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Mortgage ques
Hi. I am not sure how to word this but is anyone familiar with those letters/flyers that come in the mail claiming to be able to reduce your mortgage payment or get rid of mortgage insurance? I keep getting them saying I can lower my payment by $900+ or the most recent claiming they can eliminate the $200 I pay in mortgage insurance. This letter is from Equal Housing Lender. Are they legit? Has anyone ever done this? Thanks!
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Posted 9/15/14 8:53 AM  |
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MrsRapz
mahna mahna!
Member since 2/12 1952 total posts
Name:
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Mortgage ques
Not sure about any particular company but yeah, they're legit. They basically just try to lower your taxes (you can technically do this yourself).
Most say that if they don't lower it, you don't pay.
I think if they do lower it, you pay them a year's worth of whatever they lowered it by (ie: if they lowered it by $500, you owe them $500).
Message edited 9/15/2014 9:28:14 AM.
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| Posted 9/15/14 9:28 AM |
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Kitten1929
LIF Adult
Member since 1/13 6040 total posts
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Mortgage ques
I think you're talking about 2 different things. MrsRapz is talking about tax grievance, which yes, most of those companies are legit and you owe them whatever amount they grieved off your taxes.
I think you are talking about a mortgage modification or some sort of refinance. I don't know legit those companies are - you are better off dealing directly with your mortgage bank.
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| Posted 9/15/14 10:14 AM |
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MrsRapz
mahna mahna!
Member since 2/12 1952 total posts
Name:
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Re: Mortgage ques
Posted by Kitten1929
I think you're talking about 2 different things. MrsRapz is talking about tax grievance, which yes, most of those companies are legit and you owe them whatever amount they grieved off your taxes.
I think you are talking about a mortgage modification or some sort of refinance. I don't know legit those companies are - you are better off dealing directly with your mortgage bank.
Oh, after re-reading her post, I think you're right ... oops.
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| Posted 9/15/14 12:06 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
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Beth
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Re: Mortgage ques
if you have equity you can refi and remove PMI etc
example- I bought my house 4 months ago with a FHA loan- they house needed crazy work and I wanted to keep my cash
I am paying $400 in mortgage ins
on May 17th - 1 year after I closed- I am going to refi - I will at this point I will have over 40% equity in the house and I wont have to pay mortgage insurance
if you have a FHA prior to about 18 months ago- you would have been able to drop the MIP once you hit 20% equity
I would start by calling your current lender to see if you qualify
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| Posted 9/15/14 12:29 PM |
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Re: Mortgage ques
We inquired but since we bought before the market crashed, we never had enough equity.
I'm sure since we were hit by Sandy it's worse.
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| Posted 9/15/14 7:28 PM |
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Mrs213
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Member since 2/09 18986 total posts
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Mortgage ques
I called up one time thinking what have I to lose ? But we had no equity in the house, and even though the interest rate they could have lowered it, we would have end up paying more because the PMI rates are higher than what is was 4@ yrs ago when we purchased. I still get them In the mail probably once a month but I know it's not feasible. It all depends what you owe, the value of your home, current interest rate etc...
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| Posted 9/15/14 9:40 PM |
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Mortgage ques
I guess Ill call and see if its possible! Thanks!
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| Posted 9/18/14 2:02 PM |
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