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Planning ahead to refi 8.5% blended 80/20 in May - Need advice

Thu, 01 Oct 2009 21:30:00 GMT

Currently have a 8.5% blended 80/20 for 250k with 245k balance serviced by Citi. Zillow values house right at $250k now. In May, the prepays expire and we want to refi ASAP to lower mo pmt. I have about 670 median score and have a BK and foreclosure 7 years ago, but have a couple negative items about to come off my report (write-offs from the BK). Because of high LTV, I was told I should look at an FHA refi. Can I even get an FHA with a BK and Foreclosure on my report?

I should get about 3-4K in tax refund, and get an extra paycheck in May that will give me another 2K. If I use my tax return for it, I can finish paying all my Credit Cards down to less than 50% balance hopefully in time to get a snaphot at that balance to raise my credit scores, hopefully above 700 with the negatives coming off too. However, that will leave me with very little to pay down the mortgag to the 96.5% needed for a FHA if they will only appraise at $250k (I know it's possible they won't even appraise at that and I might be out of luck) or to pay closing costs if they can't be rolled into the loan.

I really want to pay down my CCs, especially since some have raised interest rates even though I have never missed a payment, but I don't want to jeopardize refinancing since it should help my monthly payment quite a bit, and I won't get any extra funds for another 4-5 months after this may. Should I pay down the debt to increase scores, or should I hang into the cash and try to work the refi first with whatever score I have then? Should I be looking at something other than an FHA?

Thanks in advance for any advice you folks have!

12 replies

Would you have any interest in a swap for Lake Minnewashta Area with deeded lake rights?

Thu, 19 Nov 2009 22:56:00 GMT

4BR, 3BA, 2000 sq. feet., 2 car garage

0 replies

How can I edit the "recently sold" as it has not updated the price? Thanks for the help

Mon, 26 Oct 2009 16:13:00 GMT

0 replies

showcase ad process

Fri, 11 Sep 2009 19:19:00 GMT

2 replies

price psf

Wed, 26 Aug 2009 01:05:00 GMT

psf

0 replies

is this home for sale

Wed, 19 Aug 2009 23:12:00 GMT

1 reply

Is this one going for $1 or $100,000?

Fri, 31 Jul 2009 19:18:00 GMT

0 replies

Is this house still available?

Wed, 29 Jul 2009 20:20:00 GMT

0 replies

is this home for sale?

Mon, 13 Jul 2009 20:09:00 GMT

0 replies

Do you have any pictures?

Sun, 12 Jul 2009 06:09:00 GMT

1 reply

This sold on 1/7/08 for $465,000 and we're supposed to believe the $539,000 Zestimate is accurate?!

Sat, 21 Mar 2009 02:20:00 GMT

I find it hard to believe anyone would pay $465,000 for it. This is a declining market, and yet I feel Zillow often does not reflect current values. This is a perfect example.

0 replies

Is this house still for sale?

Sun, 15 Mar 2009 23:23:00 GMT

1 reply

Could this be a rental or rent to own property? please let me know at louann.cohn@yahoo.com, thanks

Wed, 11 Feb 2009 20:02:00 GMT

0 replies

Late last night, I received an email that this home was for sale.

Wed, 04 Feb 2009 15:42:00 GMT

I received and e-mail late last night that 11250 Clarion Way in Minnetonka, MN was for sale. I followed the links to a virtual tour and the realtor's site. Now, about 8 hours later, I can no longer find any evidence that the home is for sale. The link on my email still works, but, there is no realtor information that was there a few hours ago.

Is there a problem with your site or was the house pulled from the market? Do things really move that fast in this industry?

0 replies

how do i correct the squarefootge on my house. it's currently listed a 600 sq ft smaller than it is

Wed, 04 Feb 2009 04:05:00 GMT

1 reply

how do i look for wooded, lakefront or riverfront property for sale? i keep getting housing.

Sun, 11 Jan 2009 03:00:00 GMT

1 reply

I am a first time home buyer w/0 or little down payment, but great credit. Can I buy without $ down?

Sun, 04 Jan 2009 14:30:00 GMT

14 replies

I was curious as to why the value of this home is significantly lower than comps and neighborhood?

Sat, 10 Jan 2009 16:51:00 GMT

286 estimated value is much lower than avg 300-310 neighborhood estimates, and comparable solds that come up.

Also, square footage is only appx 1200 on your site, but is actually over 2000 (including basement), could this be bringing value down?

0 replies

I have a jumbo laon resetting in Aug 2009. What is my best strategy for secc\uring refinancing?

Zillow Advice RSS: Question-Discussion-Guide,All Real Estate Advice Topics,Minnetonka- MN

Planning ahead to refi 8.5% blended 80/20 in May - Need advice

Would you have any interest in a swap for Lake Minnewashta Area with deeded lake rights?

How can I edit the "recently sold" as it has not updated the price? Thanks for the help

showcase ad process

price psf

is this home for sale

Is this one going for $1 or $100,000?

Is this house still available?

is this home for sale?

Do you have any pictures?

This sold on 1/7/08 for $465,000 and we're supposed to believe the $539,000 Zestimate is accurate?!

Is this house still for sale?

Could this be a rental or rent to own property? please let me know at louann.cohn@yahoo.com, thanks

Late last night, I received an email that this home was for sale.

how do i correct the squarefootge on my house. it's currently listed a 600 sq ft smaller than it is

how do i look for wooded, lakefront or riverfront property for sale? i keep getting housing.

I am a first time home buyer w/0 or little down payment, but great credit. Can I buy without $ down?

I was curious as to why the value of this home is significantly lower than comps and neighborhood?

I have a jumbo laon resetting in Aug 2009. What is my best strategy for secc\uring refinancing?

will you update the value based on the current/correct information on our home?