I was told by a refinance.com agent that I may qualify to have an FHA loan to cover the remaining debt on my current mortgage since I am “upsode down” on my current mortgage, and desperately needing to refinance. Is this possible? He clarified that the regime is trying to help people keep their homes and lets you borrow that money until the justice in the home returns. Is this right???
I have 2 missed payments and now I am receiving phone calls and letters from merchant banker saying they will foreclose if not paid in full within days. I have not expected a qualified letter yet, so I am not in foreclosure. I started talking to a adviser to refinance my mortgage. Can my current mortgage lender foreclose if I am at the early stages of a refi? So when exactly during the refinance process can my current mortgage lender no longer foreclose on me? During escrow? Once I signed the application? During underwriting?
Another question, who notifies my current lender that I am in the process of refinancing so that they dont foreclose my house? Should I called them?
Will our current mortgage report as “payed-off” on my credit report, and will it cause my scores to increase. If so, how quickly? Will being paid a mortgage, improve my husband’s credit scores? If so, how quickly?
I own a home which I now rent out due to having financial problems due to a few different reasons. Basically, I finished up with a really terrible mortgage loan (yes, I have learned my lesson so please, no lectures). I place renters in it cuz I could not get the home sold due to terrible housing market in my town. The rates on the loan will reset in a year and I am frightened to death my payments will jump. Even with renters in it I won’t be able to meet the expense of the home and I do not want to foreclose with innocent people in my home. I have chose after their lease is up I will probably just let the house go and foreclose. I have tried to get my current mortgage company to help me but so far no luck. I am hoping someone knows a excellent company that would allocate me to refinance my rental property to get my into a fixed rate. The mortgage balance is around $174,000 and it is worth only 179,000 and I only make about $33,000 a year before taxes. My mortgage payment is $1400 and I rent it out for $1245.
I’m considering refinancing but am a small confused about the process. I cant figure out if I would be refinancing my balance or if the new loan would be for the value of the home? EX: my current loan was for $89,900 but i owe $79, 500.The value of my home was appraised for $92,000 but is now worth $140,000. So what would the new loan amount be for?