Posted on: 21st Oct, 2009 12:46 pm
hi all,
I have a 2nd mortgage loan with a big bank but they did not want to help me lower the rate because my 1st loan rejected my loan modification.
I want to get a 15 years loan with lower rate to pay off my 2nd mortgage but not sure any bank or mortgage company can help me with that.
Any suggestions are welcome. thanks so much for the help.
I have a 2nd mortgage loan with a big bank but they did not want to help me lower the rate because my 1st loan rejected my loan modification.
I want to get a 15 years loan with lower rate to pay off my 2nd mortgage but not sure any bank or mortgage company can help me with that.
Any suggestions are welcome. thanks so much for the help.
hello kitty,
what was the problem with your inital lender? was the issue to do with your income or perhaps you hava bad credit history?
it sounds like you're really trying to refinance - get a new loan on a lower rate in place of your old one - is this the case?
if you're looking to mod your loan however this is a different endeavour. there are plenty of places that will help with both refinancing and modifying your loans - free quotes and assesments are available online for this - but to get a better idea of what your best option is we'd need a bit more info on your situation.
what was the problem with your inital lender? was the issue to do with your income or perhaps you hava bad credit history?
it sounds like you're really trying to refinance - get a new loan on a lower rate in place of your old one - is this the case?
if you're looking to mod your loan however this is a different endeavour. there are plenty of places that will help with both refinancing and modifying your loans - free quotes and assesments are available online for this - but to get a better idea of what your best option is we'd need a bit more info on your situation.
Hi kitty!
Welcome to forums!
Have you already defaulted on your mortgage payments? If not, then you may try for a refinance. You can refinance both the loans into one. Thus, your interest rate would be reduced and you would also have to pay off only one loan rather than paying off both. However, you should have equity in the property in order to refinance the loan.
You can check out with your current lender for a refinance or contact other lenders as well. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will let you know whether or not you would get a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Have you already defaulted on your mortgage payments? If not, then you may try for a refinance. You can refinance both the loans into one. Thus, your interest rate would be reduced and you would also have to pay off only one loan rather than paying off both. However, you should have equity in the property in order to refinance the loan.
You can check out with your current lender for a refinance or contact other lenders as well. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will let you know whether or not you would get a loan.
Feel free to ask if you've further queries.
Sussane
Dear all,
Let's me briefly explain my loan situation. Unfortunately my 1st loan with Indymac and they did not offer to help me at all. I requested for loan modification but they refused me because I am current on my payment. I waste so much time wait for their respond and I just got the answer few weeks ago.
My 2nd loan is with Citi bank and they also rejected me because Indymac rejected my modification. They will only lower the rate if my 1st loan approved the modification. I am stuck with two stupid banks.
My house value is upside down and I cannot combine two loans event I would like to. I checked around few big banks, their rate and point are high. I also find out if I refinance under the Oblama making home affordable refinance, I have to include my tax and insurance to my loan which I don't like it. I found Mortgage Capital and start the application with them, and I found out a lot of complains about this company. I don't think I want to jump into another mess.
I want to get a 15 years loan with lower rate to pay off my 2nd loan. This way I can pay less each month.
any one know of a good mortgage company or bank can offer with good service?
Pls let me know and thanks for yr help.
Let's me briefly explain my loan situation. Unfortunately my 1st loan with Indymac and they did not offer to help me at all. I requested for loan modification but they refused me because I am current on my payment. I waste so much time wait for their respond and I just got the answer few weeks ago.
My 2nd loan is with Citi bank and they also rejected me because Indymac rejected my modification. They will only lower the rate if my 1st loan approved the modification. I am stuck with two stupid banks.
My house value is upside down and I cannot combine two loans event I would like to. I checked around few big banks, their rate and point are high. I also find out if I refinance under the Oblama making home affordable refinance, I have to include my tax and insurance to my loan which I don't like it. I found Mortgage Capital and start the application with them, and I found out a lot of complains about this company. I don't think I want to jump into another mess.
I want to get a 15 years loan with lower rate to pay off my 2nd loan. This way I can pay less each month.
any one know of a good mortgage company or bank can offer with good service?
Pls let me know and thanks for yr help.
Hi Kitty,
It's not mandatory for a borrower to be delinquent on mortgage payments in order to get a loan modification. You should try and negotiate with your first lender so that you get the modification. Also, as Sussane has suggested, you can go for a consultation with the lenders of this community and check out if you can refinance the loan.
It's not mandatory for a borrower to be delinquent on mortgage payments in order to get a loan modification. You should try and negotiate with your first lender so that you get the modification. Also, as Sussane has suggested, you can go for a consultation with the lenders of this community and check out if you can refinance the loan.