Over the last week or so Ray and I have spoken to many homeowners responding to an informational item we ran in the Denver Post and Rocky Mountain News.
These people are homeowners in desperate situations with their mortgages and feeling hopeless and frustrated with many of the people they have spoken with regarding their loans. The stories are similar; 1-They receive refi opportunity in the mail that promises to help them – they call, give personal information, allow credit to be pulled – never get a return call and can’t get the person they spoke with back on the phone. 2-They start a refinance and keep waiting for it to close, there are numerous delays (as much as 8 months by one gentleman) and are finally told it ‘can’t be done’. 3- They contact their lender/servicer on their current mortgage to try and work out a program and are told several discouraging things. 4-They call and speak with multiple loan officer/originator/brokers and are told there is no opportunity for them to refinance because of – bad credit, credit score, late payments, income, home values… the list goes on.
We have been able to help most of those who have called – people who have pretty much given up on the industry and have little faith or trust in anyone speaking mortgages.
I just want to tell those people – don’t give up – you would be amazed at what some of these new, government programs can do to assist you. Speak with at least one loan officer/originator/broker who has extensive experience with manually underwritten FHA loans, can currently close FHA Secure loans, understand short-pays/new seconds/subordination and ask detailed questions – there really are so many options and ways to do these loans – don’t give up until you’ve really had the chance to talk with a knowledgeable person.
Yes, these loans are tough, they require letters of explanation and documentation – but it’s much better than foreclosure. And I must say that everyone I have explained things to has been happy to work with me gathering the items needed – they just didn’t know they had options.
Don’t give up! There are people in this industry who will help you!
Theresa & Ray