Posted on: 27th Oct, 2008 07:50 am
Hello all,
I have read a lot of posts about people in hardship, under 729k refi's, etc etc.
My situation is a little different and I was looking for some good advice on what to do. I'm currently a little over 2 years in an ARM loan that just adjusted up a couple months ago. It will now adjust every six months. This loan was crap to begin with at 8% but I (like most) was eager to get into a property during the boom! My payments started out at $7900 and are now adjusted to $8900 at 9.125 %.
I put 100k down on my home purchase price of 1.05mil. My loan currently sits at 927k bal. Properties haven't decreased as much as others in my area so I'm probably right at loan to value.
Problem #1 is, I'm self employed. I show major losses thru my company for tax purposes so on paper....I should be living in a cardboard box. My personal account balances are kept extremely low and I dont really have the documentation to refi.
Problem #2 is, I have no late payments to show hardship and am afraid to try loan mod when in the end, the lender will see that I can pay my mortgage without a problem thru my company account (as Ive been doing).
Problem #3 is, my loan is over the 729k (soon 629k) cutoff!
Does anybody have any advice for someone in my situation?
TIA
I have read a lot of posts about people in hardship, under 729k refi's, etc etc.
My situation is a little different and I was looking for some good advice on what to do. I'm currently a little over 2 years in an ARM loan that just adjusted up a couple months ago. It will now adjust every six months. This loan was crap to begin with at 8% but I (like most) was eager to get into a property during the boom! My payments started out at $7900 and are now adjusted to $8900 at 9.125 %.
I put 100k down on my home purchase price of 1.05mil. My loan currently sits at 927k bal. Properties haven't decreased as much as others in my area so I'm probably right at loan to value.
Problem #1 is, I'm self employed. I show major losses thru my company for tax purposes so on paper....I should be living in a cardboard box. My personal account balances are kept extremely low and I dont really have the documentation to refi.
Problem #2 is, I have no late payments to show hardship and am afraid to try loan mod when in the end, the lender will see that I can pay my mortgage without a problem thru my company account (as Ive been doing).
Problem #3 is, my loan is over the 729k (soon 629k) cutoff!
Does anybody have any advice for someone in my situation?
TIA
hi oofreakoo!
there are some lenders who offer no doc mortgage refinance loans or low document refinance loans. the lenders have different steps to check whether you will qualify for them or not. it will be better if you can consult your lender on this regard or other lenders for the same. this will help you to get an idea about the market. if things go in your favor, you can apply for these no-doc loans or low-doc loans.
thanks.
there are some lenders who offer no doc mortgage refinance loans or low document refinance loans. the lenders have different steps to check whether you will qualify for them or not. it will be better if you can consult your lender on this regard or other lenders for the same. this will help you to get an idea about the market. if things go in your favor, you can apply for these no-doc loans or low-doc loans.
thanks.
Thanks,
Can anybody provide me with a no/low doc lender?
Can anybody provide me with a no/low doc lender?
Hi Guest!
This community has a large number of lenders. You can have a word with them regarding no doc loans and check if you can get it or not. I would suggest you should go for a no-obligation free mortgage quote.
Thanks,
Jerry
This community has a large number of lenders. You can have a word with them regarding no doc loans and check if you can get it or not. I would suggest you should go for a no-obligation free mortgage quote.
Thanks,
Jerry
No Doc does not exist not sure where everyone is getting their info?
