Posted on: 20th Mar, 2012 04:17 pm
i have perfect credit, never missed a payment, yet lost my job more than a year ago and want to refinance to a lower interest rate. (bought the home in april 2010). local lenders said i didn't have enough income...unless i defaulted on two payments, then i could qualify for some type...not willing to do that. i receive approx. $34k/year in workers comp and take home about $12k from side work. wife will take home around 20k in 2012. any ideas?
There are multiple ways to refinance a loan. Most of the time a person would call their institution and make the request. This might come with a fee. Another way is to seek out a different institution with a better rate and term. Do your homework before approaching institutions.
:idea:
:idea:
Hi snakedoc,
As you don't have a job, you won't be able to refinance the mortgage. Unless you can show some kind of income, lenders won't be ready to refinance your home loan. However, your wife can contact the lender and apply for a refinance if she has the required score and income.
Thanks
As you don't have a job, you won't be able to refinance the mortgage. Unless you can show some kind of income, lenders won't be ready to refinance your home loan. However, your wife can contact the lender and apply for a refinance if she has the required score and income.
Thanks
Really all I'm looking for is a lower rate. Just wondering if there are any "obama" programs that could help someone in my situation. Seems all the programs I've come across are for those who are delinquent in their payments.
Where's the help for those of us who drain our bank accounts before defaulting?
Where's the help for those of us who drain our bank accounts before defaulting?
Hi snakedoc!
Welcome to forums!
You can check out the given page and find out if you can qualify for HARP: http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx . This program can be of help to you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can check out the given page and find out if you can qualify for HARP: http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx . This program can be of help to you.
Feel free to ask if you've further queries.
Sussane
Apply for a Fannie Mae refinance plus, or Refi Plus, loan. Low-income families may benefit from the Refi Plus option if they owe more than their home is worth. Ask your lender if your loan is backed by Fannie Mae. If so, you can apply for this option, allowing you to refinance up to 125 percent of the home's value
It may be difficult for you to become eligible for mortgage refinance since you do not have the proofs of employment. However, your wife may be eligible for the loan. You can also find out mortgage refinancing loans aimed at the low-income families.