Why my mortgage company wants to refinance?

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I currently am a year into my loan. My mortgage was sold, the new company said there was an issue with the loan the first time and i have no choice but to refinance. They will give me a .25 percent off the interest. It all sounds suspicuous, any ideas?

3 Comments
  1. Reply
    My Take on It
    February 9, 2011 at 9:37 pm

    I would want to know what the *issue* was.
    It does sound odd to be told you have NO choice but to refi.
    Very weird.

  2. Reply
    Judy
    February 9, 2011 at 10:20 pm

    I’d be suspicious too. Sounds like some of the original paperwork is lost or something, so they’re unsure of some of THEIR rights. If you have all of your paperwork, you shouldn’t HAVE to refinance. But if they’re giving you a break on interest, you might come out ahead. Don’t do it for a rate that’s not at least as low as current rates or a little lower.

  3. Reply
    georgine silos
    February 9, 2011 at 10:49 pm

    I was in a similar position a few weeks back. I was able to find help here – http://www.loansresources.tk

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