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Posted: Tue Jul 10, 2007 9:17 pm Subject: We refinanced again!

We refinanced our house again. This time we got a fixed (and low!) interest rate. We consolidated all of our bills, and now just have the one payment. I'm really happy! I had put off calling the loan agent back for a month, because I really didnt think he could do anything for us. I finally called him back and asked him to see what he could do, just out of curiosityy. He called me back in less than an hour, and I was so amazed with the loan programd he had in mind for us!
We are using the same loan company as our previous mortgage, so everything was just streamlined and really easy. We settled a week and a half ago, and got our checks for the bills to pay off. Everything is done now, and I'm quite satisfied!
I'm so glad we made the call!
I'm hoping this provides a little encouragement to everyeone here that is in debt. Don't be afraid to make a call, even people that think they have 'awful' credit, it sometimes really isn't that bad.
Good luck to everyone!

Posted: Wed Jul 11, 2007 11:31 am Subject:

Thanks for the heads up! It is good that you did this post and wanted to motivate everyone. You have started to see your good days and there will be more smiles in your face. Stick to the plan

Posted: Wed Jul 11, 2007 12:32 pm Subject:

Congratulations! This is very encouraging. I hope that we can refinance one day too. We have a sub prime loan with extremely high interest due to our poor credit. We just filed chapter 13 so it will be a long time for us but it is good to know there is hope out there. Smile

Posted: Wed Jul 11, 2007 2:48 pm Subject:

We had previously financed (in my name) in late December of last year. I had filed bankruptcy (just me, not my husband) in 2004, so this was my first time with something big on my credit since then. We had to take a high interest rate, and an interest rate with an arm. We could have stuck to that loan for about 2 years before the rate would have gone up, but we really wanted to see about getting something fixed. I then lost my job in April because of my son's health condition, and i'm not a stay at home mom. When we just refinanced again, we knew that with me being unemployed there would be no way that we could put the loan in my name. So, we ended up transferring the mortgage back into my husband's name and it actually worked out for us.
I've learned to set goals, budget and work with the creditors, and EVENTUALLY things will work out.
I'm hoping we can finish paying off the smaller things we have left now and work on a healthy start.

Posted: Thu Jul 12, 2007 5:07 am Subject:

Sassnlucy - there are options available to you out there, if you are able to work on improving your credit during your Chapter 13. After 12 months in the Chapter 13 payment plan, there are programs that many banks and lenders use that can actually allow you to refinance your house in a manner that will take you OUT of the Chapter 13 - essentially ending it much earlier than if you hadn't refinanced. Of course, this is only if your house is in the Chapter 13 plan.

I am working on doing this myself right now - it will be late fall or winter before I can do it, but I will have been in the Chapter 13 for 12 months by August 31, so I am starting to pull all the documentation together, etc. Keep an eye on your credit report. Make sure that all your creditors that are included in the Chapter 13 are showing exactly that on your credit report - they should show something to the effect of "wage earner plan" or "included in chapter 13 filing" and give the date of the filing.

Let me know if you have any questions, I'll be glad to help.

Posted: Thu Jul 12, 2007 11:05 pm Subject:

Sue-- that program you are talking about is actually what I did the last time we refinanced. I had a bankruptcy under my belt from March 04, and with the loan program I was able to refinance the house in my name in December 06. It could have been a little sooner than that, but I didn't realize until then that there was such a program to help people that had a bankruptcy.

Posted: Sun Jul 15, 2007 9:13 pm Subject:

I hate the mortgage company we have now. I should find out what other companies we can go through. I wonder if that would help us out too.
Congrat's on making the call. I think that is probably the hard part.

Posted: Sun Jul 15, 2007 9:28 pm Subject:

I agree that the hard part about it is making the call. I didn't feel like being denied and going through the hassle of gathering the paperwork. This man made it easy for us though, and I was really glad for that. Now I just have a few minor things to pay off and we will only have the standard bills and the mortgage. Our mortgage payment is pretty high now, but I have to keep in mind that we don't have the car payment anymore. Hoping all will be okay for us now for a while.

Posted: Sun Jul 15, 2007 9:36 pm Subject:

I know we have some equity in our house, not a ton but some is better then none. We need a van. I posted under this folder earlier tonight. I wonder if we could take some of our home equity and refinance to buy a van.
What is the company name? Or is it someone who does it on the side?

Posted: Sun Jul 15, 2007 9:39 pm Subject:

Country Wide did ours. I used a loan officer that works for them. I told my mother in law about him, and she just refinanced her house with him too. He's really reasonable and honest. Really like him.

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