Home Refinancing? - NJFBOA - Home of New Jersey's Camaros and Firebirds

CamaroGirlie · 04-04-2009, 11:27 AM

I know I'm really grasping at straws now, but my mother got forclosure papers in the mail today and I was wondering if any one knew any good financial places that do refinancing? Wwe've already giving out over $1000 to two refinancing companies that swore they could refinance us and then they fell off the face of the earth. Any help would be greatly appreciated. I really don't feel like moving down south

BonzoHansen · 04-04-2009, 11:33 AM

Here is probably the unfortunate truth:
*Foreclosure papers means she has missed payments - likely a number of them.
*Said missed payments has likely decimated her credit score.
*Current credit market is very tight unless you have good or better credit.

..so a "refi" is gonna be real hard to get.

Did anyone call the current mortgage company and see if they have any programs to alter terms, etc.? Most of them do now. Plus I thought there might be some federal programs out there. Do some googling, maybe start at the FHA.

Edit: look here: http://www.hud.gov/foreclosure/
Edit2: http://www.federalreserveeducation.o...d/foreclosure/

CamaroGirlie · 04-04-2009, 11:44 AM

Quote:

Originally Posted by BonzoHansen

Here is probably the unfortunate truth:
*Foreclosure papers means she has missed payments - likely a number of them.
*Said missed payments has likely decimated her credit score.
*Current credit market is very tight unless you have good or better credit.

..so a "refi" is gonna be real hard to get.

Did anyone call the current mortgage company and see if they have any programs to alter terms, etc.? Most of them do now. Plus I thought there might be some federal programs out there. Do some googling, maybe start at the FHA.

Edit: look here: http://www.hud.gov/foreclosure/
Edit2: http://www.federalreserveeducation.o...d/foreclosure/

The current mortgage company gave us the names of the refinancing companies and said they would have no problems helping us. I have perfect credit, via the credit score the refinancing people just gave me March 17. I was going to be the co-signer for the refinancing. Thanks for the links tho, I will show them to my mother.

BonzoHansen · 04-04-2009, 11:47 AM

If you have perfect credit and your mom's is bad, maybe you need to buy the house from her.

Did you get those refi companies you had trouble with from your mortgage company????

CamaroGirlie · 04-04-2009, 12:01 PM

Quote:

Originally Posted by BonzoHansen

If you have perfect credit and your mom's is bad, maybe you need to buy the house from her.

Did you get those refi companies you had trouble with from your mortgage company????

The first company wasn't from the mortgage company but the second refinance place we got from our mortgage company.

NJSPEEDER · 04-04-2009, 02:01 PM

First step is to not spend more money. Refi companies and banks are all about fees, so stay away from them as much as possible.

Who is the mortgage held by and who is servicing it? They should have programs for loan work outs, also called loan modifications. The biggest thing you need to do is to start by cutting costs anywhere you can and make the house bill #1. Credit cards, car payments, and all other crap come AFTER having a roof over your head. Let the credit card companies call, what are they gonna do? repo the t-shirt you bought two years ago? Mortgage is #1 almighty

A lot of what will make the difference is the equity situation in the house. If the loan is upside down and the appraised value is below the mortgage amount it make refi's nearly impossible.

Shoot me a PM with some details and I will see if I can think of anything off the top of my head to help out. One thing you have working to your advantage right now is that banks don't want houses, they are tripping over themselves to figure out ways to help anyone with even the slightest positive cash flow potential.

ShitOnWheels · 04-04-2009, 04:26 PM

While we are not in foreclosure, we are refinancing. We did the original loan and now the refinance through Lending Tree. We had a great experience the first time and are using the same guy again. I can give you name and number to call him if you'd like. The only money upfront is appraisal and lock fee, both credited to closing costs at the end. If you've had an appraisal done in the last 30 days, you won't need to go through them, they can use the existing one.

But of course, find out if there are other options first. You may have a hard time getting a loan under foreclosure.

CamaroGirlie · 04-04-2009, 10:26 PM

thanks guys very much...ill get the info from my mom for you Tim and and ****onwheels i was thinking about going with lending tree possibly.

JL8Jeff · 04-05-2009, 11:24 AM

Don't forget to look into the new bailout laws if you think she could qualify. The whole idea behind them is to keep people in their house if they have the means to pay the mortgage.

Z28 Heritage · 04-05-2009, 09:39 PM

Here is the site you need!

http://www.makinghomeaffordable.gov/

firehawk1120 · 04-06-2009, 06:42 AM

I can see if my mortgage rep in my office has any advice if she thinks she can assist you I can get you her name and number to at least talk to her.

We don't charge any fees for advice or if she knows a reputable company that can assist without taking money from you I'll talk to her later today.

CamaroGirlie · 04-06-2009, 11:35 AM

Thank you very much guys!! All help is greatly appreciated!