Posted by Nate(DC) on December 09, 2001 at 22:18:21:
I’m not sure you gave her the best advice. If she has missed a mortgage payment, she may not be able to refinance at anywhere near 6.5%. Then you would be taking over a loan at a higher interest rate.
Find out the details of the ARM. It may be that, for the amount of time you are going to hold on to the house, it’s better to leave the ARM in place than to refinance it.
NT
CountryWide & SUB-2(Part -2) - Posted by john_sc
Posted by john_sc on December 09, 2001 at 14:46:38:
Greeting all,
My tanks to ?David, A, JT-IN, & Rob ,Fl? for their
Time and informative feedback.
Today, I met with seller and learned more facts. Let
Me summarize.
-1st loan: $106,000, @ 6.5, 30 yrs, $945 mo , 1998 Build.
-FMV: $115000 to 125000
-Mortgage holder: Country Wide.
I learned , the Interest rate @6.5% is adjustable, and it Increases about 1% ( $80) every 2-years. The next increases will be Feb/2002.
Also I learned today, the seller is behind on last month payment for ( $945) Mo.
My suggestion to seller was, she may refinance the loan,
From adjustable to FIXED loan with ( $106,000 loan amount),
Then I will take over the mortgage payment.
Seller agree with it, and they will call me next week.
My question is, Is it OK? To take over her loan even
with adjustable rate (6.5%).