Seeking Refinancing Advice

by Doreen from USA

Ask Kate: Seeking Refinancing Advice I need refinancing advice because I am trying to refinance my house to get out of credit card debt and my mortgage. I didn't know it was simple interest till after I had to get off the equity builder because I was laid off of work.

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Now I did get approved at the bank where I work but the FHA appraisal came in too low and I needed to come up with $5,000 to settle (of course didn't have the money)

Well now I am trying to refinance and only pay off 3 credit cards with my current mortgage company and I am so afraid this won't work & my credit will be destroyed and I don't want to lose the house.

Is there any feedback you give me or advise. Also if you think the mortgage company is charging extra payments what can you do and how to prove it.

Anxiously waiting for your reply, Doreen

Refinancing Advice and Solutions From Kate

Dear Doreen, You are trying to overcome a hurdle as are many homeowners refinancing today.

You are able to qualify for a new mortgage however due to plummeting real estate values, your home does not appraise high enough. I understand this can be discouraging.

In situations like this, a question I advise borrowers to ask their mortgage company is, "Is there anything other way I can make my refinance work?" Sometimes a lender gets tunnel vision helping a homeowner, forgetting other solutions outside of the original plan of action.

Other times, traditional refinancing advice is not enough and a different kind of refinancing advice is needed. I have written many articles on how to stop mortgage foreclosure which can lead you through alternatives to foreclosure such as...
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Hope For Homeowners

In October, 2008 a new law Hope For Homeowners signed in by President Bush will offer assistance to struggling homeowners. Please be sure to ask your lender about this.

If you are concerned that your mortgage has not received proper accounting methods, be sure to request an itemization of mortgage payments. Ask a trusted adviser such as a friend, relative or even your past real estate agent to sit down and review it with you for inconsistencies.

FHA, the Federal Housing Administration, is stepping in during this mortgage crisis to help more homeowners than ever before. Remember that FHA might owe you a refund which could help with making this refinance work more easily. Read about it at FHA Refunds.

Doreen, although I can't comment regarding the specifics to your refinance, my door is always open for you to ask another question.

Best Wishes,

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P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

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You can also ask Kate about your mortgage at Refinancing Advice The Nuts and Bolts.

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