As people with a mortgage Jeff and I have been following the whole mortgage crisis with rapt attention. Now we didn't get as screwed as some people did because we didn't do any of the following:
1. Buy a McMansion
2. Take out a home equity loan and completely upgrade our house (though my God I would love to do this)
3. Roll credit card debt into our mortgage
Some people did these things for various reasons and it looks like the market is tanking. Ugh.. now what we DO have is an adjustable rate mortgage. And while we have two more years on our mortgage before we deal with the ramifications of this, we have been trying to figure out ways to change that. Re-finance if you will. Well, apparently you CANNOT refinance if you have been paying your mortgage. Who knew?? Apparently to get any good deals or any sort of help we need about $10,000 more in credit card debt and to stop making mortgage payments for like 6 months... than we will get help. How insane is this??? We're doing our best to be fiscally financial, and need I remind everyone that we're still living with a shower like this:
Not because I LOVE it... and I think that electrical tape is fabulous, but because we're trying to prioritize. Sigh... I hate being an adult some days!
3 comments:
You can absolutely refinance if you have been paying your mortgage. We do it all the time when we represent the lender. Who told you you couldn't??? I would think that you could NOT refinance if you were in arrears, because you would be considered a credit risk. Please check with other lenders.
Countrywide specifically told me to NOT pay January's payment...and then they would see what they could do. Who ever heard of THAT?
It is absolute b.s. Please talk to another lender. Do NOT skip payments. That will backfire on you, trust me. We can talk off-line if you'd like.
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