Refinancing Master

I help my 81yr old mother with her Triplex she owns and am very new to borrowing money  for mortgage since I have never owned a home myself and I am 50. Two years ago I refinanced her bank loan she had since the begining with Countrywide and desperately need to change this loan now.

We now owe Country Wide an additional $5000 from the original money borrowed AND monthly pmts have gone up AND we still can only make the bare minumum pmts each month especially now! Countrywide has backed us into a corner and wont call me back at all to help us!

We also have a few credit card debts and would love 2 pay off to eliminate them due to high interest rates (29.9% on Chase!) I just don’t know who to turn to, trust, or rely on for this mess…Chase is getting ready to put a lien on Triplex for non payment (90 days past now).  MOM DESERVES THE RIGHT NOT TO DIE BANKRUPT!!!!!
It is HER turn to live the rest of her life worry-free! After all she’s done everything right ALL her life-I Love Mom!HELP!!

I am trying to refinance during this volatile time in the mortgage industry. Would it be prudent to have a lawyer involved even if my only intent would be to roll over into a new mortgage?

I own a house free and clear – valued at about 125,000

I have about $10,000 of bad debt – credit score of 490s

I want a 60,000 mortgage, which I would also completely pay off all my old bad debt (mostly education).

How should I do this? Who would give me a mortgage right now or should I get one for 15,000, pay off everything and then get the rest in about 6 months (whould they do that?)

Thanks

How much does the interest rate need to drop to make it worthwhile to refinance my mortgage?. Is there any general “rule of thumb”?
Thanks!

RefinancingMaster Answer:

When does it Pay to Refinance a Mortgage?

I help my 81yr old mother with her Triplex she owns and am very new to borrowing $ for mortgage since I have never owned a home myself and am 50. 2yrs ago I refinanced her bank loan she had since the begining with Countrywide and desperately need to change this loan NOW. We now owe CWide an additional $5000 from the original $ borrowed AND monthly pmts have gone up AND we still can only make the bare minumum pmts each month especially now!!!! Countrywide has backed us into a corner and wont call me back at all to help us!!!!!!! We also have a few credit card debts and would love 2 pay off to eliminate them due to high interest rates (29.9% on Chase!!!!)
I just don’t know who to turn to, trust, or rely on for this mess…Chase is getting ready to put a lien on Triplex for non payment (90 days past now)
MOM DESERVES THE RIGHT NOT TO DIE BANKRUPT!!!!!
It is HER turn to live the rest of her life worry-free!! After all she’s done everything right ALL her life-I Love Mom!HELP!!

I need to get a loan of at least $2500 this weekend.
My credit union has told me that they will refinance my car and drop my interest rate by 6 percentage points if I can pay $2500 on the principal.

I really need to do it this weekend and DO NOT want to go thru a payday place or get scammed but my credit score is very low due to debts incurred by my ex-husband and I while we were still married.

Anyone know of a genuine sub-prime lender?!

I’m in Houston if that helps.

Not only lender lied, contractor hired for remodel has left the state with $250,000.00 and left house unsellable, no roof on 2 buildings, the list goes on. I am recently divorced after 30 years, and I have 6 kids. My health is very poor do to a propane leak left unfixed during remodel, and im unable to work. I have had perfect health prior. I am going to loose everything i have worked for for 30 years. my exhusband is a 100% disabled veteran, and unable to help much. I had perfect credit up until April of 2006. I need some kind person to help me and my kids financially until I can sell home to repay them. Im not asking for anything free, just help!!!!! 2 kids are not in college because of this and one has quit school to help me keep the lites on and food. I am in bad shape, PLEASE SOMEONE HELP!!!!!!

I need to refinance my car but I owe about $14000 and it is only worth 10000. Can anybody help me?

I need to know the best mortgage company that will give me a good deal to refinance my mortgage TO FIXED RATE because my adjustable rate has been increased. also i don’t have any money for closing cost so i will need a mortgage company that is zero closing cost or they will add the closing cost to the life of the loan, i need this help today.Thanks
MY CREDIT SCORE IS 651, THE HOUSE WORTH 235,000 BUT I BOUGHT 210000 IN DEC 2006.

i need help! i have a credit score of 570 and have an interest rate on my car of 17%. I want to refinance my car, ive been paying on time and want to get a lower APR. What is the best possible way to do this? and How can i get a lower APR with my credit score? Please help!

I know I need to keep each deed/title, but do I need to keep all the disclosure and loan docs? If so, how long should I keep them? I’m in Los Angeles Co., California if it matters.

Thanks

I am in deep poo. I feel like I have exhausted every option I’ve had to try and save myself from the debt I’m in, and I just can’t get away from it. Here’s why:

I’m a single, 22-year old college kid that has just moved into a new state (Arizona) and I’ve been struggling to live on my own for about a year. I am not getting support from family, and will not.
Last week, I made the decision to drop out of my classes to get a second job because I’m in real hot water as it is, but that means in six months my loans will go into payment mode.

Unfortunately, nobody is going to hire a 22-year-old skill-less girl who can only speak one language around here.

I make about 1200 a month (I apparently make a lot more, but Uncle Sam makes sure he takes out about 400 a month for taxes and Social Security, something I don’t even think I’ll get to enjoy) or a bit less. By the time my “essential” bills are paid — cell phone, rent, car note, car insurance, and the gas I require to get to work at my first job, I actually OWE the bank money in overages.

But it doesn’t stop there — that estimate doesn’t even include groceries, renter’s insurance (which I’ve been avoiding getting because of this), internet (essential for various reasons), vet care, car maintenance, or the 5 thousand dollars of credit card debt I have. Yes, I was a stupid college kid, and my dad told me to live off of them because he couldn’t support me and it took me that long to find a job. And the student loans are coming…. I need to be making TWICE what I’m making now just to break even.

I’ve tried refinancing my car. No one will touch me – again, 22 year old with no past history in the state. My bank will not offer help, and the credit card companies (even though I’ve called them and they’ve lied to me on multiple occasions) are refusing to lower my APR from 29.99% and won’t work with me to get the cards closed or put me on a payment plan. I can’t even afford the minimum payments with an APR like that, how can I ever even hope to get it paid off??? I don’t qualify for food stamps (I make too much money) or any federal aid that I know of. Going bankrupt will ruin me for the first seven years of my life, I’ll be 30 before I can twitch financially again.

If it were an option, I would break my lease and move further out where the rent is half as costly. I’m in my lease for another 10 months, but the owners announced the property was listed in bankruptcy only one month after I signed it and I have no idea what that means for me.

Anyway, I am really looking for serious advice… maybe there’s some programs I haven’t found out about, or something. This is just stupid.

I was going to compare rates @ the Lending Tree. What do I need to know or need to ask? Do I need money down, need to pay points, how much are closing costs? I now have a fixed rate that is turning into a flexible rate next month. I pulled up my credit report and looked up Experian and I have a 740 “vantage” score. What kind of rate could I qualify for?
Please help! Thank you for your information!!!!

in im wi and i need to get a duplicate title from the dmv in order to complete the refinance process. i believe we are in an “and/or” state. when i go to the dmv do you think i will need to bring along that person with me?

I am extremely nervous about having my home loan with Countrywide. I do not want them to come back and tell me that the modification they gave me is no longer valid. I have an ARM loan and am looking to refinance. Countrywide denied me for a refinance because I had two late payments in two years. Please help. I really want to find a company with a better track record and reputation.