Help with house payments?

Question

I am currently 2 months behind on my house payment. I have a 133,000 loan at 9.25% for 15 years. My payment is 1656.00. I contacted a company called Ocean View Equity and they said that they can take care of all of this and have my rate lowered and extend my loan from 15 years to 30 years. Their fee is 1200.00. That seems CRAZY to me. I looked up their information with the BBB and their grade was a A-. I think that I can do the same thing that they are going to do by myself, but I'm not sure. Does anyone have any info on the new Housing Rescue Bill or any suggestions. Thanks

Answer 1

With a 9.25% loan, you got a rip-off sub-prime.

I would suggest you try to negotiate with the mortgage company in person first.  And then try this Ocean View Equity as Plan B.

Answer 2

The bill should pay your refi fee, you need to ask them if you qualify.

Answer 3

Their $1200 fee seems well worth it to me. What you are probably paying is the lenders origination points assuring you the lowest rate they can give you.  If you finance that same amount, add the $1200, and get 360 payments you looking at a $940 P&I payment. Thats if they can get you at 7.5%  Once you have more equity in your property you can re fi again and get untamatly what you want.