Can anyone give me advice on a 2/28 mortgage loan?

Question by Machelle: Can anybody provide me information about a 2/28 mortgage loan?
I have a section 7 bankruptcy discharged 2 years ago. My spouse plus i both have superior jobs, (he a school instructor plus me inside insurance). We are wanting with buy the house as well as the just choice you are getting is this 2/28. naturally the loan officer is advising you this is fine with refinance inside 2 years.. Has anybody had an experience with this. We are kinda freaked out plus don’t like to receive overwhelmed financially again

Best answer:

Answer by fluorescentsurfer
refinancing inside 2 years will REALLY suck…

Interest rates is going up inside the coming years plus we may set oneself up for another round of bankruptcy

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Anyone tried Wells Fargo Mortgage Loan Modification?

Question by jperfet85: Anyone tried Wells Fargo Mortgage Loan Modification?
If so, how did you get accepted? I was told we had to write an earning saying why we need the loan modification in detail, any tips??We are already on a repayment plan.. I dont understand how they would expect us to pay $ 200 more a month for the next 3 months if we got behind with one payment. We plan on paying everything up to date within the next 3 weeks (with income taxes) & not be on the payment plan anymore after that b/c having to pay $ 200 more a month is just a crazy thing to offer to someone that is already behind…!?!

Best answer:

Answer by greg h
With the economy the way it is it’s either modify or foreclose.I know of someone who’s house dropped from 700000 to 350000 so you are not doing so bad their payments are 4000 per month. I hope this cheers you up.

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Can anyone give me tips for marketing my mortgage loan service?

Question by Micki: Can anyone give me tips for marketing my mortgage loan service?
I am a Loan Officer who is basically on her own. I have a parent company that offers no market help. I do mostly subprime (bad credit, no money, previous foreclosure, bankruptcy. low to moderate income, no downpayment) what can I do to get myself out there with a minimum budget.

Best answer:

Answer by Wyleeguy
Partner up with a Title company or Real Estate agent, if you have provable regular business they will provide you with free advertising materials.

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