Detroit Nesties
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
*ksunquest*
Your response gave me a little hope. When you refinanced your first mortgage and were approved for the new one, was all of that through your original mortgage lender or a new one(s)? Would you be willing to say what company (or companies) that was? We figure our next step is to talk to our mortgage lender and then shop around with some others to see what options, if any, we might have.
Re: *ksunquest*
We didn't actually 'refinance' the first house. We actually got approved for the second house first, bought it, moved in, etc. WE had to qualify using the first house, so we didn't qualify for as much as we would have without the first house, but it was still a good chunk! You can only use the rental income as 'income' when applying for a mortgage if you had been renting out the house for at least 2 years (at least that was the case with our mortgage company).
THEN we started to worry about the first house. We were able to rent it out, but were losing $300 a month! SO, I called the bank and asked if there was anything they could do and the lady told me yes, were were approved for some program the bank was sponsoring and not the making home affordable one the government was sponsoring.
It was not easy. I literally had to call the mortgage company every week to make sure they were still processing my request. It took about 6 or so months for the modification to go thru. I don't remember if I explained below or not (it's been a few days!), but what they did was lower my interest rate from 6.5 to 4% for 3 years, which brought the payment down considerably. After the 3 years the interest will grow until we get back to my original interest rate.
OH and the houses are both at different banks. Old house was Citi Mortgage and the new house is with Chase (however, we used a broker for the second house).
we are hoping that in 5 years the market will have turned a little and be able to see it for at least what we owe!! It's not looking good right now, though!
Good Luck and let me know if you have any other questions!
Thanks for the info! I'm waiting for a call back from a woman who helped my parents refinance not too long ago. When my mom told her about us, she said we had some options. Hopefully they're within reason!
ooh good! Hopefully, it will work out for you!