i need a mortgage modification or refinance badly without closing costs..any suggestions.?

hi guys...

I was just wondering.

I really need a refi badly without any closing costs.. any suggestions?

I tried contacting my mortgage companies for a mortgage modification and both denied me.

I resubmitted, now i'm just waiting to see what happens.

I have a property i purchased at 100% financing for 793k. 6.75 interest only on 635k and 13% interest on 158k.

i have pretty good credit, solid 680. should be nearly 20 points higher within another month or two..

Please let me know if you have any ideas that can help my situation.

7 Answers

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  • 1 decade ago
    Best Answer

    6.75% is actually pretty darn good. I do not think you will get better on that high of a loan, certainly not interest only.

    The 13% is not so hot. I would think you could get a personal loan for less and pay that puppy off.

    Unless you can get an appraisal in for 900k or so you will not be refinancing in todays market.

  • 1 decade ago

    Hello,

    You didn't explain why you need the mortgage modification, so I am going to make the assumption that you can't afford the monthly payment and therefore are hoping to do a modification to lower the payment. Most lenders will deny you if you call their customer service dept, however there are some very good loan modification company's that will represent you and they deal with the loss mitigation department and if you can prove a hardship and the reason why it has become so difficult to pay your mortgage, then they will work with you even if you're not late on your mortgage yet. But you need that professional representation - similar to the situation that you wouldn't go to court on your own. You only have one chance to get a really good aggressive modification and you want to show the lender why it is in their best interest to do the modification and keep you in the house.

    The rate on the 1st isn't extremely high, but they could potentially modify it and the second mortgage could absolutely be lowered. In addition, if you owe more on your house that it is currently worth, they will do a principal reduction as well.

    So you do have options, you just need to seek out the legitimate loan modification company's...but be careful because they are popping up on every corner now...since loan modification is the next greatest trend.

    Hope this helps. Best of luck to you.

  • 1 decade ago

    Hi Remi

    Most people do not have luck when they deal with their lenders on their own. Some stats I heard are 85% unsuccessful. It sounds like you are over the FHA limits and I do not know of lenders doing 100% CLTV refinances.

    I would recommend that you contact Lend Sure, they are the only reputable Loan Modification firm that does not charge upfront fee's. They can most likely get somewhere with your lenders to reduce your rates. It's worth a try and you have nothing to lose but have them try. You can try them at at 888-250-2125 and thart@lendsure.com

    Source(s): www.loanmodificationresources.tk
  • 4 years ago

    Very doubtful. The only time they do this is for drastic situations or if there was a re-negotiating clause in your original loan agreement(yes, these do exist.). An example would be if you were going to default, they might do this to help you to avoid foreclosure. Even though lenders have been known to do this it is very rare and you are most likely going to have to re-fi to get a lower rate.

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  • 1 decade ago

    A few places have no closing cost loans but your equity has to be pretty high.

    You need to find out what your home is worth, nobody would loan more than it is worth and without 20% equity you might have PMI.

  • 1 decade ago

    I locate homeowner who are in trouble and prequalify homeowners just like you for loan modification email me or call my( 800)793-8402 your call will be return

    Source(s): ownersnforclosure.com
  • Anonymous
    1 decade ago

    Check out these forums to see if anyone has some leads for you:

    http://www.loansafe.org/forum

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