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may as well throw one of my problems

riflemikeriflemike Member Posts: 10,599
edited August 2016 in General Discussion
like a lot of others do

guess its not a problem just frustrating

here goes...

i have been making house payments for the better part of 40

years....never once have i been late...NEVER EVER NEVER not even one day

ON anything else either

i have tried twice to get a refy over the last 3 years.....reason for denying is income to debt ratio...I KNOW what that means

credit score AS OF 08/21/16 IS 731


i understand what debt to income ratio is , so why will they not consider my trust worthiness????

i worked 1 job for 30 years and the one now close to twenty

my wife has been on same job for 10 yrs,

after the housing debacle it is not worth what i paid,

is that part of it[?][?]

or my age of 64, which they would never say anyway if that were the reason

i just want a refy for what i owe, to lower my payment , not asking for any extra

if my payment were lower, wouldnt that make my debt to income better??

i dont qualify for reverse mortgage because of no equity

HELL at 64 guess it dont matter anyway, i will never see it paid for

no ones fault but my own[:(]

i have only tried my current mortgage holder, but if they wont i dont figure anyone will

if i were BLACK under same circumstances, oh never mind , i aint

OR I could go out and get a 50,000 truck in 30 minutes

i know they could repossess if i didnt make payments on a vehicle , but they could foreclose on house for same reason

so whats the problem

rant over..........

any suggestions??, dont say pay debt down, I am trying

JUST THE WAY IT IS I GUESS[:D]

Comments

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    redhawkk480redhawkk480 Member Posts: 2,497 ✭✭✭✭
    edited November -1
    I would try a different bank or if you have a credit union try them
    some times a new place will work harder for you than one you've been with for years
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    jimdeerejimdeere Member, Moderator Posts: 25,851 ******
    edited November -1
    On the application, put "American Indian" for race.
    They can't prove otherwise.
    Your application will breeze through.
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    Marc1301Marc1301 Member Posts: 31,895 ✭✭✭
    edited November -1
    Sounds like you are saying the house isn't currently 'worth' what is owed on the mortgage. If that is the case, that is also the reason for refusal in doing a re-fi.

    Has nothing to do with your credit.

    Before you mention them holding the note now, and saying "what's the difference?", look at it from their point of view. Why would they want to start your loan over at a lower rate (where they make less money) and increase the number of payments that you have left again?

    Try someone else, it can't hurt.
    "Beam me up Scotty, there's no intelligent life down here." - William Shatner
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    Mr. PerfectMr. Perfect Member, Moderator Posts: 66,368 ******
    edited November -1
    You definitely want to try another bank. Think about it, your current bank is getting X dollars a month from you. Why would they want to lower that amount?
    Some will die in hot pursuit
    And fiery auto crashes
    Some will die in hot pursuit
    While sifting through my ashes
    Some will fall in love with life
    And drink it from a fountain
    That is pouring like an avalanche
    Coming down the mountain
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    casper1947casper1947 Member Posts: 1,147 ✭✭✭✭✭
    edited November -1
    40 yr + mortgage?

    It could be the amount of time left on the note. By this point the interest should have been paid WAY down to the point that the payment should be on principal. Is there a second mortgage? Did you convert the loan any time in the past?
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    riflemikeriflemike Member Posts: 10,599
    edited November -1
    quote:Originally posted by casper1947
    40 yr + mortgage?

    It could be the amount of time left on the note. By this point the interest should have been paid WAY down to the point that the payment should be on principal. Is there a second mortgage? Did you convert the loan any time in the past?



    not the same house for 40 years, i have had only had 2 houses in 40 years, in first for 30 years but after wife passed in 2000 had to refinance to make ends meet

    been in my current for 10 yrs, 30 yr mortgage

    no equity account/second mortgage ever

    just saying i have been making a house payment for 40 years is all

    kinda like some have a car payment of somekind their entire life[:D]
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    reload999reload999 Member Posts: 3,080 ✭✭✭
    edited November -1
    I'd definitely recommend joining a credit union...virtually everyone qualifies for membership these days. Being in the hole on value won'd help, but I've found credit unions much easier to deal with than banks.

    My CU refinanced mine 5 years ago at ZERO cost to me. I'm proud to say my mortgage is paid off as of last month...took me 13.5 years (I'm 64, too).

