“Re-Finance Your Mortgage”
You may say, “I’m working with my mortgage company”
What is your mortgage broker saying he/she will do to get you out of your situation? Does the mortgage broker know you’re behind on your payments? Did you tell them about that? What did they say about it? In your situation, being over 90 days behind, you will only qualify for a 55% to 60% loan-to-value loan.
Lets break that down.
If you have a $100,000 house, you will be able to borrow only $55,000 to $60,000. If you are 60 days behind you will be lucky to get a loan for 75% of the value. At only 30 days late, maybe 85% of the value.
How much do you owe on your mortgage? What is your house worth? What would that loan-to-value need to be to get you out of your situation? Basically, you need to understand that refinancing your house when 90 days behind is not a realistic option. I hate to tell you this, but some mortgage brokers don’t tell you the truth. I apologize for being blunt; however, I tell people the truth… not what they want to hear. Let me show you what we can do to help you.
Now, that is the typical conversation that I have with homeowners. So many homeowners have $150,000 value and owe $140,000 on it and are 3 months behind in payment and they have a mortgage broker who charges them upfront fees… Appraisals, Application fees, Credit Check Fees, Background Check Fees with no intention of getting the loan approved because they know that they can’t.
**Beware Of Mortgage Brokers**
Why? Mortgage brokers will promise to get your property refinanced even with faltering credit. They will burn up your precious time while you are in foreclosure. They will tell you what you want to hear, to get you to work with them, knowing darn well that they cannot perform on what they promised you. Folks, please be careful of these individuals. They typically ask for a $300 application fee. Do not give them any money, ever!
Call me, I can help you work out the numbers to see if you actually qualify for a refinance. If you are more than 90 days behind on your mortgage payment, the most you might qualify for is a 55% to 60% loan-to-value loan.
Value of your home: $300,000
55% loan-to-value is $165,000 + closing fees of approx. $5,000
Therefore, if you owe more than $165,000 you will not get the loan. In addition, your interest rate will be much higher, so you have to qualify for that, too. If you are over 90 days past due on your monthly payments, your chance of getting a 60% loan is approx. 10%. I am not here to give you bad news… just here to give you the facts, so you can make the best decision for you and your family.
Whether you decide to work with me or not, REMEMBER the information on this site!
Call me for more information at 210-777-0567