Posted on: 20th Jul, 2009 09:44 am
I purchase my (CA) home in february 2008 Castle and Cooke mortgage LLC finance my loan I put 5% down. I have a conventional loan @ 6.250% I think 30yeas fix Interest Rate. For some reason (their mistake) they could not sell my loan to a bank because I'm still sending my payments to Castle & Cooke.(little background) My questions is my income is declining and I called my mortgage company and they told me to call my local Castle & Cooke Motgage which is the same loan officer who help me with the loan. How is this going to work because there is no bank in the middle. What are the chances of this working to lower my payments?
it is really a wish every body is making these days.
you can apply for loan modification. but since you have stated 18 months back & interest rate is already as per industry standard. i don't think it will be benfitital for you. general rule of thum is 2% reduction in interest rate.
you can apply for loan modification. but since you have stated 18 months back & interest rate is already as per industry standard. i don't think it will be benfitital for you. general rule of thum is 2% reduction in interest rate.
what else can i do. i don't want to loose my house.
well my payment is 2800 and like i said my income is declining if the 2 % wroks this will bring my payment to what?
it will be 2250 approx for 30 yrs. but i do not think one will offer you @ 4.25
apart from this you need to pay some amount as refinance fee.
apart from this you need to pay some amount as refinance fee.
I'M ok with the refinance fee is a one time fee longest they work with me.
Do you think is possible to get rid of the PMI. I can probably afford a mortgage between 1500 - 2000. Oh and one thing i didn't mention. I know that they are going to ask me for bank statements i'm now down to 4,000.00 monthly income but my 8 year boyfriend is in the bank account with me how is this going to play a roll he is no longer putting his money in there. thank you.
Do you think is possible to get rid of the PMI. I can probably afford a mortgage between 1500 - 2000. Oh and one thing i didn't mention. I know that they are going to ask me for bank statements i'm now down to 4,000.00 monthly income but my 8 year boyfriend is in the bank account with me how is this going to play a roll he is no longer putting his money in there. thank you.
loan modification will be better option.
I think you have to talk with lender.
I think you have to talk with lender.