Posted on: 31st Jul, 2012 04:02 pm
i am underwater like most people but have a company called cross country mortgage that can refinance my 80% loan without me bringing closing costs to the table and giving me a better interest rate to reduce my 1st mortgage payment. how do i know if this is not a scam and on the up and up? who could look at this paperwork without costing me a fortune to see if its right?
Hello confused,
Some scammers have seized on this to offer - for a fee - reverse mortgage information and services that are available to consumers at no charge.
:idea:
Some scammers have seized on this to offer - for a fee - reverse mortgage information and services that are available to consumers at no charge.
:idea:
Hi Guest,
You should yourself read through the documents given to you by the lender and check out for loopholes. If you have any doubts, you should immediately clarify with the lender. Apart from that, you can show the documents to a real estate attorney and take his opinion in this regard.
You should yourself read through the documents given to you by the lender and check out for loopholes. If you have any doubts, you should immediately clarify with the lender. Apart from that, you can show the documents to a real estate attorney and take his opinion in this regard.
With interest rates at historic lows, there are deals out there. Some companies will add your closing costs to the loan principal so you have no upfront costs. You can pay a real estate attorney for one hour to review your documents.
Why would you refer to that as a mortgage scam? Sounds like a good solution to me. If you're concerned, have a Real Estate Attorney, or another Loan Officer, review the paperwork for you.
How do you know yo Only a valid appraisal will tell you but the cost of admission is likely in the $350-$400 range. Not worth paying if you certain you are upside down.
Do you even care if your payment is going down FIGURED ON AN EQUAL REMAINING TERM BASIS. Are you recycling back to your initial mortgage term (e.g. back to 30 years when you have 24 years left to pay) or, worse yet, extending the term beyond that of your original mortgage (e.g. replacing a 15-year mortgage with a 30-year). Desperation moves but could fit in your situation. Just make certain you know what you are doin yourself.
CASH closing costs may beeither through including them in the loan balance or accepting a higher interest rate. The latter will be clearly outlined in the Good Fair Estimate which you will receive. The 80% pitch is basically to protect the company. Person contacting you can have only an imperfect questimate before an appraisal what your property is worth. Likely there were similar caveats on credit score, etc.
The APR given on what I assume is their website
Do you even care if your payment is going down FIGURED ON AN EQUAL REMAINING TERM BASIS. Are you recycling back to your initial mortgage term (e.g. back to 30 years when you have 24 years left to pay) or, worse yet, extending the term beyond that of your original mortgage (e.g. replacing a 15-year mortgage with a 30-year). Desperation moves but could fit in your situation. Just make certain you know what you are doin yourself.
CASH closing costs may beeither through including them in the loan balance or accepting a higher interest rate. The latter will be clearly outlined in the Good Fair Estimate which you will receive. The 80% pitch is basically to protect the company. Person contacting you can have only an imperfect questimate before an appraisal what your property is worth. Likely there were similar caveats on credit score, etc.
The APR given on what I assume is their website
Check out whether the company that you are tlking about have the necessary license, accreditation and recognition. Unless you are 100% sure about its genuineness, you should not work with that company.