iluvnwblueskies asked:


My husband and I have divorced. We have agreed that he will remain in our home, refinancing; paying off the existing loan and buying me out with 50% of the equity. To start with the independent appraisal seems low and he is asking that I pay 50% of the closing cost to refinance. He is the one keeping the home, should I be required to pay 50% of the closing cost, my ’share’ being a few thousand dollars?

Jayla

serialmom12 asked:


Writing to their CEO has not helped. They adveritise “no closing costs” and when I went to refinance they tacked on 25,500.00 in closing costs!! I’m a current customer of theirs so if anything you’d think I’d get better not worse treatment than a new customer. Any information would help. I tried filing a complaint with the Better Business Bureau, but they don’t handl this type of complaint.

Addison

Loadbetty asked:


I’ve had great luck with a 1 yr ARM’s - it’s served me very well for the last several years - I’m with a bank that doesn’t sell your paper which is also nice - I’ve refinanced in the middle of the year term twice with no problems - At $250 total closing costs, I make up the money within 2 mos. I only refinance when the rate is a full point or more less…they are now putting me off and “refusing” to allow me to refinance - the only reason given is “they don’t want to, and the 1 yr ARM’s are only for “new” money” This is a load of crap and I know it - NOWHERE in my contract does it say that I can’t refinance either to another 1 yr ARM or a 30 yr fixed at no charge - ANY time I want - they are crossing their arms and holding their breath and refusing. I’m not going to let them get away with it that’s for sure - what is the best course of action? My calls and personal visits are obviously not working. Is there anything else I can do short of a lawyer?? Thanks!
You’re right Enoriver - except, they solicited me to get into a not so good deal (5 yr balloon), when I asked all my options, one of them was another refi of my 1 yr ARM - now they don’t want to do it because they aren’t going to make enough money from it - they would have a hard time dumping me I think - excellent credit, never late - especially now that the focus has been on the scumbags of the mortgage industry - you’re probably right - just think they have to provide me a better answer than “I don’t wanna.” Thanks for your answer.

Jacob

Boomer asked:


Instead of bailing out the large banks who caused this mess I have a real solution.

Freeze all foreclosures. Legislate that the money that would otherwise go to a “bailout” to banks, be given to the lending institutions that the foreclosing property owners owe in back payments to make them current, so they can start from scratch. Do not include mortgage brokers but the direct banks involved, so there are no closing costs, title searches or that litany of costs typically incurred in refinancing.

Restructure the loans for 40 or 50 years if necessary so that the new payments will be lowered (yes people will die before it is paid, but leave that to the heirs to decide to keep the property and continue payments or sell it).

Provide the lowest possible interest rate at .01% above the cost of the bank loan based upon the wholesale interest rate. Prevent the selling of any loan on the secondary market to any institution that is not solvent to again prevent another disaster. This way, people get to keep their home, lower their payment and the bank still gets its cash flow that they need to stay in business.

Then, legislate that the negative credit reports of these distressed homeowners be erased; with the stipulation that it only include home mortgages; not credit cards or any other kind of debt.

Finally, if all else fails, repeal the Bush bankruptcy code so that individuals can claim bankruptcy if they must, and make it so that one does not have to hire a lawyer (which they cannot afford) in order for it to be discharged. It’s easy for a big bank to do it, so why shouldn’t it be easy for me?
My plan does limit compensation to CEO’s. The reason I place the money toward the distressed homeowners is because it would be less expensive than $700 billion. If we “bailed out” these predatory lenders, it would send a signal that we will do it again.

The people who received these loans are not at fault. The banks told them (ME) that they qualified and that they would refinance these loans later, “No problem” they said. Then when it came time to do that, the banks said, “You don’t qualify”. My three year ARM was ABOVE prime rate at 6.76% to adjust to 8.9% in 3 years. Didn’t tell me that I couldn’t refinance before that without paying a $4000 penalty. These were predatory loans that consumers knew nothing about. Why would a bank lend me money if they KNEW couldn’t be paid back? I paid my loan on time every month + $50. Then tell me that I don’t qualify for a new loan? Because I put 30% down and they wanted my house to sell for a profit.

Aidan

Sung A asked:


Hello
I am living in Virginia. Year 2008 I purchased a house ($300,000.00)-Lender was BB&T Bank. Couple months later I decided to build my dream house. I contacted BB&T Bank (same lender) loan officer to apply for the construction loan. I wanted have $500K for C.L. At the settlement I found something that Bank approved $800K and paid off my existing loan of $300k and gave me $500k.I asked loan officer that why he applied $800k instead of $500k. I wanted have just $500k for C.L. It looked like they refinanced existing mortgage and gave me a C.L. which I didn’t request. He answered that to apply for the construction loan, lender must to close existing loan first (refinance) and approve C.L.
I had no choice but to trust him.
I don’t know. Is this right way to do it? Was he right about that?
*I believe I paid more money (closing cost) because of the volume of the loan.

