Mortgage Streamline

[mccaverty]

Hi - I've been mulling the last few weeks as to whether I'm going to walk away from my house or not. I've been making partial payments on my two mortgages and the credit union has made some pre-foreclosure noises. I have about $20,000 negative equity in my current loan, which was IIB.

Today I received a "pre-approval" letter from Premier Lending Group telling me that they have reviewed my home loan with the local credit union and that if I'm in an adjustable interest rate loan (I am), their offer makes me eligible to convert to their fixed product line where they have rates as low as 4.49 percent. This is a supposedly FHA-approved lender.

Obviously, I have nothing to lose by calling them, but I'm wondering if anyone else has already dealt with them or done a "mortgage streamline" with another company?

[Mi Bankruptcy]

You didn't say when your BK was. However, I was under the impression you had to wait 2 years to qualify for FHA loan after BK.. regardless of whether the home was foreclosed or not. Check the stickies in here for more information

[mccaverty]

Sorry - I was discharged at the end of April.

[Mi Bankruptcy]

Sorry - I was discharged at the end of April.

no problem.. Try reading this thread. It might answer your questions

http://www.bkforum.com/showthread.php?t=13709

[hereforinfo]

It could be a scam, so I would be very cautious. You cannot qualify for an FHA loan until 2 years after the discharge of a bankruptcy. The mortgage lates that you have currently may even set that back further because the guidelines require 2 years of perfect credit since the discharge date. Aside from that, you can't get a refi with that second mortgage hanging out and negative equity.

[mccaverty]

Yeah - I think they were simply doing a somewhat blind mailing. I called them, and they didn't even know about my second mortgage, nor about the bankruptcy. Very polite and friendly, though.