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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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looking to refinance...Updated with question
where do I start?? we currently have a 30 year mortgage with Chase at 5.75%. The value of our house dropped $80K since purchase. I heard we can still refinance. any ideas??
ETA...just spoke with someone at Chase and they said we're not eligible for modification because we're not delinquent. is that true?? so if i stop paying my mortgage i can get a lower rate??
Message edited 6/14/2011 4:23:29 PM.
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Posted 6/14/11 3:56 PM  |
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bobby769
LIF Infant
Member since 7/10 253 total posts
Name:
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Re: looking to refinance...
According to myfico the highest credit score is getting about 4.1%
http://www.myfico.com/HelpCenter/FICOScores/
On a $300k mortgage going from your 5.75 to the best 4.1 will save you about $450/month.
Some banks are considering loan modifications for those who owe more than the house is worth. That might be an option to consider if you fit.
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| Posted 6/14/11 4:07 PM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: looking to refinance...
Posted by bobby769
According to myfico the highest credit score is getting about 4.1%
http://www.myfico.com/HelpCenter/FICOScores/
On a $300k mortgage going from your 5.75 to the best 4.1 will save you about $450/month.
Some banks are considering loan modifications for those who owe more than the house is worth. That might be an option to consider if you fit.
thanks! DH and I do have excellent credit. I'll start with Chase.
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| Posted 6/14/11 4:11 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: looking to refinance...
Go to the Chase "Making Homes Affordable" link on their page and call them directly. We just refinanced with them through the MHA program because we too are upside down in our mortgage. They were really awesome and the process was so easy. You don't get a super great rate because you're refinancing under a program designed for people who have zero equity but we still ended up saving $370/month with the refi. We dropped one point down to 5.375%.
We dealt with Burt Wunderlich initially and he was amazing as was our processor, Richard Beck. Burt's direct number is (602) 627-0795 and he can get you started right away and explain EVERYTHING to you. You can tell him Kristen B. recommended him and if you mention I am the person with the whole "Green Tree Subordination Mess' he will know who I am. 
Hope this helps! 
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| Posted 6/14/11 4:25 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: looking to refinance...Updated with question
Posted by IansMommy23
Posted by bobby769
According to myfico the highest credit score is getting about 4.1%
http://www.myfico.com/HelpCenter/FICOScores/
On a $300k mortgage going from your 5.75 to the best 4.1 will save you about $450/month.
Some banks are considering loan modifications for those who owe more than the house is worth. That might be an option to consider if you fit.
thanks! DH and I do have excellent credit. I'll start with Chase.
You WILL NOT get the best possible rates because you're upside down but you can refi. Also, be careful who you speak to at Chase because we initially got the run around saying we were not eligible when we were. We have great credit and were NOT delinquent and we were able to refi. Call Burt and save yourself a headache. Trust me, he will walk you through everything.
Message edited 6/14/2011 4:30:52 PM.
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| Posted 6/14/11 4:29 PM |
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bobby769
LIF Infant
Member since 7/10 253 total posts
Name:
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Re: looking to refinance...Updated with question
Posted by IansMommy23
where do I start?? we currently have a 30 year mortgage with Chase at 5.75%. The value of our house dropped $80K since purchase. I heard we can still refinance. any ideas??
ETA...just spoke with someone at Chase and they said we're not eligible for modification because we're not delinquent. is that true?? so if i stop paying my mortgage i can get a lower rate??
If the bank will not mod loans unless they're delinquent, do not go delinquent. IMHO it's too much of a risk to damage your credit score.
If it were me, I'd probably call the bank and ask to speak w/ their supervisor and give them a sob story about your budget being squeezed because of the rising prices of gas, etc... And you may be current but have no cushion in your budget and are worried that you might miss a payment or something.
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| Posted 6/14/11 4:37 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: looking to refinance...Updated with question
Posted by bobby769
Posted by IansMommy23
where do I start?? we currently have a 30 year mortgage with Chase at 5.75%. The value of our house dropped $80K since purchase. I heard we can still refinance. any ideas??
ETA...just spoke with someone at Chase and they said we're not eligible for modification because we're not delinquent. is that true?? so if i stop paying my mortgage i can get a lower rate??
If the bank will not mod loans unless they're delinquent, do not go delinquent. IMHO it's too much of a risk to damage your credit score.
If it were me, I'd probably call the bank and ask to speak w/ their supervisor and give them a sob story about your budget being squeezed because of the rising prices of gas, etc... And you may be current but have no cushion in your budget and are worried that you might miss a payment or something.
They won't care. You have to prove hardship either due to loss of job or a death. The ONLY option available for a refi when you're upside in your mortgage is the HARP loan and it's meant for specifically for homeowners who are NOT delinquent in their payments and who are simply without equity. I just refi through the HARP program and it was quick and easy and saved me $370/month.
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| Posted 6/14/11 4:42 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: looking to refinance...Updated with question
DO NOT become delinquent on your mortgage.
You have other options.
When you say the value dropped $80K...are you upside down- Do you owe more than it's worth?
The HARP program is proably the best option for you.
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| Posted 6/14/11 4:58 PM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: looking to refinance...Updated with question
thanks guys...i wasn't really going to go delinquent.  just cant believe that people who work hard and struggle to pay their mortgage can't catch a break.
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| Posted 6/15/11 9:36 AM |
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