Success Stories - Homeowners Who Fought Back & WonThis section is dedicated to the homeowners who were facing foreclosure and fought back to win the battle against their lenders. I hope to add many more stories here as times goes by. Please let us know if you have a success story that you can share to give others encouragement to keep fighting!
This is a discussion on Refinance under the new 125% LTV within the Success Stories - Homeowners Who Fought Back & Won forums, part of the Stop Foreclosure and Tell Us Your Story category; Hi,
It looks like the HUD has increased LTV for refinance under HOPE to be 125%. I had seeked your ...
Hi,
It looks like the HUD has increased LTV for refinance under HOPE to be 125%. I had seeked your help regarding short sale for my in-laws unit a few weeks ago. Link to the previous post is
My in-laws bought a house in Central CA in 2006 for $285K, This house was bought on a no-down payment interest only loan. The holder of the first mortgage was Indymac which is now OWB. Since then the value of the house has gone down to 200K (source zillow). We were hoping to reduce his monthly payment as his business has slowed down in this economy. Missing a payment is not an option as my father-in-law's business relies on loans every once in a while and having a good credit score is imperative for running the business.
The LTV on their home considering only the first mortgage is 115%. Based on this, do they qualify for a refinance. He has no equity in the house. Is it realistic to expect that the first mortgage will be refinanced and they can continue to pay the second mortgage the way it is.
If we consider the first and second mortgage then the LTV is 140, which can not be refinanced under HOPE.
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