I am set to refinance in 6 months, I have a FHA 3/1 ARM, my SEV was recently decreased to +$10K less than my principal balance (so no equity). I have a high debt to income ratio. Any suggestions?
by 
MickNick
ANSWERS: 4
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MOST BANKS NOW ARE CONSIDERING "NOTE MODIFICATIONS" THIS IS A MODIFICATION OF YOUR NOTE FROM A ADJUSTABLE RATE TO A FIX RATE....THEY KNOW MOST PEOPLE LIKE YOU WONT BE ABLE TO QUALIFY FOR A REFFINANCE . SO A NOTE MODIFICATION WOULD BE IN THEIR BEST INTEREST..THERE IS A CATCH SO, IT TAKES 2 TO 3 MONTHS TO GET IT APPROVED, YOU CAN BE BAHIND AND THEY WILL PUT ANY DELIQUENT PAYMENTS INTO YOUR BALANCE, FHA GUIDELINES ? NOT TOO FAMILIAR WITH THEM BUT CALL YOUR MORTGAGE COMPANY AND ASK TO SPEAK TO "LOSS AND MITIGATION" DEPT, AND BE PREPARED TO SHOW ALL YOUR INCOME,BANK ACCTS BALANCES,ALL YOUR CREDIT AND NON CREDIT OBLIGATIONS. HAVE A LOCAL AGENT GIVE YOU A MARKET ANALISYST (IS FREE IN MOST STATES) AND HAVE THIS REPORT READY FOR THIS DEPT, HIGH INCOME RATIO..MAY INFLUENCE HE BANK'S DECISSION SOO BE PREPARE TO INPROVE YOUR INCOME SOME HOW ..RENTING A ROOM IN YOUR HOUSE...2ND JOB...ETC.BUT THERE IS A CHANCE TO GET A BETTER RATE FOR THE REST OF THE TERM OF YOUR LOAN.... GOOD LUCK AND HOPE THIS HELPS.
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I know a modification company that saves houses and can help please get back to me if you want more information.
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Sell your house now for as much as you can get for it.
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sell you home and live in a motor home. invest what money you have in commodities.
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