 

I would also suggest to consider filing a strong tax return for 2008, to improve your chances for a refinance in the future.  FHA could be a future option for you, but only Full Income Verification.  You'll want to get a lender/CPA on the same page, the lender can help you determine where you need to be.  Paying the extra taxes would be worth it in the long run, especially if you are unable to get the "5 Year Rate Freeze".

 

 

 

  • June 07 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

FHA secure will not work if you can't document income.
  • June 07 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If the house bill goes thru, all fannie freddies can be streamlined . Self employed must be proven thru tax records and bank statments. Cpa letter .

  • June 08 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

97% full doc only. 90% with up to 3 mtg lates.

  • June 08 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I am pretty sure First franklin doesn't fall under Fannie or Freddie,,,,,
  • June 08 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

lol

I guess I skipped that part. Ok. Never mind.

 

I dont even know if this amount qualifies for FHA . Depends what the limit is for the county.

  • June 08 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

 

First, sorry for the multiple posts you're about to see, I need to trouble shoot... I composed this in Word, then transfered to notepad after the copy/paste didn't work and NOW I'm still having issues (ugh).

 

 

One option would be looking into what the counselers at the government sponsored Hope Now program can do (http://www.995hope.org). Though, due to the overwhelming amount of requests for help they’re receiving right now (http://loanworkout.org/2007/09/29/995-hope/)… they may not be of much help (especially since your ARM hasn’t adjusted, much less have you fallen behind).

  • June 17 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

My recommendation:
I assume you’ve tried to refi through several lenders… hopefully one of them tried to get you approved for an FHA loan. Their minimum FICO score is 620 for loan amounts above $362,790 (up to max $729,750 in super high cost areas – LA being one of them)… so if you haven’t received an approval yet, best thing to do is work on your credit score. You can try doing it on your own, but I recommend the services of www.creditresourcecorp.com as they’ve done wonders for my clients. You have time before your loan resets, but value declines are working against you, so having professionals working to clean up your credit and increase your score as quickly as possible is imperative! You’ll be able to refi up to 97% of your homes value at a really great rate (no cash out).

  • June 17 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Resources:
FHA Max Loan Limits Per County: https://entp.hud.gov/idapp/html/hicostlook.cfm
Great Loan Workout Sites: http://www.loansafe.org & http://loanworkout.org
Trusted Credit Repair: www.creditresourcecorp.com
Trusted Loan Modification Company: http://www.homerescueprograms.com/ (Great helpful site too. I’ve personally spoken to Jim a couple of times. Nice guy. He’s been doing this way before the subprime crisis sparked off.)

  • June 17 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.



Lastly:
Please vote "yes" if you found this post helpful on the button below (lenders too... there's good stuff in here for you all as well! ;-)

Best wishes in your mortgage search!

Sean Rafferty, CMPS®
408.314.4411 cell
Sean@YourPersonalMortgagePlanner.com

* A CMPS is a Certifide Mortgage Planning Specialist, see why you need one at cmpsguy.com/cmps

** See my weekly newsletter which provides a nice overview of what's happened to mortgage rates with a bit of technical analysis as well as a different money saving financial tip each week! cmpsguy.com/update

*** See my Daily Market Wrap to find out what's moving interest rates: tinyurl.com/5dwkoe

  • June 17 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hmmm, must have been the length of my original message! :-O  LOL!

  • June 17 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Mmm, I don't like how hyperlinks don't come up... oh well, a bit of copy/paste is good for finger exercise!

 

  • June 17 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Ken Kopper

Bevo, is your 2nd loan through First Franklin as well? This was addressed in previous thread but I have talked to FF loan servicer and they are looking at all and any subordination requests and will especially be willing to work with you to assist you in unloading that $635k ARM  off their books.

 

So maybe also look to see if you can find a decent fixed rate loan for 90% LTV bank statement loan. And as stated, get some advice (you shouldnt have to pay for it!!) on strategies to work on credit repair to improve the scores.

  • June 17 2008
  • 2Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Easy staff....This is what is known as Spam..

 

If anyone calls or tries to get a loan through someone that is unwilling to share who they are and their location..they deserve to be ripped off....

  • June 18 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.