Homeq Servicing & Ameripath Refinancing

[koalatlady]

I have been getting letters for the last few months from my mortgage servicing company, Homeq, that have been co-authored with Ameripath. Homeq says they were teaming up with Ameripath to offer refinancing on my 2/28 ARM and were offering at least $5K off my mortgage. I should also mention that I live in FL and bought our home right before the market tanked. We are a few months away from the 2-year anniversary when we knew we would have to refinance. Our home purchase price was $237K, we put $25K down, and our mortgage is currently $210K. Based on local housing values now, we've been told our home is worth approximately $200K.

At first I thought the letters were some kind of scam, or had some type of huge catch - but then I finally picked up the phone and called. From what they're telling me, Homeq's lenders are looking to dump sub-prime loans like mine, and Ameripath is putting them into FHA loans. But because the mortgages sometimes come with negative equity, Homeq's lenders are reducing the mortgage amount, paying all closing costs and waiving all penalties. For me - it would save upwards of $25K when everything is counted. My payment would go down. I'd go from 7.3% ARM to 6.0 fixed. However, I would have to pay PMI of about $80/month which I don't pay now. Since my credit score is around 640, but my mortgage history is perfect, I'm solidly employed (and so is my husband), and our debt/income ratio is low – we’ve been told we’re ideal candidates for this offer.

But..... as my mother always said - if it sounds too good to be true it probably is. How skeptical should we be? Is it worth getting the disclosure and loan documents and have an attorney look at them?


Sheila

[Moe Bedard]

Hi Sheila,

Welcome to the forum and thank you for joining..................

What they are doing for you sounds like the new H4H program from FHA.........which the investor on your loan seems to be participating in, which is a good thing...............

here is the link if you want to read more about it........
HOPE for Homeowners

The documents for the refi should be regular FHA loan documents........but if you have any questions at all on them, it would be a good idea to have them looked over...........

this is great news for you...........congratulations!!