refinance

[zepeda05]

I have been trying to get someone to refinance our current loan, which will be adjusting on July 1st. My husband is currently deployed to Iraq and will be there until 2009. When our credit is pulled people cannot understand why his score is low. We have not been late on any of our account for over three years. Never had a forclosure or anything of that sort. But for some reason we keep getting turned down for a refinance. My huband who is serving our country cannot even get help. All we want is a fixed loan instead of ARM. What can we do. We are trying to avoid a forclosure. Can't companies see that his job is secure, we are never late, and we are trying to pay off our debt by refinancing our mortgage. I don't understand why we cannot get help from our own government. Please help or give me an answer.

[schwefls]

Welcome to our forum zepad05:

I am sorry to hear of your hardship, you do not need this added stress with your husband defending us. I wanted to stop in welcome you and assure you that you are no alone. We are all living it or been there dun that. Shortly someone will be reaching out to you with some sound advice/suggestions. In the interim please hang in there, help is on the way. And please thank your husband for me.

[Moe Bedard]

zepeda05,

Welcome to the forum and thank you for joining.........
Who is the lender?
One loan or two?
What type of loan is this?
What is the interest rate at?
When is it adjusting?
What is the loan amount?
Are you and your husband both on the loan?

What we offer is assistance and advice on how to work with your lender on obtaining a modification for a rate that is adjusting or has adjusted and is causing a hardship..........we are not lenders so we don't offer refinancing.....

You might be able to try for a modification to fix the rate.........please answer the questions above so we can see if we might be able to help......

[zepeda05]

Here are the answers to the questions you ask:

The lender is Ocwen
It is one loan
Not sure what type of loan
Interest is at 9.75
Is adjusting July 1st
The loan amount is 151238.57
Only my husband is on the current loan

Hopefully these answers will get me some advice on what to do. Thank you for your time.

Angela Zepeda

[Moe Bedard]

Angela,

Since he is deployed.........have you been speaking with Ocwen on the loan all along? I hope so.........but if not this is something that would need to be done so we can start the modification process.......you would need authorization to speak on your husbands behalf on the loan......
I know having to deal with this must be really hard on you with your husband being away........but you can do this........we can help you...


When you put together your household income versus your household expenses you would need to show a surplus of $100-$250 at the end of the month........

If you need help putting together either of these, there are examples in the Homeowner Tool Box to the left of the forum.........