WAMU - great credit, 20% down...no equity!!

[emerge]

Hello all...newbie here, btw this is a great site!

Any who, question for you about refinancing. Last year around this time I bought my ex out since we had bought a place together. When we first bought it, it was at 310k with 20% down. Now when I bought her out last year it appraised at 350k. I refi'd for 6.375, 7 year fixed...waaay too high for my own good! Now im hurting with of course the economy. I have never been late on a payment, my credit is 740 which I think is pretty good but the catch is the equity in my place has gone down because someone in my area did a short sell, and appraised at 300k. So I went through my bank to try and refi and everything was approved, but the equity is too low is what I am being told, so I cant refi. since the amount of the loan can only be 80% of the loan. I have put 20% down...and it seems asinine to put more down to get it under the 80% level just to refi., not to mention I dont have 40k laying around. Is there anything I can do to get WAMU to get my rate down?? I know life isn't fair, but come on, you should be helping people that are trying their hardest to do the right thing. Any help with this would be great!

thanks for you time!
MJ

[Moe Bedard]

WaMu isn't going to lower the rate you are fixed at for the 7 years...........they are modifying at slightly higher rates than that right now...........

You may want to see if you qualify for FHA secure instead............

Flagstar
IndyMac
GMAC
First Horizon Bank
Taylor Bean and Whitaker




these are a few lenders that do that type of program.............

[emerge]

Thank you for the quick response!

one more question....so will I have to pay them to see if I qualify?
I tried to refinance with WAMU...and they took me for 350.00 to tell me I can't refi!

[Moe Bedard]

That was for an appraisal...........just tell them you want to see if you are even able to qualify first........

[emerge]

how do I know if these places are legit?!

I mean, I feel like I just got screwed over from my bank, a huge lender WAMU. Since I am sure they knew damn well that my place was not going to have enough equity for me to refi. So, now I am out 350 bucks....which is one months HOA for me! not cool!

are there places/people that can tell me that they can do the loan with our charging me first?!

[RudyJay]

Emerge

Why don't you Google the names first and then check their websites.. or call HUD for names in your area.. go to the HUD website rj

[Moe Bedard]

Mj,

Just call them and see if they will prequal you..........

Your loan that you received from WaMu isn't a predatory loan at 6.375%.......that is a great rate for 07 at this time......

[emerge]

Hello all,
I have a 7/1 arm @ 6.375 which I know, doesn’t sound too bad. The loan is for $281,000.00 which is $1,867.67 a month. Plus my home owners of 320 a month $2,187.00 (house appraised at 350k in 08 coming in at 290k now.)

I take in about 2800.00 a month which leave me about 600 left over. Gas food and just regular bills. Which leaves me broke!

Why is that I cant get Wamu to adjust my loan rate? My credit is 740 and I have 20 percent down. If you look at how much I make and how much I pay, no one can live on this. I am having to borrow from cards in order to pay my mortgage! And bills just keep getting worse!

Anyone have any thoughts or ideas on this one? Help please!

Thanks in advance!!

[Moe Bedard]

have you tried calling and asking if the investor on your loan is offering a modification option...........

WaMu Loss Mitigation
1-877-533-8960

[emerge]

No ,but I will...thank you for the number!
and thnks for consolidating my two posts.


I'll let you know the out come!