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This is a discussion on First Guaranty Mortgage Corp within the Refinance forums, part of the Home Loan Section category; Does anyone have any knowledge concerning First Guaranty Mortgage Corp? My servicer has use to contact them for a refinance. ...
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| Member Join Date: Aug 2008
Posts: 6
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | First Guaranty Mortgage Corp Does anyone have any knowledge concerning First Guaranty Mortgage Corp? My servicer has use to contact them for a refinance. We have been on what we thought was the HAMP Program and making payments. Today we were told to look into refinance options. The other thing is that we are not being reported on time with our mortgage. The servicer indicated that this group is a partner of theirs and will work with us. What benefit would it be to a bank or mortgage company to refinance a loan that is upside down? Our loan is $550K and right now comparables are selling at the foreclosed price of $470 and less. Our next door neighbor has had his home on the market for 2 years and it is now listed at $550K and not one bite. Does any of this make sense? We are simply trying to recover from job losses and pick up the pieces. We can afford a lower monthly note down from the $4600 we were paying. We have been paying $2800 with escrow included per our servicer. Any information would be helpful. |
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| LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California
Posts: 2,168
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: First Guaranty Mortgage Corp Hi itladyintexas, Quote:
I do not know why they would tell you to look into a refinance if your home is upside down. That is really just wasting your time as it is very unlikely..
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| Member Join Date: Aug 2008
Posts: 6
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: First Guaranty Mortgage Corp Thank you for the note. The loan officer from First Guarantee Mortgage just called me and we talked about this very thing. He indicated that they are partners with our loan servicer and would ask them for a short sale of the mortgage if we qualified. He then advised me that if they agreed to the short sale because of the home is valued at less than the note, they would write it off. They would close the deal and we would start new payments with them. I also asked what was their interest rates and he his words were, "curent FHA rates". We now have a 6.5 for 30 years and have been trying to get HAMP program until they called and said we needed to look into refinancing with First Guarantee or put the home up for sale and continue to pay a reduced amount. Our next door neighbor's home has been reduced 6 times over the past 2 years and it still has not sold and it has been foreclosed on. This whole matter does not make much sense to us. First Guarantee is the lender doing refinances so that SPS does not have to enterain HAMP programs or it is a better option for the investor to try and recoup all of his investment quickly is a client qualifies. |
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