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Peggy Said:

does anyone know where you can obtain a Home Mortgage refinance while in a Chapter 13 Bankruptcy?

We Answered:

you would need to have no credit lates in the last 12months to do FHA.....

FHA also allows chapter 13buyouts

Samuel Said:

How low should the interest rate be so that refinance home mortgage will be worth my while?

We Answered:

Emma without knowing the following, there is no way any of us can give you a realistic answer:

1. current interest rate
2. prepayment penalites, if any
3. how long ago was the mortgage originated and did you pay points
4. current costs for re-fi: appraisal fee, loan document fee, credit report fee, points etc.
5. balance you are trying to re-fi

You have not given us near the info needed to give you a good answer

Sylvia Said:

what's the current minumum fico score for doing a stated home mortgage refinance deal?

We Answered:

at my brokerage we can currently do 70% LTV with a minimum of a 680 score. i don't know what that guy was talking about income for, the whole purpose of a stated loan is for people who don't have enough income. if your score is over 700 however we can go higher on the LTV

Crystal Said:

My 5/1 arm will reset in 18 months, should I refinance home mortgage now, or wait for few more months?

We Answered:

DeeDee, what does your mortgage indicate? Is there a pre-payment or other penalty? Has your homes value decreased? Do you have equity in the home.

If your home is in a declining area, your lender may require a 5 percent payment available from the equity of your home. (95 percent LTV)

I would check all your paperwork and speak to your current mortgage company. None of us know what will happen to interest rates or home values in the next 18 months.

Steven Said:

Refinance home mortgage for negative equity?

We Answered:

You have one option.

First, call your lender(s) and ask to speak to someone in the Loan Modification Department. They should be able to help you get your
rate(s) down.

Please don't fall for any of the Modification scams going on right now. Anything that they say they can do for you you can do as well directly with the Lender.

Godd luck and I hope this helps

Joe Said:

How often can someone refinance a home mortgage?

We Answered:

You can refinance as often as you want - you just have to pay the closing costs every time.

However!

The vast majority of banks will sell the loan again on the secondary market. Therefore, if you refinance, the institution you are trying to get away from may very well become the new owner of the loan again and there would be nothing you could do to stop it!

When a bank does a loan - they are careful about it how it is set up so that it can sell or be "salable". An "unsalable" loan is a big no-no for a bank - they don't want to put out all that money to the individual lender - they just don't have it! Banks want to make their cut on the loan and hand it off to one of the big banks in the country that CAN shell out all the necessary capital to a consumer.

Their are some banks that don't resell loans. Very few though. You could find one of them and see if they would offer you a better deal.

Another thing - your loan might be sold again on the secondary market - so maybe it won't be so bad in the future?