I have a loan modification currently on my home. I would like to use my VA Loan and refi to get out of my high interest rate. The
The loan modification Is Chases own type of modify. Chase has sold my loan to Ocwen and from what I have heard and read about this company is not good. It's been almost 2yrs on loan modifi and we haven't been late. When I go to see if I can refi with other company's they tell me they can't help at this time. All I would likeis to get lower interest rate, into a fixed rate, and a little lower payments. Is there any way possible to get out of this mess I started, if there is can you help or is there any help out there who can? My credit is not all that good I know this can cause problems. Any type of help would be great from a Disabled Veteran. Thank You by rabiddog69725 from , . Jul 18th 2013
I have had success on a FHA loan that was previously modified. The key is no lates on mortgage. Joel Lobb (NMLS#57916)Senior Loan Officer502-905-3708 cell502-813-2795 faxkentuckyloan@gmail.comKey Financial Mortgage Co. (NMLS #1800)*107 South Hurstbourne Parkway*Louisville, KY 40222*http://mylouisvillekentuckymortgage.com
David Sanders (David_Sanders)
#811 ranked lender in California - 59 contributions
Hi Rabid, Unfortunately you most likely won't be able to refinance until atleast 3 years. Additionally Fannie Mae and Freddie Mac actually look at 90 day lates like foreclosures. So depending on the type of loan you would be doing VA in this situation then most likely you need to wait 3 years from the completion of the modification. Something Nobody probably disclosed to you while doing the modification that probably didn't help you much. Best of luck and Thank you for Serving. I am greatful for you! =)
Steven Cook (stcookmortgage@gmail.com)
#37 ranked lender in Washington - 256 contributions
Hello -- slightly confused, as a loan modification should have lowered your interest rate down to something in the 4-5% range, if done two years ago. Thatis about the range we are in now. You also seem to be in an ARM (adjustable rate program).Without knowing where you are located, it is a bit difficult to refer you to a local, licensed mortgage professional who knows the ins and outs of theVA program, and can assist you in working on this. Please provide your location, so we can better assist you.
John Frost (JohnFrost)
#66 ranked lender in Ohio - 17 contributions
If you are in OHIO, give me a call @ 513-477-7908. I may be able to help you.
Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions
I hope the lenders on this forum will be able to help you.
I'm sorry that I forgot to say I am From Cheyenne, WY. This whole modify I got my self into was mistake. Originally I was behind 3 months, wanted to get current on my mortgage was told at the time my options were only modify or forbearance I choose modify which was stupid of me. My rate went .05 % my payment dropped about $30.00. Tried with Chase to see if there may any other options I could go into. Was told no. Know Chase has sold my mortgage to Ocwen, they took over July 1st, I have already had to deal with them and I was sent a letter there would be 60 days to get adjusted to I only got 15 days before I got a call. The modify I did has haunted me for awhile and it seems almost impossible to even get out of this mess. Ever since I received notice Ocwen was taking over I have trying to refi to my VA Loan with no success. I was just wondering if there any lenders who may be able to help in this matter. Like I said in my first email my credit is not all that good even though I haven't used any credit cards or late on any mortgage payments in almost 2yrs. Thank You
Mike Silkworth (msilkw_195_870)
#29 ranked lender in Michigan - 531 contributions
It's not likely you can do this after a modification. Modifications were purposely set up to prevent refinances. I saw a post earlier offering help. I'd call them, maybe because you have VA as an option instead of just Conventional and FHA you can do it. Best of luck. Sorry that you discovered the pitfalls of modification after it was done, the program has turned out to be a terrible disappointment.
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
Not sure you can be helped, but the post by Steven said he might be able to help, you should call or email him.
John Frost (JohnFrost)
#66 ranked lender in Ohio - 17 contributions
Sorry, can't do you any good in Wyoming. (out of my lending area) Find a local lender that handles VA loans, They should be able to help you.
James Mazzola (Mazzola)
#109 ranked lender in New Jersey - 314 contributions
Unfortunately you most likely won't be able to refinance until atleast 3 years.
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
To use your VA to refinance out of a conventional loan, you will have to meet all of the traditional VA underwriting requirements. You are going to have to get an appraisal and your new loan cannot be more than the appraised value. You will need to have at least no late payments in the last 24 and otherwise have good credit. You are going to have to find a lender that will allow for this. Because VA does not make the loan, they only guarantee the loan after it is made, the lender that actually makes the loan has the right to impose additional requirements or restrictions of the loans they make. Because of this right, most lenders will not even touch you. If you are in Arizona or California, I can help otherwise work with a local Mortgage Banker or Broker that has access to several lenders. One of them will do it. I have previously refinanced both FHA and VA loans with modifications in the past, but they took a lot of work to make them happen. Good luck ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950
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