Is it possible to refi???

iVillage Member
Registered: 07-10-2009
Is it possible to refi???
2
Fri, 07-10-2009 - 1:11pm

Hi! I lurk here often for motivation to tackle our debt, and admire all of you for making such great stride with your debt! It is so encouraging to me! I was hoping to get some advice on the following situation.


We bought our modest

iVillage Member
Registered: 10-16-2007
Sat, 07-11-2009 - 7:29pm
Hi!
I recently got approved for a Mortgage Modification. I couldn't refinance because I also owe more than my house is worth, so I called my mortgage company and they took some of my info down and then I received a letter in the mail congratulating me on my Home Loan Modification, they decreased my interest rate from 7.49% to 5% for the life of the loan and also started an escrow account for my taxes and insurance. All they asked me when I called was what has changed financially for me and I just told them I had a baby last year, my husband lost his 5 hours of OT each week. I didn't have to show proof of anything.
I would give your mortgage company a call and tell them you would like to look into a loan modification (not refinance). The whole thing witht he modification is to help people be able to afford their mortgage before they start to fall behind on payments.
GOod luck, I hope they are able to help you.
Lilypie 2nd Birthday Ticker

















Lilypie 2nd Birthday Ticker





href="http://www.TickerFactory.com/debt/wNS2tfv/">
iVillage Member
Registered: 11-17-2007
Sat, 07-11-2009 - 9:03pm

I have never gotten a mortgage from a mortgage company I only deal with banks or credit unions. They are cheaper in the long run. I bought a house with 10% down and the interest rate was 6.25. I had to pay pmi insurance on the payment.


6 months after I bought the house a local small bank sent me an invite to refinance It cost us 299.00 one year of insurance and three months of escrow I got out of the pmi the interest rate went down to 4.9 and my payments went down by around 125.00 a month.


Check with the small banks in your area or the credit union see what they have to offer you.


If that doesn't work send the first mortgage another check a month for