Refinancing - Louisville,KY

Updated on November 27, 2009
E.M. asks from Louisville, KY
10 answers

My hubby and i are looking to refinance our house. well we ahve gone through a few companies and they say we cant b/c of his pay cut he took this year. a friend told me about something where obama had help for families about to loose their home. i tried looking ti up found links but one wanted 2000 dollars for lawyer fees... sounded wayyy too fishy for us. so i was wondering does anyone know if this plan is still around and if so how do i find out more about it.

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answers from Lexington on

I don't know anything about Obama's plan to help struggling families. Have you looked into Dave Ramsey? He is a financial advisor who refers people to local financial advisors that help people with money matters. Dave calls them ELP's or Endorsed Local Providers. I think that they will work with you on receiving payment for their services and Dave Ramsey has a great reputation. He is nationally known, but is located in Tennessee. I would think that their fees would be much more reasonable than the $2000.00 you mentioned. Ramsey has a web sight and offers reasonable financial classes. Many churches and companies offers his classes nationwide. Often the only cost is for materials needed to participate in the class and in some instances companies or churches will help cover those costs for families in financial crisis. It is worth looking into.

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answers from Clarksville on

yes, there are programs out there. they may hurt your credit some, but it's a hit you'd have to take to keep your house. i'm not sure if will hurt your credit, but i know you have options. if you call our bankruptsy attorney at ###-###-####, brian hill, he should be able to advise you. we do free consultations, and he is really nice! he does truly want to help people!! and if he quotes you on a price and you don't think you can afford it, we do payments, and he also negotiates. so please give him a call... if he's not in, make an appt with his paralegal, heather.

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answers from Knoxville on

I am not sure if that plan is still in effect. Have you tried talking to your current mortgage company? Some companies are willing to work with you especially if you have a good payment history.

I would also look at where your spending money and see if you can cut back there. If you eat out a lot or purchase soda and coffee every day that adds up. If you have 2 car payments could you sell one and get by on one car. Look at every cent that goes out and see what you could do to lessen those expenses.
Good Luck, I will keep your family in my prayers. God Bless!

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answers from Memphis on

Be very, very careful of anybody who talks about this government program or that government program. There are A LOT of scumbags that prey on victims, using official-sounding language, and promises or talk of government programs (which may or may not even actually exist!). Go to and see what they have to say. They are a reputable company.

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answers from Greensboro on

There is a program called HAMP- Home Affordable Modification Program. It is true as I am helping a friend do this.Go to this website Then about half the way down the page click on
Home Affordable Modification Plan (HAMP) - Homeowner stability initiative. I know some companies charge a fee to do this but I know Wells Fargo doesnt. I am sure your mortgage company may try to tell you no they do not know what your talkin about but you can see a list of mortgage companies that have all ready begun doing this. You really have to dig and search for the info. You also use YOUR MORTGAGE COMPANY -NO LAWYERS!!!!!!!!!!!!! I hope this helps and GOOD LUCK!!!!!!!!!!!


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answers from Knoxville on

You just have to call the bank your home is financed through and ask them about the Obama plan. They will do it for you. We didn't qualify because my husband lost his job and our debt to income ratio was too high. I hope it works for you!

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answers from Fayetteville on

Hi E.,

We refinance with New Penn financial Lewis Walton ###-###-#### We paid $700.00. would of been $400 but our escrow was short since taxes on house went up. We got 4.5 interest.

To top is off we found this program that will allow us the ability to get out of all our debt in 9.3 years. I wish we could of done it before we refinance. But still glad we found them. All refinance do is start the loan over. Watch the demo just in case still can not refinance. Since our interest is lower and mortgage payment is lower will will be able to get out 8.8 using the program.

Good Luck



answers from Memphis on

I'm praying for everyone in this situation because so am I.



answers from Chattanooga on

Call your current mortgage lender. It is not too late to make your home affordable. There are different things they can offer you. When you call make sure you are looking for the make affortable program. It should not cost you any money. They might try to offer you refinancing make sure to tell them you seeking help under the Obama program.



answers from Louisville on

Dear E.,

Do not use any company who will offer to "help" you for a fee.

The best deal will come from your bank. You need to call them and tell them you would like to see if you qualify for a better interest rate. Or, you would like to apply for a modification. In either case, try to stick with the current loan term that you're in. In other words, if you have a 30-year mortgage and you have already paid 5 years, do not refinance/modify for another 30 years. Ask (and ask) to maintain the same terms (25 years).

Best of luck!

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