    Good Luck
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    select-fireselect-fire Member Posts: 69,446 ✭✭✭✭
    edited November -1
    Of course the current bank doesn't want to change the rules. They are making money. Ask them for paperwork what your home appraised for. Go get another lending institution to appraise the home for a loan. Look at the tax assessment on it from the county. Look at other homes in the area and what they sold for. I just dumped Bank of America for a home equity loan that was for 10 yr. They would not renew it. Appraisal on our home was way off. Well of course it was.. they appraised the wrong property..but a rental property. Ask them.. they make no mistakes. So another bank is doing a home equity line free of charge..will appraise our home correctly and the monies will be there for 10 more yrs if we decide to use it.
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    riflemikeriflemike Member Posts: 10,599
    edited November -1
    quote:Originally posted by select-fire
    Of course the current bank doesn't want to change the rules. They are making money. Ask them for paperwork what your home appraised for. Go get another lending institution to appraise the home for a loan. Look at the tax assessment on it from the county. Look at other homes in the area and what they sold for. I just dumped Bank of America for a home equity loan that was for 10 yr. They would not renew it. Appraisal on our home was way off. Well of course it was.. they appraised the wrong property..but a rental property. Ask them.. they make no mistakes. So another bank is doing a home equity line free of charge..will appraise our home correctly and the monies will be there for 10 more yrs if we decide to use it.


    they go with what the same size home with same features/rooms sq ft etc goes for as a starting point in my neighborhood

    no one has ever come to appraise it

    i dont mind going back to 30 yrs, like i say i will not see it paid for, at 64 years old more than likely

    but a 200.00 less payment would help the debt thing

    if i live 10 more years i will have some equity, maybe[:D]

    i dug my own hole in this , just wish they would help me not being in it quite so deep

    they would get there money , wife could pay it off with my insurance policies
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    select-fireselect-fire Member Posts: 69,446 ✭✭✭✭
    edited November -1
    No two homes in a neighborhood appraise the same even the same square footage. You can go online to your county assessor office and bring up each home and look at the taxes. Highly unlikely they will be the same. So do a history search while there and see what the taxes are on your place. Go back 10 yrs. I bet they were less. Well show Mr. Banker the county says the property has went up not down. Get a real appraiser not a computer generated one on the property. Request that in writing to the banker.
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    riflemikeriflemike Member Posts: 10,599
    edited November -1
    i know tax value is more than what they say compatible home in my area is on my home
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    shilowarshilowar Member Posts: 38,811 ✭✭✭
    edited November -1
    quote:Originally posted by Mr. Perfect
    You definitely want to try another bank. Think about it, your current bank is getting X dollars a month from you. Why would they want to lower that amount?


    That brings up an interesting question. I've had a 30 yr fixed with Wells Fargo 8+ years now. Why would they send me offers to refi to a 20 yr fixed at 1.25% lower, thus saving myself $43K over the term of the loan compared to the current arrangement? So why would they make that offer? To preempt us doing a refi elsewhere?
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    Big Sky RedneckBig Sky Redneck Member Posts: 19,752 ✭✭✭
    edited November -1
    We have equity in our place and I've been thinking about a refi to build another garage/shop building large enough for the truck but for some reason with equity banks are nervous.
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    JohnnyBGoodJohnnyBGood Member Posts: 1,443 ✭✭✭✭✭
    edited November -1
    quote:Originally posted by shilowar


    That brings up an interesting question. I've had a 30 yr fixed with Wells Fargo 8+ years now. Why would they send me offers to refi to a 20 yr fixed at 1.25% lower, thus saving myself $43K over the term of the loan compared to the current arrangement? So why would they make that offer? To preempt us doing a refi elsewhere?



    It may have something to do with the government (possibly the state government) putting pressure on banks to help people with their mortgages. The banks received billions of dollars from the famous stimulus deal several years ago which was intended to help people, but instead many banks used the money for their own gain.

    I have Wells Fargo, same as you, on my Condo in Florida. About 5 years ago WF contacted me and reduced my interest by over one percent, which lowered my monthly payment by about $125 without increasing the length of repayment.