Thanks.
I want to tell you more detail about this.
Let’s say that 123 Bank Rd. is my address.I paid $300k for old and small house.I decided to demo the house and build new house on same site.
My plan was to keep the existing mortgage ($300) and open C.L. separately ($500K). (Such as a home equity) When I contacted loan officer he told me that’s possible.
At the settlement table I found that-(History-BBank approved $300K.Couple months later I applied construction loan to B Bank $500K and try to keep existing mortgage $300K. Bank loan officer said OK!.)-Bank created $800K instead of $500K construction loan. They paid off existing $300K(same Bank)mortgage and opened $500k as a construction loan. At the end I borrowed same amount money($800K).That is true. But my point was that because of they created bigger loan I think I paid more money at the settlement(May be loan officer made more commission. I don’t know.)
This is just my opinion.I d’t have financial problem D worry ABT Taxmoney Thanks
P.S. CJKatl I think you right .We all have a choice. May be I was lazy. But at the settlement table, loan officer and title attorney told me that this is the right way to do it. What choice did I have? I still trust them but I want hear from somebody. That’s all.
Don’t worry I don’t have any financial problem. I agree with you about Tax money, but I don’t need it.
Thanks

Aaliyah

SurajM asked:


Hello,
We have lived in a 197K home for 21/2 yrs on a 5yr.ARM loan (rate 5.625%; 192K left). The house is valued at 216K now and I am just shopping to get a ‘fixed’ rate. While most offers (via lowermybills.com) included a heavy premium payment, my current lender offered a no closing cost 2 loan option (172K @5.87% and 21k@ 7.5%) which does not reduce my monthly payment at all but there are no ‘other fees’. That is for about $200.00 I could have the anxiety of having an ARM off of me!

I guess the closing costs, pre-paids, settlement charges etc are included in the 2nd mortgage and I was urged to pay it off ASAP to reduce the monthly payment significantly!

The Question is- IS this worth it?

Thanks

-Sm

Dominic

newpoint60618 asked:


OK, are these numbers too high, or am I just being overly cautious. My current loan is at 6.375% and has a balance of $97,5000. My mortgage company is offering me a new 30 year loan at 5.5% (or lower), but the new loan would be for $103K. They are telling me the closing costs are going to be around $3,900 with and additional $1800 in FHA fees. Is this right?

Kyle

megan_79 asked:


We got into an ARM 3 years ago. We have two loans. $120,000 and $30,000. Both are no interest. We have negative equity in the house because we live in MIchigan and the housing market is plunging. Also, our ARM is about to adjust and will raise our payment $350 a month now, and again in January. We can’t afford that. We tried putting our house on the market for even less than what we owed to get out from underneath it. It was on the market for a year and we had no bites. We are OK right now, but when this thing adjusts, we’re not going to be O.K. We are trying to do the right thing, but not sure what that is. We also tried to refinance, but we need to spend $12,000 to do that because of closing costs and negative equity. We can’t afford to stay here, and we can’t leave because we can’t sell our home. We can’t do a short sale because we are not in foreclosure. We feel stuck. Does anyone have any ideas?
I meant interest only, not no interest. We can’t sell the house for market value. We tried to sell it below market value and couldn’t….no one is buying in Michigan right now. We’d have to sell the house for $100,000 - $50,000 less than what we owe for it to sell it.

Amber

kankarnearnas asked:


Hello mtg. gurus. What would you suggest in the way of reduced closing costs and APR? What can I do to get a great mtg? I have found a way to get rid of FHA financing on my mtg. Are there any other things?

Natalia

marie76444 asked:


My husband and I are trying to refinance our home. We have been here for a year now. Right now we have ARM rate at 11.4%. My lender called me today and said they can get us a fixed rate at 7.5% with all the closing cost “rolled over” into the loan. And all we have to pay at closing is $76.00. She said our house payments would go from 786.13 to 846.00/month. Or they could go down just a bit not a tremendous amount. Is this good? We have no idea about any of this stuff. I know we can swing the extra if our house payments did go up! She said she would over night the paperwork to us we sign and copy a few things and then we can get it rolling. Does this mean its a gareentee that we are gonna be able to refinance? Thanks in advance!!

Leah