How do I carry my guard to lower my mortgage rate so don't lose it?
Help!! We are losing our house to forclosure all because our mortgage company CITIFINANCIAL won't work with us.
We've have our home for 5 years. Our credit was not all that devout so we had to accept a elevated interest rate of over 10%. They told us that if we made our payment for at least 12 months that they would pass us the going rate at that time. Well we did it for 31/2 years. After the first year my husband was on the phone with them at tiniest once a week trying to get them to lower our interest rate. They said sorry we cant do that. Well needless to voice all other bills suffered because of the over $2000.00 payment for a $198,000.00 home kill us for those 3 1/2 years. All our bills suffered until we had to catch up on everyting else. That started putting our house allowance on hold for months at a time until we fell so far behind that there be nothing we could do to catch up.
All they have to do was lower our interest rate to a payment we could afford and within would be no problem. Now i have 3 children and possibly facing losing our home that we put so much pride into.
I am at a loss. I don't know who to talk to or who to nickname.. I feel like near is nothing I could do, the bank doesent want the house I'm sure of that but why not work near us. I don't want to go into Bankrupcy. thats not an option.
If near is anyone that could help us I feel that we are human being FINANCIALLY ABUSED BY THE BANK AND FINANCIALLY RAPED!!
Answers:
Ask to speak to the Loan Mitigation Department. (Don't bother discussion to the Collections department, as all they will do is harass you for a transmittal you can't make.) If the bank have sent you any letters, check to see if they gave you any numbers to the Loan Mitigation Dept. If they haven't, phone call the general Customer Service number, but make it extremely clear you want to speak to the Loan Mitigation Dept. (and not the Collections Dept.)
Banks are more open these days to work beside owners in default. Tell them what money per month you can afford, and if it's realistic in language of an interest rate, ask for them to do a loan modification to the new rate, and take adjectives of the payments you are behind and add those on to the winding up of the loan. Another option is to make the loan a 40-year fixed loan instead of a 30-year.
This will essentially tender you a clean slate. You may need to skimp to foot off your other bills, but work with a credit counselor on those and eventually, beside diligence and hard work on your part, you will know how to get out of this mess.
Good luck. Source(s): Real Estate Investor
The bank will not listen to just one buyer, they hold bigger things to deal with. What you requirement is a loss mitigation team to negotiate these terms on your behalf.
It sounds close to you need a loan modification or a short refinance. My company specializes in both, email me and I will help out you get this done.
cturner(a)shortrefinow.com
The bank never could just up and lower the interest rate, it is a signed and binding contract, you can not alter the jargon of that, or any contract. They meant you could try to refi in the 12 months.
You inevitability to refi now, maybe another ridge, but that is the only style to do it. You have to complete this contract and get a unknown contract.
I love Wells Fargo. They at least would have made sure you buried what you needed to do.
There are various routes you can pilfer you can request from the bank a loss mitigation package and that can sometimes lower your monthly payments interest and sometimes even you loan amount. Other than that nearby are plenty of sites online that can help you with the intact process if you just search surrounded by yahoo "stop foreclosure" or something along those lines. You can also hire a law firm to help you near are many of those online as well. Good luck.
Oh I hate to hear this! What you really should own done was to refinance with a different lender back your house note got losing. As soon as your first year was up & Citi said no- you should have freshly called someone else. They (Citi) obviously didn't want to lose that 10% rate! At this point you are not going to know how to refi- with you being down on things. There are some programs about to come out but no telling when. I would call upon Citi & ask if they can possibly work out something to add the payments that you are behind on to the close of the loan. At least to give you some breathing room. Then once you own 12 months of clean credit you may qualify for an FHA loan (with another lender!) Sorry I can't give you a sleight of hand solution right now. Good luck! Source(s): 22 years mortgage business.
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Where do you have a sneaking suspicion that mortgage rates will be contained by 18 months?