    Johnny

    ADDED: This MIGHT be what I was referring to in reference to Florida.

    http://myfloridalegal.com/pages.nsf/Main/94816CAD8E86B0778525799F00595D98
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    Mr. PerfectMr. Perfect Member, Moderator Posts: 66,368 ******
    edited November -1
    quote:Originally posted by shilowar
    quote:Originally posted by Mr. Perfect
    You definitely want to try another bank. Think about it, your current bank is getting X dollars a month from you. Why would they want to lower that amount?


    That brings up an interesting question. I've had a 30 yr fixed with Wells Fargo 8+ years now. Why would they send me offers to refi to a 20 yr fixed at 1.25% lower, thus saving myself $43K over the term of the loan compared to the current arrangement? So why would they make that offer? To preempt us doing a refi elsewhere?
    Possibly. You'd have to look closely at the fees they charge, because more than likely they will make up for that deficit somewhere.
    Some will die in hot pursuit
    And fiery auto crashes
    Some will die in hot pursuit
    While sifting through my ashes
    Some will fall in love with life
    And drink it from a fountain
    That is pouring like an avalanche
    Coming down the mountain
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    Don McManusDon McManus Member Posts: 23,546 ✭✭✭✭
    edited November -1
    quote:Originally posted by Mr. Perfect
    quote:Originally posted by shilowar
    quote:Originally posted by Mr. Perfect
    You definitely want to try another bank. Think about it, your current bank is getting X dollars a month from you. Why would they want to lower that amount?


    That brings up an interesting question. I've had a 30 yr fixed with Wells Fargo 8+ years now. Why would they send me offers to refi to a 20 yr fixed at 1.25% lower, thus saving myself $43K over the term of the loan compared to the current arrangement? So why would they make that offer? To preempt us doing a refi elsewhere?
    Possibly. You'd have to look closely at the fees they charge, because more than likely they will make up for that deficit somewhere.


    Fees can be part of it, but also they probably expect you to refi for more than you currently owe. If you owe 50% of the home value, you can expect the loan weasel to see if he can bump that up to 75%.
    Freedom and a submissive populace cannot co-exist.

    Brad Steele
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    OakieOakie Member Posts: 40,512 ✭✭✭✭
    edited November -1
    Same happened to the guy behind me. He walked away from a house that lost a lot of value, during the collapse. Very frustrating.
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    riflemikeriflemike Member Posts: 10,599
    edited November -1
    quote:Originally posted by Oakie
    Same happened to the guy behind me. He walked away from a house that lost a lot of value, during the collapse. Very frustrating.


    i would never just walk away..mortgage payment is probably less than i could rent a dump for...i have some equity just not enough for a refinance according to the back

    hopefully draw my SS next year and keep working full time will be a big help
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    bpostbpost Member Posts: 32,657 ✭✭✭✭
    edited November -1
    Seek local banks, they are much easier to deal with.
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    BoltactionManBoltactionMan Member Posts: 2,048 ✭✭✭
    edited November -1
    riflmike,
    Try someone else, most likely your mortgage is held by Fannie or Freddy and I am sure they have programs like Fannie's DU Refi Plus. This is where they have the loan already and appraisals aren't an issue and debt ratios are expanded. You may have to whittle down your other debt payments to fit. Usually the house payment alone isn't what blow the 29%/43% ratios.

    For the rest, the reason your lenders contact you to refi and they "make less money" is because it isn't their money. The loan is securitized and on the secondary market and they make the money servicing your account. That amount is the same whether your note is a 6% or 3%. Plus they make money on your refi, not a bad thing for all concerned. Watch the fees though.

    KC
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    riflemikeriflemike Member Posts: 10,599
    edited November -1
    mortgage is with BB&T last 10 yrs

    first house was BOA for 30 years

    you need to be mexican or Middle eastern to get loan with BOA i am pretty sure
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    rambo rebelrambo rebel Member Posts: 4,028
    edited November -1
    I know a guy who, in about 2003-4 who got his mortgage down to $35k and he got a credit card offer for 2% interest for the life of the loan and he had a limit of 32k so he put in the other 3k and paid off the house and got his deed. I asked him why and he said his bank rate was 6 or 7% and they wouldn't rely and match the rate. that and the fact that he has the deed in his hand.

