I live in Maryland. We have had a lot of credit problems in the past, never were able to get that great 5% interest rate on mortgages. Anyway, we had trouble making our mortgage payments last fall. My husband lost his job on December 1st. We were working with our mortgage company to get payments made, and they did give us a break. They sent a new payment schedule, but in the meantime, I tried to go online to see if anyone would be willing to refinance us. After speaking to many lenders, I finally found one in California. Very nice, willing to help out. My problem is, I have a second mortgage with Beneficial already. They have a better interest rate, and the lender said I could only refinance 70% of the value, so, we should get Beneficial to sign a subordination agreement to keep that loan as it was. It's been almost 3 weeks now and I just heard yesterday that Beneficial will only approve this refinance of the first mortgage if: we get absolutely no cash out and do not pay off any other credit card bills. Since the value of our home has jumped, we were going to get only about $2,400 cash back and could only pay off about $3,100 in our current bills. Is Beneficial allowed to make conditions on my refinance of my first mortgage? I don't know if they can legally do that. To me, it's none of their business, all they have to do is sign a paper saying I can keep their loan as is. They are holding me up so much I'm getting very frustrated. Also the new lender said they have to keep leaving messages on Beneficial's phone, it's all automated and they have to keep waiting to get a call back.
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Refinance to get out of Foreclosure
- Thread starter bjabrams
- Start date