Posted on: 19th Jun, 2008 02:03 am
i have a 5 year interest only arm at 5.5% for the first mortgage of $452,000. the arm will adjust in 10/2009. second mortgage $59,000. when the arm adjusts we will have difficulty with the payments. we have made payments on time and have not miss one yet. the value of our home listed on zillow.com is $551,000.
should i try to renegotiate the terms with the lender or should i try to get a refinance to another 5 year arm. does the lender charge you closing cost and fees for renegotiating the terms? what is the benefit of one over the other. any advice would be greatly appreciated.
thanks
f
should i try to renegotiate the terms with the lender or should i try to get a refinance to another 5 year arm. does the lender charge you closing cost and fees for renegotiating the terms? what is the benefit of one over the other. any advice would be greatly appreciated.
thanks
f
yes, i am trying to workout new terms with my existing lender. my arm will adjust in 9/2009. i just call my existing lender and they are not willing to negotiate the terms of my loan until 3 months before my arm adjusts. they said i have to wait until i get my conversion letter (which is 3 months before my rate adjusts) before they will talk to me about negotiating new terms for my existing loan. i know that when my arm adjusts the payments will be too high and we will not be able to make it so i want to do something now. i am concern that value of our house will drop below my loan amounts and then we will not be able to refinance with another lender. also i did not want to cut it that close time wise.
at this point i am not sure whether i should just refinance with another lender or wait until i get the conversion letter in 9 months from my existing lender and then see what they are willing to offer in terms of changing the terms of my loan. i was hoping to avoid the closing cost of refinance with another lender. how much do i really save from working out terms with my existing lender vs refinance with another lender?
is there anything i can do to get my existing lender to negotiate with me now. any sugguestion or advice would be appreciated.
thanks
f
at this point i am not sure whether i should just refinance with another lender or wait until i get the conversion letter in 9 months from my existing lender and then see what they are willing to offer in terms of changing the terms of my loan. i was hoping to avoid the closing cost of refinance with another lender. how much do i really save from working out terms with my existing lender vs refinance with another lender?
is there anything i can do to get my existing lender to negotiate with me now. any sugguestion or advice would be appreciated.
thanks
f
ha ha very funny larry! :lol:
f_s_hong did you speak with a supervisor?
what we have found is that many times the first person to answer the phone is just reading from a script of answers they are supposed to give. tell them that you want to speak with a supervisor in either the “home retention or loss mitigation department. even better when you call in first get transferred to one of these departments then insist on speaking with a supervisor.
f_s_hong did you speak with a supervisor?
what we have found is that many times the first person to answer the phone is just reading from a script of answers they are supposed to give. tell them that you want to speak with a supervisor in either the “home retention or loss mitigation department. even better when you call in first get transferred to one of these departments then insist on speaking with a supervisor.
Post Your Comment