Thursday, May 22, 2008
Unreasonably Unlikely
Mr. Mortgage’s Guide to the TRUTH! » Mr Mortgage - ‘Short-Refinances’ Gaining Popularity..
Mortgage modifications are hot right now. Most lenders are working with borrowers who have a desire to stay in their home and CAN AFFORD to make the payments.
I have heard of some great deals out there, such as balances being cut in half . Just recently I was told by a friend of a big-named national bank lowering the rates on a primary and second home Home Equity Line of Credit for the same borrower to 3.45% fixed. .... I can’t tell you the name of the bank but they have $84 billion in 2nds on their balance sheet…
Dear Lender:
The combined loan-to-value on my primary residence is easily less than 0.4, and I have a steady job which provides income:debt&tax service in excess of 20X. I am current on my mortgage and HELOC, have a clean credit history and have resisted the temptation to lever myself into oblivion. My current mortgage rate is 5.5% fixed with about 26 years remaining and the HELOC, which I used to renovate my basement after a flood, is LIBOR-based, currently at 5.25%. Surely I qualify for a rate reduction. What can you offer me?
Yours,
Dreck
Not holding my breath. These incentives are as perverse as FAFSA.
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