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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4480
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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In 2005, I purchased a Florida condominium through a no documented

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In 2005, I purchased a Florida condominium through a no documented loan, interest only with a 20% down payment. Loan amount was $191,000.00. I am the mortgage holder and my son is the owner/homesteader from the beginning. I have tried to refinance this loan into a 30 year fixed interest and principal mortgage without success. Today the property value is around $145,000.00. How can I get the mortgage holder to refinance? They keep telling me that the interest is low at 3.6% today, but it could go as high as 13.25% still being an interest only loan.
Submitted: 5 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 5 years ago.

Dear Sir,

 

In my opinion, you should take some professional help in liaise with your mortgage company. I would suggest you to consider using services of http://www.hopenow.com/

 

HopeNow is an alliance between HUD approved counseling agents, servicers, investors and other mortgage market participants that provides free services / assistance to the borrowers and in some case, if required, would also liaise with the lenders on your behalf.

 

Alternatively, though the above one is a better option to try, you may also try http://www.governmentrefinanceassistance.com/

 

I am sure this would help...

Warm Regards,

Customer: replied 5 years ago.
my son nor I do not qualify for gov. assistance.I failed to include this in my first question.Will this change the advise?
Expert:  Rakhi Vasavada replied 5 years ago.

Dear Sir,

 

In that case, the second option (alternative) may not help..

 

BUT you may still continue to contact HopeNow as advised in the original reply.That advice will not change..

 

I hope this helps...

Warm Regards,

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