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80/20 split first mortgage and need to refinance !!! HELP

We need some HELP !!! We had gotten a first mortgage during the "infamous" lending boom and now we think we are in over our heads.We had gotten a no doc/no income verification loan with a fixed rate for 80% of the borrowed money and an absurd interest rate of the 20% home equity line of credit that we used for our down payment.After three years we would like to combine both of these loans into a traditional 30 year. However, we are very afraid that with the extensive mortgage crunch, we will not be able to qualify. We have not been late since having the loan, however our income is has drastically taken a hit due to the economic situation in our midsts.Any advice you can give would be greatly appreciated. I went with a trusted friend with the first mortgage and feel now that we got burned BIG TIME, so how do you trust someone or reccommened someone that will do right by you? by benettswebcasts11 from Dekalb, Illinois. May 17th 2011 Reply


Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

You may qualify for an FHA Rate/Term refinance. Call or email me when you can & we can discuss your situation. Within about 5 minutes, I can tell you, at no cost, whether I can help. toddt@mainstreetfin.com 563-324-9937

May 17th 2011
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Jean Andersen (Jean.Andersen)
#40 ranked lender in Georgia - 4 contributions

You might want to try a Wells Fargo Harp loan.

May 17th 2011
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Chris Gummerson (cgummerson11)
#394 ranked lender in California - 648 contributions

Everything has changed since the collapse of the housing industry. There are no 0 down loans, no docs, no income loans. You either qualify for a traditional loan, based on what you can show for income/assets, or you don't qualify. If your income has been reduced, that could hurt your ability to prove your income. If you take your gross income, assuming you dont take 2106 expenses or write off all your income, then take 45% of that income. This is what a lender will require the max debt to income ratio be under. So if you have a mortgage, car payment, credit card, etc, along with tax and insurance, add all these up and divide by your income. If you are above 50%, then you need to look for another solution. Get a second job, work with your lenders to modify your loan, or sell it if you have enough equity. To be able to trust someone in this business, research that they are fully licensed, their company checks out and there are no complaints. Feel free to follow up if you have more questions.

May 17th 2011
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MIKE CONVIN (mconvin)
#6 ranked lender in Delaware - 202 contributions

hi there:I would suggest the harp program thru Fannie and Freddie Mac...but you would need to call the lender and ask them who owns your loan first. The credit report is not accurate or I can walk you thru on how to do a look up since I was a junior underwriter for Freddie Mac. Both GSE have a certain date that your loan must meet. Your loan if own by one of them must have been sold by a certain date in May of 2009. You might want to also try a HAMP modification thru your servicer/lender. Be glad to answer any questions for you.Mike703 505 5300

May 17th 2011
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Eddie Sexton (esexton)
#7 ranked lender in Kentucky - 54 contributions

Your best bet is an FHA refinance at 97.5% of the appraised value. We do not have a DTI limit and will approve any loan which our automated underwriting engine approves. I'm getting loans approved with a DTI of 65% in many cases. This will allow me to approve loans with lower income than most lenders. Please call me if you would like me to take a look. 866-766-1918

May 17th 2011
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