Zillow Advice: Refinance - I'm looking to refinance, but my credit isn't so good.

When is the last time you ...

Sat, 15 Aug 2009 22:16:00 GMT

When is the last time you had a credit analysis done to determine derogatory issues on your report?

I've contacted Litton about ...

Thu, 25 Jun 2009 23:38:00 GMT

I've contacted Litton about going thru theior loan modification program....no response from them yet (as of June 25th).

321HossYou need a roommate!Are ...

Thu, 04 Jun 2009 22:28:00 GMT

321Hoss
You need a roommate!

Are you in Riverview, FL? If so it is rough there.

You should to find a Mortgage person, there, to have a face to face with.

You can buy your scores, from Trans Union, Equifax, and Experian, directly.

Did you have a reduction ...

Thu, 04 Jun 2009 22:00:00 GMT

Did you have a reduction of income since your purchased? Do you think any family members would be willing to gift you money to help you out, so you can refinance? FHA does permit gift funds.

I have no money saved up ...

Thu, 04 Jun 2009 21:48:00 GMT

I have no money saved up (can't afford to save anything when it all goes out every month, 3/4 of it for my mortgage payment)

FHA will finance up to 97.75% ...

Thu, 04 Jun 2009 20:52:00 GMT

FHA will finance up to 97.75% of your home's value. Do you have anything saved up to pay down the mortgage? You can bring money to the table and pay down the mortgage to have the sufficient LTV to qualify.

Also, I don' t recall that ...

Thu, 04 Jun 2009 20:05:00 GMT

Also, I don' t recall that my mortgage is FHA or Fannie Mae...it was made with SunTrust Bank, who dumped it on Litton Loan within a year.

And, I have no credit cards, no student/car loan debt. All I owe money on is my house.

I submitted a loan request ...

Thu, 04 Jun 2009 20:03:00 GMT

I submitted a loan request to Zillow Mortgage marketplace, but I've received NO quotes to date.

My current "servicer" is Litton Loan...who I'd like to get away from. They just upped my monthly payment $100/month to pump up my escrow account, so they tell me...though the truth-in-taxation statement that says what my next property tax bill will be won't go out until August.

Litton also says they're NOT part of the government's loan-modification program, so I see little benefit in inquiring about doing a loan modification thru them.

I don't know my exact credit score, and I'm NOT willing to give my debit-card number to those so-called "free credit report" services to get it. (Those look like bait-and-switch scams to me, btw.)

So, based on what I've read here, it seems that I'm totally out of luck...and if I should have any unplanned major expenses, I'll likely lose my house.

Thanks for the help.

321hoss,Try submitting a ...

Thu, 04 Jun 2009 17:41:00 GMT

321hoss,
Try submitting a loan request on Zillow Mortgage Marketplace. It is free, anonymous, and there are thousands of lenders. I can't guarantee you will get quotes in your current situation, but there are lots of lenders looking at the loan requests and you may find someone who can help. Joshua is right in that credit is important. I would also take Justin's advice and follow up with your current servicer.
Thanks,
Nate

We can sit here and assume ...

Wed, 03 Jun 2009 17:45:00 GMT

We can sit here and assume anything. 321hoss, we need to know what type of loan you have currently. I see that you put down 20%, if you have a Fannie or Freddie Mac loan, you should be able to lower your rate and monthly payment. But again, your credit score does have a major effect on whether you'll be approved or not and what rate you'll qualify for.