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Foreclosure/Refinancing

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T

tyrone_bak

Guest
What is the name of your state? Texas


My home was foreclosed. After I retained a lawyer, the mortgage company decided to settle out of court and refinance my loan. I was excited until I talked to a Loan consultant who said that if my payment history did not have 12 months of current payments then my rate will stay the same or go higher. I was thinking that I will have a new 5.5 % rate with a lower payment. My current rate is 8.5 %. Of course, I don't have 12 months of payments made on time since they decided to foreclose.

Is this true?

Any suggestions?

Thanks for your help,
Tyrone
 


R

racer72

Senior Member
Your interest rates and payment are most definitely going to go up. The forclosure on your credit report dropped your credit score quite a bit. I learned this the hard way about 10 years ago.
 
T

tyrone_bak

Guest
Hold up. I was paying my mortgage in according to the agreement I had with them after I got behind. I did not go past 60 days on my payments. The foreclosure was rescinded. It should be removed from my credit report. They decided to settle out of court. If I would of went to court, based upon the facts I would of won and they would of had to pay all cost.

Do I still have to pay a interest rate higher than 8.5 %?

What was your situation?

Were you foreclosed on?
 
H

HomeGuru

Senior Member
tyrone_bak said:
Hold up. I was paying my mortgage in according to the agreement I had with them after I got behind. I did not go past 60 days on my payments. The foreclosure was rescinded. It should be removed from my credit report. They decided to settle out of court. If I would of went to court, based upon the facts I would of won and they would of had to pay all cost.

Do I still have to pay a interest rate higher than 8.5 %?


**A: you will be paying a higher rate due to your credit history and foreclosure.
You are considered a high risk borrower and a subprime candidate.
Click to expand...
 
T

tyrone_bak

Guest
Even though it was settled out of court. Wouldn't litigation remove the "foreclosure" from my credit report?

Wouldn't litigation remove the months because of the mortgage companies "wrongful foreclosure"?
 
H

HomeGuru

Senior Member
tyrone_bak said:
Even though it was settled out of court. Wouldn't litigation remove the "foreclosure" from my credit report?

Wouldn't litigation remove the months because of the mortgage companies "wrongful foreclosure"?
Click to expand...
**A: stop adding new things to your thread.
 
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