Forgotten Your Password?

Need to Register?

Question Icon

ltv

we like most people owe more on our home than it is worth. Our current first mortgage balance is around $310,000.00 with a rate of 4.5% we also have and equity with a balance of $71,000.00 at 7.25 % both of these are at Bank of America this is the worst bank we have ever had to deal with and would love to be able to get away from them however it seems our situation keeps us there under there control. they have tried to modify our mortgage (so they say) a couple of times and after such long periods of time and energy they would decline it. by savann_396_297 from Warwick, Rhode Island. Jan 17th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Modify and refinance are two different things.. If you're looking to refinance, then there are several products out there that can help, but it depends on which type of loan you have now.. FHA allows for a streamline refi with no appraisal.. VA the same thing.. if you have a conventional loan that was initiated prior to May 2009, and it's currently owned by Freddie or Fannie, then you might qualify for a HARP 2.0 refinance.. it's a fully qualifying loan, but in most cases, no appraisal is required.. BofA will have to subordinate the 2nd in all of these scenarios, but it's possible.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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. 480-287-5714 WilliamAcres.com

Jan 17th 2013
1
0
Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

To be able to try and at least move the first mortgage from them, you would have had to have your loan with Fannie Mae or Freddie Mac prior to May 31st 2009. If you meet both of those criteria you may qualify for a Harp 2.0 refinance. The only other factor would be your debt to income ratio. if you'd like to know more give us a call or email us. 201-962-3555 Team@BestMortgageOption.comAsk for Michelle or Benny

Jan 17th 2013
0
0
Linda Miller (Linda Miller)
#1 ranked lender in Utah - 569 contributions

More information is needed on your first. Is this a Fannie Mae or Freddie Mac loan, closed before June 1, 2009? If so you might qualify for a HARP loan. Also more info is needed on your situation - credit score, debt to income, loan to value, etc. You most likely will not be able to do anything about the second home equity loan. I would suggest you call one of the Lender 411 mortgage professionals in your area and give them the full pictures of your situation. You will get good, honest answers. Good luck.

Jan 17th 2013
0
0
Matt Pollina (matt@smartmtgs.net)
#57 ranked lender in Illinois - 40 contributions

Did you try the HARP 2.0 program? Go to these websites, fill out the info and if your loan was acquired by either entity prior to June 1st of 2009 then find a lender/broker and ask them about HARP. https://www.knowyouroptions.com/loanlookuphttps://ww3.freddiemac.com/corporate/

Jan 17th 2013
0
0
Lynda Mckenzie (Lyndamck)
#10 ranked lender in Rhode Island - 33 contributions

Hi Savann,I am available if you would like to discuss your options. My contact information can be found on this site.Lynda

Jan 17th 2013
0
0
Ray Hazucka (r.hazucka@mybbmc.com)
#65 ranked lender in Illinois - 36 contributions

We are a Harp 2.0 lender and we work with FNMA and Freddie Mac. Have you looked up or asked you lender if your first mortgageis with either one of them? Ray Hazucka

Jan 17th 2013
0
0
Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

Did you try the HARP 2.0 program? Go to these websites, fill out the info and if your loan was acquired by either entity prior to June 1st of 2009 then find a lender/broker and ask them about HARP. https://www.knowyouroptions.com/loanlookuphttps://ww3.freddiemac.com/corporate/

Jan 17th 2013
0
0

our mortgage is owned by fannie Mae or freddie mac (not excatly sure which one) . I want to say right now our appraised value is $250,000.00 and we purchased our property in 2003. as far as our debt to income I am not sure all I can say is Bank of America has said they have tried to modify our mortgage and then denied us we are really tired of them dragging us along.

Jan 17th 2013
0
0
Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

I would be happy to help you directly if you'd like. I am from RI and live in Dartmouth, MA now. Let me know if I can be of help as more information is needed to further assess your situation. Thank you.

Jan 17th 2013
0
0
Chris Couchon (chrisc)
#33 ranked lender in Massachusetts - 11 contributions

I work for Randolph Savings Bank and we are a local Lender in RI & Ma. My office is in Coventry in BJ's plaza, I would like to be able to help..can you email or call me and I will do my best to help. I am more than capable of assessing your scenario this is form a good deal of experience doing Government loan programs. Harp & Freddie Streamlines are awesome if you can qualify. We work with bank of America frequently, so that would be a help to you as I can talk to a colleague and get answers on the big question, sorry you have to email me to get an answer to that. There are 2 parts that need to work and if they either do or they don't it is not rocket science, no offense.Sincerely,Chris CouchonRandolph Savings BankLoan Originatorwcouchon@randolphsavings.com401-236-1992NMLS ID 981029

Jan 17th 2013
0
0
Chris Couchon (chrisc)
#33 ranked lender in Massachusetts - 11 contributions

I just read my latest reply and was a little annoyed that I rushed to post my answer and my grammar & spelling were unacceptable! I apologize to all of my LO colleagues! The last thing I want to do is add to any stereotypes! Sincerely,Chris CouchonRandolph SavingsNMLS ID # 981029wcouchon@randolphsavings.com

Jan 17th 2013
0
0
Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

You should consider a HARP loan to payoff your first loan and suborfdinate the second.

Jan 17th 2013
0
0
Subscribe to our news feed.