Upside Down Mortgage

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Mortgage Relief Calculator

To help you in making this important decision you'll find below a listing of several factors that should be considered before making your final choice.

The information provided will hopefully assist you in making the decision that's right for you and your current situation.

Mortgage Payments and Equity

The first thing that you should take into consideration when thinking about refinancing a loan is the amount that you have thus far paid against your original mortgage. Any potential refinance lender will look at how long you've been making mortgage payments and how much equity you've managed to build up in your home.

Since you'll be borrowing the amount remaining on the original mortgage and once again using your home as collateral, the more of your original debt you've managed to repay then the more likely you are to receive a good offer for a refinance loan... as a general rule, you should have already been making payments for at least one or two years. Some cases may come along where it's too good of a deal to pass up, of course.

Evaluating the Market

Once you've taken the time to consider whether or not you've made enough payments on your original mortgage loan to refinance, you should begin looking at the lending market to determine whether or not it would be worth it to get a new loan. The loan market and interest rates may have decreased since your original mortgage loan... but they may have increased instead, depending upon how the economy has been doing in the time since you received your first mortgage. Investigate lending rates and the market at large to avoid applying for a refinance loan only to end up with a higher interest rate than the one that you originally had.

Determining Potential Savings

Once you've done some of your preliminary research, it's time to determine how much you might stand to save by refinancing. Using either a compound interest formula or an online mortgage payment calculator, determine what the monthly payment would likely be at current interest rates for the amount that you need to borrow. You're looking for a significant savings from your current payments, since it likely wouldn't be worth the trouble and the additional fees that may be involved to simply save a little bit from what you're currently having to pay.

If it looks like you might be able to save quite a bit by refinancing in the current market, however, then it's time to start looking for a lender so as to take advantage of the situation.

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Source - Deciding Whether to Refinance a Mortgage Loan

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Loan Modification Credit Card Debt

Question: In Ca.if you declare bankrupt,you lose your home?

I have a huge credit card debt,I try loan modification but don't qualified due to my debt,my only option is bankrupt .Do you know any way to keep the house,if you continue doing mortgage payments

Answer: Your house is exempt in a bankruptcy if you are not behind in your house payment. If your are behind the bank can foreclose, but the bankruptcy would slow down the foreclosure process.

Point...if you don't name your house lender in the BK you will be able to keep your home as long as you continue to make the payments.

Arizona Loan Modification

Loan Modification Stories

Question: In CA, I am considering using an agency called Advocate for Fair Lending who will sue my lender.?

I have already attempted to modify my loan with the lender but they have declined it. THe person assisting me has suggested the this agency who will sue the lender. The basis for it will be partly due to any irregularities in the loan I made with them and in refusing to adjust my loan as the lender stated the reason for declining the modication was because of the low value of my property. I'm concerned in going thru with this as the lender has all of my financial records via the request for modification process and do not want to be counter sued or whatever because of this. While they sell the benefits of suing the lender I just feel like I should cut my losses. Any advice or stories?

Answer: As you are aware, you are open to a counter suit, and fraud is the most likely thing you will be accused of. If you were completely honest this will be OK, but many people are not really all that honest when it comes to money.

The other issue to keep in mind is that this law suit will show up on your credit report, all future potential creditors will know that you are likely to sue them as well.

What is really disturbing is that you seem to be perfectly aware that this law suit is false, that the lender did not do anything wrong.

Loan Modification Blogs: Untold Stories of the Victims ...