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Answers (11)
- Andrew Adams, "203K Specialist"
- Contributions:9349
If they put you through the ringer and gave you the forebearance(Modification) you asked for the real bad news might come when you find out that your payment history has you delinquent on the loan ... making refinancing impossible.
- shapiroamg
- Contributions:3058
The only way to get another lender is to refinance and the only way to refinance is if your have enough equity. You should speak to someone local to help figure out what is possible (or not). And if not, is BofA so bad as a servicer?
One other suggestion is that if the second mortgage was used to pruchase the property, it may be possible to consolidate both loans into one FHA mortgage.
I suppose the good news is that BofA is dropping brokers and lenders so the only way to get a BofA loan these days is to contact them direct.
One other suggestion is that if the second mortgage was used to pruchase the property, it may be possible to consolidate both loans into one FHA mortgage.
I suppose the good news is that BofA is dropping brokers and lenders so the only way to get a BofA loan these days is to contact them direct.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
Call a local lender. Your dilemma requires local knowledge.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
This truly is a question for a lender . There are some wonderful lenders on this site, go up to Professionals and look for some in your community. They do not necessarily have to live near you by the way. I have several lenders my clients work with that are in other parts of the country. So look on these boards and read what lenders have contributed , like the lender in this thread.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
You need to look at HARP, and possibly a Credit Union, if appraisal would bear a higher value than the guesstimate you're working with. HAMP is a last resort.
- danpaultucker
- Contributions:3
we have I think 4% equity, of course this is thru LPS (lender processing services) and not the result of an actual appraisal.
Thank you all for your suggestions. will look at HAMP, streamlined refi and credit unions.
Thank you all for your suggestions. will look at HAMP, streamlined refi and credit unions.
- Caveat Emptor
- Contributions:500
by far the easiest way to do this is by refinancing, if thats a viable option(eg you have 3% equity or more, i suggest going that route(or if its close, fudging the numbers and trying to get some other form of credit. based on those rates, you have a lot of wiggle room in terms of saving yourself a boatload.
*looks at hamp
HOWEVER, since Cwide was famous for their 80/20 loan, and because ohio suffered fairly badly during the recession, i'll assume the more likely scenario which involves a neg equity situation.
so there are a few neg equity options, for instance HAMP(no not that hamp), a streamlined refi, etc... i suggest calling a lender and having a long chat about it as that is really the only way to go over your actual options. also, if there are no options for you, every indication says that congress is gonna try to bribe us with some new program early next year, since their approval rating is only modestly better than a poke in the eye with a sharp stick.
*looks at hamp
HOWEVER, since Cwide was famous for their 80/20 loan, and because ohio suffered fairly badly during the recession, i'll assume the more likely scenario which involves a neg equity situation.
so there are a few neg equity options, for instance HAMP(no not that hamp), a streamlined refi, etc... i suggest calling a lender and having a long chat about it as that is really the only way to go over your actual options. also, if there are no options for you, every indication says that congress is gonna try to bribe us with some new program early next year, since their approval rating is only modestly better than a poke in the eye with a sharp stick.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
Is your house underwater?
- danpaultucker
- Contributions:3
I agree although during period of unemployment turned to BofA for forbearance and they have put me thru a wringer. Currently am fighting with them to allow me to pay my weekly mortgage payments as I have been for over 4 years. Some jerk customer "service" agent who got assigned to me when I asked about forbearance in June has been tampering with my auto pay plan, putting codes on it, etc. which prevent payments from going through properly. I am just thoroughly tired of dealing with BofA.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
Call a Credit Union!
- Andrew Adams, "203K Specialist"
- Contributions:9349
Why does it matter that much to change who your payment is going too? They are one of the largest loan servicers in the country...even if you close with another lender nothing guarantees your servicing will not be sold to them in the future. Improving your financial position should matter most...not who is servicing the loan.
want to trade in BofA for another lender. Ideas?
Bought home March 2007 for 139,900. Got two loans with countrywide, big one was 30 yr. fixed @ 6.375. Little one was 15 yr. balloon @ 8.375 Yeah it would be great to get a lower % rate but what I want most is to get out of Bank of America's grip. Have good credit score 740, recently went thru brief period of unemployment but am now working again albeit lower salary.
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