Refinancing or Loan

[samirachocolate]

Hi,

I am sorry if this duplicate thread.

I am in very hard  time and Bank of America won't work with me.

 I have 7.25 % interest only  loan , and  14% interest only loan on the house that I bought in 2006. I have tried to every thing with them , but the just keep denying me every time for the last three years

Last time I was denied because the said my investors don't do Home Modification Loans. I just don't want to loose my house I have 2 kids both loan still current I have not miss one payment and that another reason why the won't modify my loan because I am current.

My question is Can I qualify for refinancing , or a new home loan if i want to sell my house and buy new one, but the only problem that I have account on my credit report that got charged off and now that account sold to collection agency and they are trying to collect ? 

How about co-sign if I need one ?

Thanks for all you help

[DallasLoanGuy]

if you have ontime mortgage payments.... you can likely get a loan if there isnt a lot of bad stuff.

i wouldn't sweat the one collection.

do you know your scores?

[HoldingOntoHope]

Since you mentioned that your current loans are interest only it would help if you knew the total due on both loans and the approximate value that your home would currently appraise for. I say this because a few of my friends who thought that they had loans where they were paying the interest were in negative amortization type loans where the loan balance was actually increasing.

I hope for your sake that you can refinance those loans because those are crazy high interest rates in comparison to today's offerings.

[samirachocolate]

I do not have any thing us beside the charge off and was sold to collection who is reporting on my credit report evry thing us it good.

any body knows some good lenders out there I can work with ?

Thanks so much

[ShanetheMortgageMan]

Have you tried refinancing with Bank of America?  It sounds to me like you've just tried to do loan modifications.

How much do you owe on the 1st & 2nd mortgage, and how much do you think your home's value is?

[samirachocolate]

First I just want to say thanks

I did try to refinance with them, but I got denied and that it was about my be year and half ago.I just don't want to try with them any more.

I owe on the 1st about 133.000 and 2nd about 31.000.

I do not know how much my house it worth. I can't afford the appraisal, but I think 160.000 or more.

I am tired dealing with my bank they just don't want help and it putting to much stress on my family.

Thanks

[ShanetheMortgageMan]

There could've been a lot of reasons you were denied - and it was also 1.5 years ago, so whatever the reasons were (it may have been because your credit score or credit history wasn't good enough) could be OK now.  I know how it is though, you try to make things work with your existing lender and when they aren't being very helpful you just don't want to deal with them anymore.

The amount you owe on the 1st & 2nd mortgage is more than what you think your homes value could be.  You don't need to pay for an appraisal to get a good idea of what your home would appraise for.  You can use online websites like http://www.zillow.com/ or http://www.trulia.com/ that will estimate what your home's value is.  It's not official, and sometimes it's not even accurate... but it is free.  Another way would be to contact the real estate agent who helped you buy the home, and ask them to run a Comparative Market Analysis (CMA) on your home.  A CMA will use recently closed sales and can estimate your home's value better than those two websites I previously mentioned.  CMA's are also free.  

Is your 1st mortgage owned by Fannie Mae or Freddie Mac?  You can check the links at the website http://www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx to see if it is.  If it is owned by one of them, and it says you are eligible for the Making Home Affordable loan program, then even if you don't have any equity in your home, you would have some options to refinance your 1st mortgage (the 2nd mortgage can't be refinanced with that program though)... and often an appraisal isn't even needed for that type of refinance.

[DallasLoanGuy]

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@ShanetheMortgageMan wrote:

Is your 1st mortgage owned by Fannie Mae or Freddie Mac?  You can check the links at the website http://www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx to see if it is.  If it is owned by one of them, and it says you are eligible for the Making Home Affordable loan program, then even if you don't have any equity in your home, you would have some options to refinance your 1st mortgage (the 2nd mortgage can't be refinanced with that program though)... and often an appraisal isn't even needed for that type of refinance.

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this will be your best bet

[MovingForward_2012]

Did BofA provide a reason why you were denied? If so, please share. I am hoping it wasn't because your DTI was too high. Do you have an idea of your DTI?

I agree the Making Home Affordable is your best bet if you meet the prerequisites.

[samirachocolate]

I just send email to the lady who help me to buy the house asking her for Comparative Market Analysis (CMA) on my home. My loan their not with Fannies MAE or freed Mac.

I believe my loans wit investor going by name name IMPACT  witch they don't do modification by it service with Bank of A America that what they told me.

I don't remember why I was denied it was so many reason every time that I stopped looking why.

Right now I am working on some other Modification with Bank of A America again,and again, and trying to send my document again and again my be thousand time like they want.

I realy don't know what to do next.

Thanks