Posted on: 04th Jan, 2008 10:15 am
i bought a vacation property in florida 3 years ago. in between the time i qualified for the loan and closed, i inquired about buying a 2nd property. the bak qualified me saying since the loan does not appear, even though i told them. i purchased the second property as well. since this was a 3 year note, i need to refinance and they are jacking my rates, where i cannot meet the payments. did the bank anything illegal allowing this loan to me originally? what would be my best course of action, foreclosure?
Hi,
Welcome to Mortgagefit discussion board.
You want to refinance; that is okay. It is not that you have to refinance with your current lender only. If you shop for lenders you can get a lender who may offer you better term and rates.
Regarding foreclosure, better avoid foreclosure. No lenders even want foreclosure. Foreclosure will have negative effects on your credit and help you in no way. You can consider some repayment plans to avoid it.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
You want to refinance; that is okay. It is not that you have to refinance with your current lender only. If you shop for lenders you can get a lender who may offer you better term and rates.
Regarding foreclosure, better avoid foreclosure. No lenders even want foreclosure. Foreclosure will have negative effects on your credit and help you in no way. You can consider some repayment plans to avoid it.
Do let me know if you have any other questions.
Thanks
Blue
If your payment history is still good you might want to take a look at refinancing. As of right now the 30 year fixed rate is about 5.50 with zero points.
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