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View Full Version : Mike or any other Bankers


olevetonahill
10/23/2008, 07:01 PM
I Refied My place in like 99. int. was High 9.9 I think
The BA sold it to a group , Ive asked em to Renogiate the Int. But they say tuff ****.
Am I stuck, or can I default and get in on some of this low interest ?
Nevar been late with a Payment .
Frozen Sooner
10/23/2008, 07:07 PM
Yeah, you're not going to have much luck just asking them to renegotiate a contract that way. They're going to make you go through the refinance hoops.

Which is exactly what I'd do. You mentioned the BA-the SBA or the VA? Is this your private residence or your shop?

If it's the VA, you should be able to refinance no problem. You surely have enough equity in the place that you can qualify for conventional, and I think conventional rates are lower than VA rates right now anyhow.
sooner_born_1960
10/23/2008, 07:21 PM
I think he meant he borrowed money from BA.
http://www.fiftiesweb.com/tv/a-team-ba.jpg
olevetonahill
10/23/2008, 07:32 PM
Yeah, you're not going to have much luck just asking them to renegotiate a contract that way. They're going to make you go through the refinance hoops.

Which is exactly what I'd do. You mentioned the BA-the SBA or the VA? Is this your private residence or your shop?

If it's the VA, you should be able to refinance no problem. You surely have enough equity in the place that you can qualify for conventional, and I think conventional rates are lower than VA rates right now anyhow.

Original lender was Bank of America. No VA lenders here .:O
Frozen Sooner
10/23/2008, 07:43 PM
Oh, gotcha, B of A.

Yeah, you shouldn't have trouble refinancing. You'll cough up some closing costs, but heck-a lot of places will waive most of the closing costs if you're in the equity position I think you might be in.
olevetonahill
10/23/2008, 07:45 PM
Oh, gotcha, B of A.

Yeah, you shouldn't have trouble refinancing. You'll cough up some closing costs, but heck-a lot of places will waive most of the closing costs if you're in the equity position I think you might be in.

with the recent drop in Property Values , I prolly dont have that much equity .
Frozen Sooner
10/23/2008, 07:53 PM
If you refi'd on a 15 year note, I'll bet you have more than you think. Even if you're on a 30 year note, you're probably in good shape. PV went up a LOT from 1999-2006, and even though the bubble is gone you're probably still looking at decent appreciation.
olevetonahill
10/23/2008, 07:56 PM
I cant remember if it was 15 or 20 when I redid the note .
Mjcpr
10/24/2008, 08:40 AM
I'm pretty sure Wister wasn't riding that bubble like a lot of places in the US so I'm thinking you'd be fine to re-fi as well.

I am not a banker, however.
OUDoc
10/24/2008, 08:53 AM
I'm pretty sure Wister wasn't riding that bubble like a lot of places in the US so I'm thinking you'd be fine to re-fi as well.

I am not a banker, however.

But he does have a computer and know how to type, so keep that in mind.
BoonesFarmSooner
10/24/2008, 08:56 AM
ReFi like a MoFo