Rob Robertson's Q&A

Refinance, Clean file (full submission), appraisal completed, locked before submission to underwriting:About 10-15 business days.

I doubt there will be as many Stocktonians who will qualify for the refinance, as compared to Modification.Stockton is one of the hardest-hit areas in the United States, insofar as foreclosures and property value decline.There is not much difference between 95%LTV and 105%LTV, when you consider most homes in this area have lost 50-70% of their value since 2006.Or to put it another way, prices are down to 1999-2001 levels.Good luck.

Depends on whether you are talking about refinancing into a 15 year fixed or a 30 year fixed Super/Conforming.If you are being quoted for a 15 year fixed, then you shouldn't be paying a discount point for 4.75%, even assuming 45 day lock pricing (as of this morning).  If it's an origination point, whether disclosed as a broker fee or just an origination fee, you might find it a little cheaper (we cap at $2500 origination/broker fee, at the moment for Conforming or Super/Conforming), but don't forget about closing costs as well as your longer term financial goals.If it's a 30 year fixed you are being quoted, 4.75% paying 1 point discount is pretty solid, considering the same loan @ wholesale par this morning is running about 5.25%.  That gives great value for that 1 point discount/buydown.  You will be paying a fee for the broker service (origination), plus closing costs for that rate, regardless.Holding out is risky.  If you are happy with the new terms, then I would go for it.  You have to take into consideration opportunity costs, should rates go up. Good luck!

Tina, I wouldn't take the chance of waiting.15 year fixed rates are pretty low right now.  I wouldn't necessarily buy-down a 15 year just because the cost of the buydown will barely pay off in the long run.Find a good broker, or lender, and ask for a good, wholesale par rate (you'll need to use a broker to get a wholesale par rate).If you have a good equity position, and a higher than average credit score, you would be looking at about 4.500% to 4.625%, depending on your equity position, without a buydown, for a 45 day lock.  Buying down (with us, at least), paying about 1% discount to get down to 4.25% is pretty expensive, as that extra cost upfront will hardly lower your overall payment.  You would need to see a comparison of a wholesale par rate vs. a buydown rate, with costs and payment differences disclosed so you can make a decision.When rates start going up, assuming you wait another year, you will be behind the power curve... and will be taking a higher fixed rate over the next 14 years, should you wait and rates go up.Just think about how much money the government is going to print, over the next 12 months... all of it borrowered... and how high the deficit is going to be.  Once the country goes into recovery, inflation is going to be a huge concern, and fixed rates will have to go up along side of treasury yields.I would refinance now, if I had a variable rate mortgage.  When inflation starts going up, (and it will, sooner or later), you will be glad you have a fixed rate mortgage, and didn't wait.Good luck.

Stephen, you might want to check your sources on that advice.An Assumption of a loan deals with a buyer of a property assuming an existing mortgage of the seller.There was no sale.Since the ex-spouse only signed a quit-claim deed, there was no sale.  The quit-claim deed simply conveyed the Grantor's rights or interest in the property (the Grantor being the ex-spouse).  She no longer has an interest in the property. The current spouse is still on title, and was on title and the original note at the time the current mortgage was created.Quit-claim deeds are signed all the time.

No, it doesn't.However, you must be eligible for Modification.www.financialstability.gov

Paul might be right, but I would be prepared to submit a copy of your divorce decree, and the quit-claim deed your ex-spouse signed, as well as a well-worded hardship letter when you submit your financial documentation for the loan modification.The actual modification document basically amends the terms of your existing note, and is recorded in public records.They might be able to take her off, since she will not involved in the actual modification process, as they will be considering your income soley to work out a new payment plan, based on the modification guidelines recently released.Either way, it definitely sounds like you would be eligible for a modification, so long as you meet the rest of the eligibility requirements.Good luck!www.financialstability.gov

I think it will help a great many homeowners in the San Joaquin Valley, especially with Loan Modification options.I have a good friend in Stockton who has caught a lot of flak from her current servicer (EMC) - and they seem to be ok with her making a PITI payment equal to about 70% of her current gross income.  She's obviously feeling a lot of pain right now.Her home as dropped in value tremendously... she's gone from about 72%LTV to over 200%LTV, so obviously refinancing was not an option.I doubt that the means-test her servicer will perform, as part of the new plan, is going to see foreclosure at this time being more financially viable for their company vs. simply lowering the interest rate and possibly extending terms. My friend should see her overall PITI payment drop by $900 a month, which brings her back into affordability (affordability policy states taking homeowners down to a 31% housing debt ratio) and will keep that particular home from going into foreclosure... so one less home becoming a distressed property.  Also, the government is going to pay that servicer directly for doing it, which is another incentive for the servicer to participate.

Conforming, Non Owner Occupied, 2-4 unit property:  25% down.

Been up since 2am...http://www.financialstability.gov/makinghomeaffordable/refinance_eligibility.htmlor...http://www.financialstability.gov/makinghomeaffordable/modification_eligibility.html