Am I allowed to acquire a renegotiation of loan? We refinanced in 2007 with a loans subprime, Int. Rate: 10.6%?

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Why? We had a terrible tax lien, which must be paid. After this loan, we have taken all our credit cards and use only cash. The only thing we have our mortgage and car loans (which are paid within 12 months). We are currently on our refinanced Zahlungen.Wir just enough to pay all our credit cards, our first mortgage and update our kitchen. Therefore, we have more than 50% equity in our home. We stand with all our bills Strom.Also … Is there hope for us to negotiate a reasonable interest rate, or do we want through the cracks, in which we pay our bills falling on time – barely. And it is killing us as far as retirement savings (which is about 7 years). We expect to sell our house in 7 years (+/-). Our house in June 2007 is estimated at $ 236,000 (before conversion). Our new mortgage to buy at $ 128,800. We have completely renovated the kitchen 12 x 24 …. And rebuilt master bathroom and family room …

  1. Reply
    April 30, 2011 at 12:48 am

    You can refinance as many times as you want, each time you will have to pay closing costs in cash, or have them built into the loan (FHA).

    Avg closing costs are $ 5,000 – $ 10,000.

    Every time you refinance, you take this hit. The question is, how many more years do you plan on living in the house. If >= 5, I’d refinance.

  2. Reply
    April 30, 2011 at 12:56 am

    There is something here that is missing. If all your bills have been paid on time you should have a good credit score. With a 50% equity in the house and a good credit score you should not have gotten a sub-prime rate.

    Were you behind on all the Credit Card bills before refinancing?

    If you have a low credit score, I would work on making sure that you keep paying teh bills on time. Once your credit score hits the 680+ mark refinance to a standard fixed rate mortgage. You should get a rate much better than 10.6%.

  3. Reply
    April 30, 2011 at 1:53 am

    I would go for it. My aunt used a loss mitigation company to “redo” the terms of the loan at an interest only payment at 3.5% for 4 years. The company did some arm twisting with the bank to get them to accept these terms to avoid a foreclosure. Sometimes they can get the principal reduced as well. She went through the free evaluation form at and a rep called within 24 hours. Best of luck whatever you decide.

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