How can I refinance a 20 year underwater mortgage with LPMI into a 30 year? CitiMortgage refuses to even discuss.
I have a (Freddie Mac) 20 year mortgage (10 years owing) and a terminally ill spouse. I just want to refinance under HARP 2.0 to protect the roof over my head when my husband passes. I have called CitiMortgage since 2009 and they REFUSE to help me at all and just keep telling me it's because we have LPMI on our loan. I have now entrusted an attorney to help us but he wants me to stop paying for 2 months so he can show a hardship and possibly get a hardship modification. I need help!!! I just want to refinace so I can stay in my house!! I lose my husband's SS Disability because I am not old enough but I work full time and make good money. Is there anybody in Michigan that can refinance my loan?! I currently owe $101,000 and we have an equity loan owing $19,000. The house is probably worth approximately $70,000 at this time (it once appraised for $160,000). Please help us. Thank you and God Bless! Laurie A., Roseville, MI by amalfi_469_338 from Roseville, Michigan. May 15th 2012
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
bad advice from that attorney , run,, it will ruin your credit , 39 points for each mortgage late, and then you not be able to qualify for harp, i can do lots of states ,but unforgivably MI is not one of them I used to live in MI when i was little .. the lender doesnt want to pay back for the lpmi portion, is your hubby a VET? why did you lose your husbands ss disablity?? are you over 62 yrs old??
Thank you Linda123. No I am not entitled to his SS Disability because I am only 47 (he is 64) and he is also not a VET. I am so nervous about this attorney advice but it is the 2nd Attorney to tell me this. I just don't know what else to do!!! I am to a point of being absolutely panic stricken and I already have enough to deal with as you can imagine!! I do thank you for your response though! God Bless. Laurie
Linda Miller (Linda Miller)
#2 ranked lender in Utah - 572 contributions
Very bad advice from your attorney. Call a local mortgage broker, two or three if you want to get more than one opinion. They will be able to give you better advice than your attorney - and better advice than Citi. The large banks have no interest in helping you.You may qualify for a HARP 2.0 loan which allows underwater borrowers to refinance at today's rates. When the HARP 2.0 program first came out there were issues with the automated underwriting - but I have gotten about 80% of the LP HARP loans through. Here is an article I recently wrote about HARP 2.0. http://lindamiller.net/2012/05/01/the-reality-of-harp-2-0/ You will not be able to refinance the second but if you could get your first refinance that might enable you to pay down the second. You will need a local resource. Contact a Lender 411 mortgage professional. I think they will be able to help you. Good Luck.
Hi, I work for Citi and have been helping many people on sites like Loansafe.org. I know you've tried to work with us, but I'd like to take another look at you for HARP. You can reach me at email address below. I'm also very sorry to hear about your husband's condition. You have my thoughts and prayers.Kindest regards,Mike Cardace, CitiMichael.cardace@citi.comwww.homeownersupport.comI also disagree with advice to intentionally miss payments.Being unable to make payments is a different story
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