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I applied for a HAMP Loan mod and instead receive an in-house loan mod from my lender.

I am not too happy with the loan mod as it is at a one percent increase every year (after the first 4 years) and it is interest only. It is going up to 4.69% in a couple of months from now. I would like to refi my home now that rates are low.....but I do not know if that would be beneficial to me and I don't know where to go since my home is worth 440k and I owe 379,000. I am at 85-86% ltv. I have excellent credit 750+ I am a single parent...Can anyone give me ideas? I also own a manufactured home that I have had for 19 years...had it appraised last week at 115k and only owe 48k on it left. My brother lives in it, it has never been vacant ...I do not want to sell it for that reason. Is it a good idea to refi my primary home with todays rates owing 379,000 at 85-86% ltv? If so where can I go? I am in the Bay Area, California. by kss247695 from San Jose, California. Oct 16th 2014 Reply


I would need to see your mod agreement. But, for now, it seems like you're OK with what you have since its interest only. If your income allowed you to qualify for a refinance, you may be paying principal and interest at around the same interest rate as your mod. You may want to wait on some more appreciation and/or restructure your finances by selling the mobile home. I can help you more if you supplied me with more details.

Oct 17th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,927 contributions

Assuming that when you did your loan modification, the lender did not do a principal reduction, you should be able to contact any lender and do a HARP rate and term refinance or if your not eligible for a HARP refi, then just a regular rate and term refi.. If you are not paying PMI now, and you do a HARP refi, you wont have to pay PMI on the new loan. IF you are paying PMI now, then you will have to pay it on the new loan regardless if you use HARP or not.. but in either scenario, your local mortgage broker can help you get this done. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Oct 17th 2014
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