Home Refinance

Question: Husband's co worker cannot get his home refinanced--check this out!?

(Posted by: Magic 8 Ball Bottom Contributor on 2009-03-05 10:35:56)

So my husband's co worker tried to get his house refinanced. He called the bank, and the man he spoke to said that there was nothing the bank could do for him BECAUSE HE MAKES HIS PAYMENTS ON TIME. He was told that if he didn't pay for two months, then he could call back and they could get him refinanced and that it would knock his payments down by about $400 a month. Has anyone else ever encountered this- - the hard working on time payers get the shaft while the people that can't pay get the refi? I am speechless.

Posted by: TV on 2009-03-05, 10:51:54

Going through the same thing myself since last year. Having a hard time getting a new loan because we don't have much equity, and after applying for modification were told they couldn't do any better than the 8.75 rate we have now. At tax time my CPA told me if I skip 3 payments (and set the money aside, just in case) they will most likely OFFER me a lower rate, and corresponding payment. I am not asking for Obama's 2% rate, but a fair market 5% would be nice... I called this morning to see if I could apply with my current lender under the Home Affordibility whatever, and they said they would get back to me in 4 weeks. I really wish I had bought a bigger house, then they would lower my payments, and I could put all the extra money in my pocket when I retire.

Posted by: golferwhoworks on 2009-03-05, 11:04:58

If he has little equity the only way is if he has an FHA or VA note as it can be streamlined with out an appraisal