I'll be buying another home in 18 months and I am curious what all you nouns gurus think will happen to the flea market. Do you think banks will be raise rates to recover their...
We've have our home for 5 years. Our credit was not all that devout so we had to accept a elevated interest rate of over 10%. They told us that if we made our payment for at least 12 months that they would pass us the going rate at that time. Well we did it for 31/2 years. After the first year my husband was on the phone with them at tiniest once a week trying to get them to lower our interest rate. They said sorry we cant do that. Well needless to voice all other bills suffered because of the over $2000.00 payment for a $198,000.00 home kill us for those 3 1/2 years. All our bills suffered until we had to catch up on everyting else. That started putting our house allowance on hold for months at a time until we fell so far behind that there be nothing we could do to catch up.
All they have to do was lower our interest rate to a payment we could afford and within would be no problem. Now i have 3 children and possibly facing losing our home that we put so much pride into.
I am at a loss. I don't know who to talk to or who to nickname.. I feel like near is nothing I could do, the bank doesent want the house I'm sure of that but why not work near us. I don't want to go into Bankrupcy. thats not an option.
If near is anyone that could help us I feel that we are human being FINANCIALLY ABUSED BY THE BANK AND FINANCIALLY RAPED!!
Answers:
Ask to speak to the Loan Mitigation Department. (Don't bother discussion to the Collections department, as all they will do is harass you for a transmittal you can't make.) If the bank have sent you any letters, check to see if they gave you any numbers to the Loan Mitigation Dept. If they haven't, phone call the general Customer Service number, but make it extremely clear you want to speak to the Loan Mitigation Dept. (and not the Collections Dept.)
Banks are more open these days to work beside owners in default. Tell them what money per month you can afford, and if it's realistic in language of an interest rate, ask for them to do a loan modification to the new rate, and take adjectives of the payments you are behind and add those on to the winding up of the loan. Another option is to make the loan a 40-year fixed loan instead of a 30-year.
This will essentially tender you a clean slate. You may need to skimp to foot off your other bills, but work with a credit counselor on those and eventually, beside diligence and hard work on your part, you will know how to get out of this mess.
Good luck. Source(s): Real Estate Investor
The bank will not listen to just one buyer, they hold bigger things to deal with. What you requirement is a loss mitigation team to negotiate these terms on your behalf.
It sounds close to you need a loan modification or a short refinance. My company specializes in both, email me and I will help out you get this done.
cturner(a)shortrefinow.com
The bank never could just up and lower the interest rate, it is a signed and binding contract, you can not alter the jargon of that, or any contract. They meant you could try to refi in the 12 months.
You inevitability to refi now, maybe another ridge, but that is the only style to do it. You have to complete this contract and get a unknown contract.
I love Wells Fargo. They at least would have made sure you buried what you needed to do.
There are various routes you can pilfer you can request from the bank a loss mitigation package and that can sometimes lower your monthly payments interest and sometimes even you loan amount. Other than that nearby are plenty of sites online that can help you with the intact process if you just search surrounded by yahoo "stop foreclosure" or something along those lines. You can also hire a law firm to help you near are many of those online as well. Good luck.
Oh I hate to hear this! What you really should own done was to refinance with a different lender back your house note got losing. As soon as your first year was up & Citi said no- you should have freshly called someone else. They (Citi) obviously didn't want to lose that 10% rate! At this point you are not going to know how to refi- with you being down on things. There are some programs about to come out but no telling when. I would call upon Citi & ask if they can possibly work out something to add the payments that you are behind on to the close of the loan. At least to give you some breathing room. Then once you own 12 months of clean credit you may qualify for an FHA loan (with another lender!) Sorry I can't give you a sleight of hand solution right now. Good luck! Source(s): 22 years mortgage business.
Related Questions:
Where do you have a sneaking suspicion that mortgage rates will be contained by 18 months?
I'll be buying another home in 18 months and I am curious what all you nouns gurus think will happen to the flea market. Do you think banks will be raise rates to recover their...