Loan Refi -- Me Too!
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| Wed, 06-03-2009 - 10:27am |
I've been reading these posts and wanted to chime in. We tried like crazy over the past few months to either get a loan modification or a refi or even sell our house. In each case there was a reason we didn't qualify -- not underwater in our house, not behind in payments, too much debt to income, not enough income because my husband's pay was cut and they won't count my self employed income for two years. I was really frustrated and then out of the blue the guy I had called at Countrywide a couple months ago called me and said since the final switch over to Bank of America there was a new program available that looked at equity in the house and credit score without calculating debt to income ratio. Suddenly we qualified for a program that switches us from a 5-year ARM at 6.25 to a 30 year fixed at 5.375. The closing costs were rolled in and it only raised our principal $3K. It will lower our monthly payment about $300 which isn't fabulous but every little bit helps.
I think because BoA got government bail out money they have been compelled to come up with programs to help people who are good customers but have had income reductions. I would suggest anyone who has tried should try again. This thing seems to have just become available because the lender told me he was going back through a huge stack of files and calling people once denied to tell them he could work with them after all. I may have lucked into a really great broker but it is worth a second call.
Jenny

All my best,
Danni
I love to hear how people are being helped.
Norma
"Patience is the best remedy for every trouble"- Plautus
Call your county tax appraisal office and see what you need to do to have the taxes lowered on your house if it underwater. Someone said on here not long ago that saved them 650.00 a year. Not much help but every little bit helps.
You will need to find out what houses your size sold in the same area. A realtor maybe able to help you with that for free.
I would look into that the first chance I can and see what paper work you need to fill out to do that. Good time of the year to start the process.
Mary Ann