Mar
My credit score is 764 but GMAC states I have too much on credit. We have no delinquent payments but no extra money to pay off the $39K loan. GMAC says I should have called 3 months ago. I would have if they would have notified me of the maturity. What’s a reputable lender that would refinace the debt. Our home is valued around $225,000. My 1st and 2nd combined equal 155,000. We are employed but don’t have any savings. Help! I don't know where to turn.
Answer:
Hi
I would try Wells Fargo. They are a Fortune 50 company that has a strong mortgage department. And with your credit score being what it is, you shouldn't have problems unless your home is not valued at 225k
Log on to zillow.com to check your home value.
Answer:
You’re responsible for knowing when the loan would mature.
Try your local bank where you have your checking account.
Answer:
Your house is valued at $225,000.
You owe $155,000 + $39,000 = $194,000
Is the appraised value what you believe it is or did you get an official appraisal? Tax statements are not appraisals. Your debt vs home value is too high of a ratio (86%) and the bank won't chance it. They like you to have at least 20% or more equity (not the 14% you currently would have based upon your numbers.)
I'm sure if you called GMAC 3 months ago, they would have told you at that time that you should have called them 3 months ago.
You’ll have to try several different banks, but don't expect too much in this economy. Be very wary of scammers who will prey on your situation. You could lose your home to them instead of GMAC.