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Between a Rock and a Hard Place


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#11 Shannond4156

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    Posted 14 May 2009 - 03:35 PM

    Steph, What a headache!! I work for a large mortgage company in town (bet you can't guess which one), so I have a little bit of insight. I would suggest calling whoever holds your mortgage now and try dealing with them. Many of the brokers have been cut off from the lenders as the market has gotten worse and don't have the same options as those who originate mortgages. Now that I am talking in jibberish, let me know if I can help.

    #12 ~Stephanie~

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      Posted 14 May 2009 - 03:53 PM

      Quote:
      Originally Posted by GracieBebe
      Have you considered having your ex to a quit claim deed which means he signs over his rights to his portion of the ownership of the house to you? I know that here in CT, you can do a quit claim to sign over the house or a portion of the house to someone without having to go through a refinancing. If it is allowed where you live, you should look into it. Best of luck!
      I asked previously and was told that it was not an option. That would be nice though! :)
      ~Stephanie

      Our wedding websitewww.mywedding.com/stephanieandmichaelbailey

      #13 ~Stephanie~

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        Posted 14 May 2009 - 03:56 PM

        Quote:
        Originally Posted by Shannond4156
        Steph, What a headache!! I work for a large mortgage company in town (bet you can't guess which one), so I have a little bit of insight. I would suggest calling whoever holds your mortgage now and try dealing with them. Many of the brokers have been cut off from the lenders as the market has gotten worse and don't have the same options as those who originate mortgages. Now that I am talking in jibberish, let me know if I can help.
        Thanks for the info, maybe I'll just try another route by going to Wells Fargo or something. I can't do anything though my Mortgage company because according to them they "service" my loan but are not a lender? Anyways, so refinancing or anything though them is out. I feel like I have hit a brick wall.
        ~Stephanie

        Our wedding websitewww.mywedding.com/stephanieandmichaelbailey

        #14 **TIFFANY**

        **TIFFANY**
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          Posted 14 May 2009 - 09:37 PM

          Have you contacted your mortgage company to see what your "new" rate will be when the arm expires in September? I don't totally know how it all works but you might be surprised that the new rate is even lower then what you are currently paying. We have a 5-year arm that expires next June. We never planned on staying in this house for 5 years so it was a good option for us at the time. Anyways I contacted a loan officer about a month ago so we could refinance to get out of the arm and he told me that if the arm was to expire that day my new rate would be somewhere in the 3% range. From what he told me the new rate is fixed for one year and then it would adjust again. So many your stress with this situation is coming from all the bad things we hear on the news about arms. Check it out with your mortgage company and maybe you don't need to do anything at this point, and maybe your loan payment will even go down.

          #15 ~Stephanie~

          ~Stephanie~
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            Posted 14 May 2009 - 09:41 PM

            Quote:
            Originally Posted by tcram
            Have you contacted your mortgage company to see what your "new" rate will be when the arm expires in September? I don't totally know how it all works but you might be surprised that the new rate is even lower then what you are currently paying. We have a 5-year arm that expires next June. We never planned on staying in this house for 5 years so it was a good option for us at the time. Anyways I contacted a loan officer about a month ago so we could refinance to get out of the arm and he told me that if the arm was to expire that day my new rate would be somewhere in the 3% range. From what he told me the new rate is fixed for one year and then it would adjust again. So many your stress with this situation is coming from all the bad things we hear on the news about arms. Check it out with your mortgage company and maybe you don't need to do anything at this point, and maybe your loan payment will even go down.
            I wish that were true! I called in the beginning and look at my "fine print" and mine can only go up and not down, sadly. It is to adjust like 1% or 2% every year with a cap at like 15% (holy crap right!)

            Thanks for all your support though girls! I am just praying I can figure something out!
            ~Stephanie

            Our wedding websitewww.mywedding.com/stephanieandmichaelbailey

            #16 KLC77

            KLC77
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              Posted 14 May 2009 - 10:50 PM

              Hey Stephanie,

              I have a friend who owns a mortgage company who may be able to try to help you. I just sent him an email to see if he does anything in Iowa. I think he can do the whole US, but I'm not 100% sure. If there is anything that can get done to help your situation I know he's the type of person to find it for you. I'll let you know what I hear back from him.

              I was going to suggest was Grace did with the quit claiming your ex off the title...
              ~Kelly

              Our Awesome Wedding Pics: http://www.delsolpho...ings/kelly&ron/

              #17 Betsy

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                Posted 14 May 2009 - 10:54 PM

                Steph - sorry you are going through this right now - what a PITA! I hope you get some good news soon and figure things out!

                #18 ~Stephanie~

                ~Stephanie~
                • Sr. Member
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                  Posted 14 May 2009 - 11:22 PM

                  Quote:
                  Originally Posted by KLC77
                  Hey Stephanie,

                  I have a friend who owns a mortgage company who may be able to try to help you. I just sent him an email to see if he does anything in Iowa. I think he can do the whole US, but I'm not 100% sure. If there is anything that can get done to help your situation I know he's the type of person to find it for you. I'll let you know what I hear back from him.

                  I was going to suggest was Grace did with the quit claiming your ex off the title...
                  Thank you, that is just above and beyond! Wow, thank you!
                  ~Stephanie

                  Our wedding websitewww.mywedding.com/stephanieandmichaelbailey

                  #19 KLC77

                  KLC77
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                    Posted 15 May 2009 - 04:02 PM

                    Hey Steph, so I emailed my friend and he isn't licensed to do anything in Iowa. Sorry. Have you thought about seeing if your lender would approve you for a short sale? Its where the lender agrees to take less than what you owe for your property. Of course, that means you would have to sell and its a long process to get approved for a short sale. If its something you're interested in I would suggest finding a real estate agent who has a lot of experience with them.

                    Sorry I couldn't be any help. Good luck!

                    Are the company who services your loan and the company who holds the lien two different ones? Just curious because you said the company you contacted can't refinance you.
                    ~Kelly

                    Our Awesome Wedding Pics: http://www.delsolpho...ings/kelly&ron/




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