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w.davis · 10-20-2008, 03:02 PM

So basically they would have to get rid of the second loan? Isn't there a way to do the FHASecure financing to one loan and decrease the mortgage payment and maybe keep the second loan? I don't know.......I feel like everytime I see a light at the end of the tunnel the door gets shut in our face once again.
I called CW to see if we qualify and apparently the county limit for our area is $381,000 and our home appraised at $417,000 (low) to $426,000 (high). We owe about $465,000 so we're under then she tried the conventional loan which we also didn't qualify for because we would end up owing about $56,000. I looked up the FHASecure frequently asked questions and came across this statement:
With FHASecure, the lender will not automatically disqualify you because you are delinquent on your loan, and the lender may offer you a second mortgage to make up the difference between the value of your property and what you owe, including standard refinancing costs.
Wouldn't this statement apply...what determines whether or not the lender offers you this? Do they want to see us in foreclosure before they offer any assistance? What's your take on this?

10-20-2008, 03:02 PM	#7 (permalink)
w.davis Senior Member Join Date: Sep 2008 Posts: 33	Re: What about Interest only loans? Help us too! So basically they would have to get rid of the second loan? Isn't there a way to do the FHASecure financing to one loan and decrease the mortgage payment and maybe keep the second loan? I don't know.......I feel like everytime I see a light at the end of the tunnel the door gets shut in our face once again. I called CW to see if we qualify and apparently the county limit for our area is $381,000 and our home appraised at $417,000 (low) to $426,000 (high). We owe about $465,000 so we're under then she tried the conventional loan which we also didn't qualify for because we would end up owing about $56,000. I looked up the FHASecure frequently asked questions and came across this statement: With FHASecure, the lender will not automatically disqualify you because you are delinquent on your loan, and the lender may offer you a second mortgage to make up the difference between the value of your property and what you owe, including standard refinancing costs. Wouldn't this statement apply...what determines whether or not the lender offers you this? Do they want to see us in foreclosure before they offer any assistance? What's your take on this?