Feb
07
I Have An Arm And Lost My Job 1-year Ago. What Is The Best Way To Approach Refinancing?
ByShould I try to get a streamline refi with my current lender and avoid disclosure of my income loss? Or should I approach the lender as as a hardship case looking to avoid foreclosure. I have not missed any payments.
4 Comments
February 7th, 2010 at 3:39 pm
In the current credit environment all loans will be fully documented (verification of employment, income, current value of the property). If you now have a job with adequate income, and some equity in the house you should get a new fixed rate loan. Either way approach the lender and and start trying to work something out. They do not want to foreclose except as a last resort so they are as motivated as you are to try to work something out. One thing in your favor you are current and that is more than many of the problem loans. DO NOT DELAY talking to the lender.
February 7th, 2010 at 5:11 pm
Ask yourself this question. If somebody in the same situation as you are in approached you and asked you to loan them your hard earned money, would you loan it to them with little if any promise to make good on repayment?
Probably not.
If you’ve been out of work for a year, I’d suggest getting back into the workforce unless you have some other reliable source of income which you haven’t shared with this question.
Good luck.
February 7th, 2010 at 7:35 pm
As long as your credit is strong and you have a good loan to value on your property then a no documentation refinance option is still very much out there. Don’t believe all you hear. Of course, if you tell your bank you have no job and no income then your not going to be able to do anything. So as long as you have the credit and equity you should have no issues with refinancing into a fixed rate. If times are tougher you may want to go with an interest only for 7 t o10 year so you have some flexibility.
February 7th, 2010 at 10:44 pm
Hello Steve P
although I personally do not have the answers for you, I have a twin brother that is in the mortgage industry, they have hundreds of progams to suit just about every case.
My brother Philip is 100% honest, and would never sell a product to suit his needs.
I know they can offer some really good deals, and my brother will give you free advice, without any obligation.
Here is his web site www. our-loan.com
Taking action now, is a sensible move, and I wish you all the very best of luck.
Paul Message.