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View Diary: Thank You President Obama! I was helped by the $26 Billion Settlement. That's why I'm a Democrat! (280 comments)

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  •  Sorry for the confusion (4+ / 0-)

    I'm not underwater, but am just seeking to refi at a better interest rate.  Consumers in my position don't have much protection these days, we're stuck with whatever shifty BS the mortgage companies can slip by us.

    "We must not confuse dissent with disloyalty." Edward R. Murrow

    by Betty Pinson on Sun Apr 22, 2012 at 09:17:42 AM PDT

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    •  There is a bit more protection, I think (4+ / 0-)
      Recommended by:
      joedemocrat, fcvaguy, worldlotus, KenBee

      At least I recall signing a zillion papers with the first loan, but even though there were a lot of papers from Schiti, everything had an explanation, plus a bunch of consumer rights documents.  

      It seemed like better information, more protection - but then again I signed my original loan documents without a thought, and turns out they overcharged me and stuff - although I can't say I would have realized that even if I'd read every word since I didn't know what other lenders offered at the time.

      I'm using a loan broker now, and he is not charging me a loan origination fee, and the rest of the fees except the appraisal will be rolled into the loan.  For about $290k (I'm in L.A., stuff's expensive here even now) the total settlement fees are about $3500 or so.  

      It seems like if you're getting a conventional loan they will definitely charge you PMI unless your loan to value is 80% or less.  I don't know if HARP applies if you're not upside down, but it might.

      Read everything and ask questions, and if they are squirrely AT ALL, walk away.  Like I said, go with a recommendation from someone knowledgeable whom you trust.

      I'm certainly no expert (the opposite) except that I've been trying to get a loan and running into obstacles, each one a lesson.

      Why is it that a 3% tax increase for the wealthy is considered "socialism" and an 8% wage cut for the middle class is "doing your part"? MartyM

      by delphine on Sun Apr 22, 2012 at 09:28:57 AM PDT

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    •  What about your local credit union? n/t (3+ / 0-)
      Recommended by:
      joedemocrat, fcvaguy, OleHippieChick
    •  Find a good mortgage banker... (5+ / 0-)
      Recommended by:
      joedemocrat, askew, worldlotus, fcvaguy, KenBee

      that's really all there is to it. I'm getting ready to start on my second re-fi in less than 20 years of owning a home. Never had a problem except when my first mortgage was sold to a sleazy outfit that got taken down by 60 Minutes LONG before this current crisis hit. Joe tells you in the diary how to avoid that problem.

      Almost everything you do will seem insignificant, but it is important that you do it. - Mahatma Gandhi

      by NLinStPaul on Sun Apr 22, 2012 at 11:10:30 AM PDT

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