Please help me - Loan Modification Forum

atlcharm · 01-16-2009, 08:01 AM

Hi All,

I am refinancing my home and I got a quote from my employer and I think a saved a little bit of money. My scanner is not working so I had to create an excel document to look like my original GFE so you guys can see the numbers. To identity my first quote on the top I've labled 1st Quote. The interest rate on this one is 5.125%

On the second quote, another bank the interest rate is 5% but the woman is trying to convince me that this quote is better. My payment is a little higher with this one. Not only that the closing costs say $3831.90 while the closing costs on my original quote say $5851.50 but that is because the 1st quote added the upfront MIP into the closing costs. So in all actuality it looks like my second quote is eating me up in costs even though at first glance it looks cheaper. Am I wrong? The second quote has closing cost of $3831.90 plus the MIP at $3824. While my first quote has $5851 but the MIP is included in that. Please review and let me know what quote is best. I want to make sure I make the right decision. I appreciate all the responses. Thanks a bunch~

Moe Bedard · 01-16-2009, 09:28 AM

atlcharm,

If you are unsure about these loan documents and which one has the best outcome for you................you would need to sit down with a lender to explain each of these to you. Usually the bank that you bank with would have a loan officer on site............I am sure that they would be willing to help you out...........this way you get a full understanding of what each one entails and can make an informed decision that meets your needs from there.

atlcharm · 03-09-2009, 12:56 PM

Hi,

Who is Saxon? Is it the lender or a company that helped you get the loan mod? I tried to browse the post for the answer but I'm at work so I'm reading quickly as not to get caught. I need help as I turned in a hardship letter to my lender and they are moving slow. My package hasn't even been assigned to a processor yet. Looking for ideas. I really don't want to pay for a loan modification. But will if I have to.

Moe Bedard · 03-09-2009, 01:13 PM

Saxon is the servicer on that members loan................

If this is the only property that you own...............you don't have to pay a company to help you with a loan mod.............NACA is a HUD approved counseling agency that will help you for free............

here is the link............
https://www.naca.com/refinance/refinanceTenStep.jsp

01-16-2009, 08:01 AM	#1 (permalink)
atlcharm Junior Member Join Date: Jan 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Please help me Hi All, I am refinancing my home and I got a quote from my employer and I think a saved a little bit of money. My scanner is not working so I had to create an excel document to look like my original GFE so you guys can see the numbers. To identity my first quote on the top I've labled 1st Quote. The interest rate on this one is 5.125% On the second quote, another bank the interest rate is 5% but the woman is trying to convince me that this quote is better. My payment is a little higher with this one. Not only that the closing costs say $3831.90 while the closing costs on my original quote say $5851.50 but that is because the 1st quote added the upfront MIP into the closing costs. So in all actuality it looks like my second quote is eating me up in costs even though at first glance it looks cheaper. Am I wrong? The second quote has closing cost of $3831.90 plus the MIP at $3824. While my first quote has $5851 but the MIP is included in that. Please review and let me know what quote is best. I want to make sure I make the right decision. I appreciate all the responses. Thanks a bunch~

01-16-2009, 09:28 AM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Please help me atlcharm, If you are unsure about these loan documents and which one has the best outcome for you................you would need to sit down with a lender to explain each of these to you. Usually the bank that you bank with would have a loan officer on site............I am sure that they would be willing to help you out...........this way you get a full understanding of what each one entails and can make an informed decision that meets your needs from there. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-09-2009, 12:56 PM	#3 (permalink)
atlcharm Junior Member Join Date: Jan 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Saxon Loan Mod SUCCESS!! Hi, Who is Saxon? Is it the lender or a company that helped you get the loan mod? I tried to browse the post for the answer but I'm at work so I'm reading quickly as not to get caught. I need help as I turned in a hardship letter to my lender and they are moving slow. My package hasn't even been assigned to a processor yet. Looking for ideas. I really don't want to pay for a loan modification. But will if I have to.

03-09-2009, 01:13 PM	#4 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Please help me Saxon is the servicer on that members loan................ If this is the only property that you own...............you don't have to pay a company to help you with a loan mod.............NACA is a HUD approved counseling agency that will help you for free............ here is the link............ https://www.naca.com/refinance/refinanceTenStep.jsp __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

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