by Tracie
(Maryland, USA)
Ask Kate why is FHA Loan Refinancing so difficult: Kate, I'm trying to refinance my house for the fourth time over a 23 year period. I realize that the price of homes are really down.
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Tracie continues...But we paid $350 for the FHA appraisal which came in at $154,500 which according to our lender would have allowed us to also get $5k cash out.
Now the lender is saying they are not going with the appraisal and dropped it down to $140k and we cannot get any cash out. We currently owe $113k on our 1st and only FHA loan. Why are we not eligible for cash out?
Why are they asking for all kinds of very personal information including the custody that I've obtained of my grandchildren. They actually want to see court documents and quarterly 401k statements.
I had to write a very detailed letter as to why we were late several times on our mortgage payments, in the past going all the way back to 2007? We have never had to provide this sort of personal information during our past refi's so why now? HELP please!!! Thanks, Tracie
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