    2 years later he loses his job, but keeps up with the payments, absentmindedly misses one and his payments tripled or more and he filed bankruptcy and ALL his cc debt was wiped clear in court. I think he said he had over 70k total in cc debt wiped clean. I thought that was't right but he said he sent the cc company a letter telling them if they couldn't go back to the $500 a month life of the loan deal he would file bankruptcy cause he couldn't make the new payments of $1700 since he missed the one payment. they refused to do so and so he filed.

    he made the effort and they said no deal and so I couldn't really blame him. he was trying but chit happened.

    the bank doesn't care - if you owe 200k and walk away and they sell it off for 100k, they will send you the bill for the other 100k.

    good credit can F you up more than bad IMO.

    sell everything you can, buy a nice camper and pull it to the house. I'll hook you up on the spare lot for $250 a month. it has septic tank, water, and power on it already. I'm on 4 private acres.
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    riflemikeriflemike Member Posts: 10,599
    edited November -1
    CC debt is my problem

    i dont even have car payments

    trust me i have thought about filing bankruptcy just on my CCs, i dont have a problem with it and wouldnt affect my wife because she is not on any of them,, she is not even on mortgage,

    if she were i would never consider it cause she is 22 years younger and wouldnt want to hurt her credit

    i have never filed any type bankruptcy in 50 years, i know people that have 3 or 4 times and still have good credit after a while


    i even used her income last time i tried a refi and was still turned down, and she makes more than me, thats what i dont get i was just using my income when i bought house, years ago

    if i had all that extra cash i pay them, i could pay for anything i ever need with cash, and i dont need anything at this point in my years

    my bosses wife left him with a mortgage and he walked out on it , he couldnt pay it ,

    3 years later got a loan for another home and is credit is great again

    i have a friend that was in banking 20 plus years and he got out because of the way they treated folks, BOA

    he knows all the tricks

    he runs a gun store now where i get what i get

    im off tomorrow and gonna see what he thinks or knows someone that knows someone[:D]

    i do space my post so you can read them, thats gotta count for something too[:D]

    i blame no one but me, bad choices of the years

    maybe i will start a gofundme page[;)]
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    Mr. PerfectMr. Perfect Member, Moderator Posts: 66,368 ******
    edited November -1
    I wouldn't start the pity party yet, you haven't even tried a second bank!
    Some will die in hot pursuit
    And fiery auto crashes
    Some will die in hot pursuit
    While sifting through my ashes
    Some will fall in love with life
    And drink it from a fountain
    That is pouring like an avalanche
    Coming down the mountain
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    woodshed87woodshed87 Member Posts: 23,478 ✭✭✭
    edited November -1
    Yep get all the Facts And Choose the one That Suits YOU[;)]
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    spasmcreekspasmcreek Member Posts: 37,717 ✭✭✭
    edited November -1
    banks do not give a s==t about your saving money....credit scores are a joke....have not owed a dime for 15+ years...several parcels of ground and three remodeled houses....paid for our lake place in 2 checks ..december 15 and january 15 for tax purposes and the credit score went from 825 to 815...screw em...and as a farmer i could supposedly not qualify for some programs (told me i did not have enuff debt....BUT...black, indian, minority and NOW LBGT get special consideration from dept of agriculture....screw em
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    beneteaubeneteau Member Posts: 8,552 ✭✭✭
    edited November -1
    HARP mortgage


    The HARP mortgage is a home loan refinance program launched in March 2009, which gives homeowners whose homes have lost value the ability to refinance to current mortgage rates without incurring new mortgage insurance,
    0M9InwN.gif[
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    gunnut505gunnut505 Member Posts: 10,290
    edited November -1
    Bought a house in '90, it's been paid off for almost 9 years. Got a commercial 15 year loan at 7%, made a regular payment PLUS $250 Principal reduction every month. Pulled an additional$10K out for a roof & stucco.
    Learned my lesson on cards early; friend of mine used to invite me to dinners, bars & concerts. He said it was free money because he never heard of the bank, never had a card application, & besides, they mailed it to him.
    $83,500 later, they got ahold of him.
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    He DogHe Dog Member Posts: 51,149 ✭✭✭✭
    edited November -1
    Lord man try someone else, what on earth do you have to lose? And much to gain.
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