on June 4, 2011 by in Uncategorized, Comments (2)
Video of does a home modification loan affect my credit
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Mycheal K
January 1, 1970 @ 12:43 am
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Jin H
January 1, 1970 @ 2:31 am
Ok, let me try to answer all of your questions in order.
I’ve been in the mortgage industry for 10 years now and currently work for B of A. Here’s what I think.
As for applying for a loan modification, it won’t impact your credit as long as you’re not late on your payments. On the flip side, I heard that banks won’t take you seriously unless you ARE late on your mortgage.
As for your refi option, rather than refinancing it into a FHA loan which you’ll have to pay monthly mortgage insurance payment which will add couple of hundred dollars to your monthly payment, why don’t you call B of A and see if you qualify for a MHA plan? (Making Home Affordable). As long as your loan is currently with B of A or formerly CW and the investor is Fannie or Freddie (you just give them your loan # and they’ll punch it in to see if your loan is eligible), you can refinance your 1st mortgage up to 105% of the value and subordinate your 2nd loan. You can’t wrap 1st and 2nd under this plan, just the 1st and you have to keep the 2nd as it is. If the system shows you as being eligible, it’s a streamline refi so really, it’s almost stated income, stated assets. Even if they do ask for income/asset verification, your debt to income ratio can exceed 100% which is insane. So, if you’re considering refinancing, don’t do FHA. Consider MHA first.
As to your question on whether you shoud refi when you have 2 years left, that depends on if you think you’ll keep this house for a while. Be honest. If you’re that upside down and you’re already facing difficulty, are you really willing to keep making these payments and wait for the market to go back up? It will take a LONG time to go back to what it was in 2007. Some say 10 years.
Finally, you can not refi your 2nd. No lender will refi an equity line these days, especially if you’re that upside down. In CA, generally, they will only loan you money if TOTAL combined loan to value (including 1st and the new 2nd) is less than 60%. You’re way over 100% so there’s no way to get around that issue, period.
By the way, I don’t know if FHA will let you refinance the 1st loan if your total combined loan to value (1st and 2nd) is way above 100%. I really don’t think so.
If your 1st motrgage rate is 5.75%, you should definitely look into MHA. These days (and rates went up a LOT in the last 2 weeks), you should be able to get 4.875% to 5.25% range. Don’t call one of our 1-800 call centers though. they suck. But call a local branch where you can actually see and talk to them. And always negotiate! They’re always up to negotiate.
Final note, I would first find out what MHA loan offers for you and if you’re eligible. If not, then, try the loan modification. It doesn’t hurt. I just called our modification department today for a client in the same situation and was told that it’s a 120 day process and they do it over the phone so have your tax returns for the last 2 years, your current income, monthly expenses ready to give them. then, continuously follow up.
good luck!
ps/ if you do decide to let go of the house, do a short sale, don’t foreclose. That’ll impact your scores more significantly than a short sale.