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refiance help

My wife and I have a mortgage and 2nd with Beneficial.  The rates are off the charts! My house has decreased in value and I have asked several lenders and brokers about a refi.   Because of the decrease, no one wants to do a refi because I owe more than 90% of the value.  I went to Beneficial and tried to talk to them about our rates and payment.  They said I needed to be late on my payments for them to do anything!  That is also the response from a few loan modifiers.  Has anyone used a loan modifier that has a good reputation?  The ones I have talked to wants several thousand dollars up front.  If I had that money, I would not need a loan modifier!  If you are struggling with your payments and have no extra money, What do you do?
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January 01 2009 - Collierville
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ahha... 
Yes, unfortunately lenders want everyone to ruin their credit before they will budge and do the 'right thing'. Hope4Homeowners was supposed to be the magic pill to solve this exact problem, and hopefully we'll actually see the loans become available this year. 

Beneficial is a foul company. Its too bad you got a loan through them in the first place. 

You can either play their game and ruin your credit, or cross your fingers and hope that "H4H" comes through and you can refi into a low, fixed rate loan.

Sorry I don't have better news.
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January 01 2009
Tee,
You can replace the first with an FHA loan.  FHA doesn't care what the TLTV (Total Loan-To-Value) is as long as the first loan doesn't exceed FHA guidelines.  The trick is to get Beneficial to agree to subordinate the second loan.  If they do then you can get a very low FHA rate: 5.00.  Your credit score has to be above 640 and you shouldn't be late on your mortgage payments.
Hope this helps.
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January 01 2009
There are some Loan Modification companies that will work on a payment arrangement with you - www.Rescueloanmodifications.com is one. 

However i think you;ll find it very difficult to get a modification.  I suggest you try to work with a local mortgage company for a FHA refi loan.  You have the potential to get beneficial to either subordinate or possibly even forgive a portion of your 2nd mortgage.

Now is an excellent time for you to address this matter. 
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January 01 2009
 
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refiance help
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January 01 2009 | 3 answers
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