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Gary Bogumil (Gary M. Bogumil)
Feb 10, 2013 11:53AM
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I can't refinance becuase the banks want me to pay for the bills on a wealthy mans houses I don't even own. I remodeled a couple of his rental houses which he then sold , kept the money and refused to pay me. The law system says thats my problem. Even with leins I put on his houses he was legally able to sell them and stick me with the bills. So for all that work I did, salaries I paid, and supplies the banks are saying I owe the money on his houses and won't refinance me now, until I pay off those bills on the houses he sold behind my back. America legal system is totally in facor of prtoecting the crooked rich and punishing us hard workers by stealing our money by shoving wealthy peoples bills down us middleclass throats. 
Phartzen Howe
Feb 10, 2013 11:11AM
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You fortgot reason 11 for not refinancing:

 

The house is PAID OFF!!!!!!!!!!

 

 

spanky woods
Feb 10, 2013 11:01AM
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squeal for me porky. the whole thing was set up for the biggest land grab in history...squeal oink oink oink!
mark wilson
Feb 10, 2013 10:31AM
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ill tell you why many dont refinance we bailed out bank of america and they continue to screw everybody over ive contacted the gov and my state senators they wouldnt even respond till my senators got on there  butts  then when they re did my loan it was 5 dollars more theve stolen insurance money from me and when someone try to help they get fired  we shouldnt have helped them or at least had overseers its business as usual there screw everyone and have a good time doing it when are people going to wake up this mega bank has to go its a monopoly and need to be brought too its knee s maybe line up the ceo s and try them for treason against the american people
Plano Dude
Feb 10, 2013 10:14AM
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One of the latest rip offs here in Texas is the banks now require a survey of your property boundaries.  You know those SOBs are up to their ears in some corruption here.
Marshall Solomon
Feb 10, 2013 10:06AM
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The simple reason people aren't refinancing is that the banks got the bale out but will not pass along the benefits to homeowners who are paying for homes worth less than their mortgages.  They will not consider applications for changing one's mortgage.  Why would they?  There is no government pressure to make the banks take back 6-7% mortgages and replace them with 3-4% ones.  It is again the same old problem with big corporations..GREED!!!
godsfytoo
Feb 10, 2013 9:57AM
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 I noticed that Mr MDiMarzo didn't specify which bank he worked for! If in fact this is true why are you not out front! Problems with the BANK! Loose your job? Seems like it would be a good plug for your bank!
RedRider300
Feb 10, 2013 9:43AM
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I've received an offer from the bank to refinance under the Obama

administration's plan to force banks to help homeowners. However, I am in Chapter

13 bankruptcy, and even though I would like to refinace, and the refinance would help lower my'

payments and total interest paid, a rule says if you are in bankruptcy

you cannot refinance.  So much for getting "help" from that program

 

Michael DiMarzo (MDiMarzo)
Feb 10, 2013 9:29AM
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I am a Loan Officer for a Bank and I am hearing all kinds of stuff in the conversation. There is NO reason that someone needs to wait 120 days to settle on their loan.... that is not the norm... 30-45 days tops.

 

Also there is available programs that will fit most home owners needs to help them lower their current rate.

 

Look harder for a Good Loan Officer and check some references and make sure he or she can do what they say.

 

george doublu
Feb 10, 2013 9:08AM
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As a home owner with great credit and who has paid his mortgage on time for 10 years, and tons of equity it's been frustrating not being able to refi to a shorter term with not enough gross adjusted income to qualify. After getting a letter from my bank who services my mortgage, I found out that I qualify and am now in the underwriting process for a 15 yr fixed rate at 3%. Does anyone else have any experience with this refi program? First I was told that it would be approx 90 days and now its 120. I'm hopeful but not holding my breath.
aservant0
Feb 10, 2013 8:44AM
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You need good credit, better to go with a credit union, and best if you go more than 1% below your current rate and get a fixed rate.  It is also get to pay extra on your payments each month.
okwhynot
Feb 10, 2013 8:15AM
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If you have an existing mortgage why not just make extra payments every month ? That way you are effectively lowering your interest rate without going through the pain of a refinance. And the icing on the cake is you're not giving the greedy banks more money for the refinance, you're taking money away from them by prepaying and shorting them out of the interest !!

 

That's what I've been doing for years.....screw Bank of America, every month I make a payment I laugh about all the interest I'm taking away from them.

Nolen McMorris (aloft5183)
Feb 10, 2013 8:02AM
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Should read "or the status of your current loan."
Nolen McMorris (aloft5183)
Feb 10, 2013 8:01AM
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I read about the efforts to re-finance, the reasons given(you know, the banks etc) the political B.S. about Obama and his cronies but I haven't read about anyone contacting N.A.C.A..com.  Why is that?  You would rather bleat about Obama?  N.A.C.A. 's charter is to assist without being limited by good credit on the status of your current loan.  Sooo, get with your buddies and complain about Obama and his cronies or pull your head out and do something yourself. 
T C
Feb 10, 2013 7:59AM
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I refinanced in November 2010, I was never told my refinance was part of HARP 1. The up side is , I got my refinance and a lower rate. The downside was, today I cannot refinance under HARP 2.0, because It's a ONE TIME DEAL. Regardless if your having a hardship because of the Markets actions or of the Governments actions, HARP 2.0 has proven worthless to many. They wonder why many have not used HARP 2.0..  Why is it the Banks and the Government can change things around at will, and Homeowners can't do anything. It just goes to show how backwards the system is. Ideally, if your locked in a loan, lets say at 4% on your original loan and the market then has lower rates available, or you lost value because of the illegal actions of the Banks crashing the market, Why is it you have to refinance? Your rate should just be reduced or your value readjusted. Why would they, The Banks and the Government require you to refinance to get a lower rate when you already have an existing loan and don't really need a new one, It's only a ploy to nail you for new loan costs and expenses, and origination fees. Just readjust the loan and reset and extend it back to 30 years at the lower rate. That way it becomes an "Adjusted Loan" and not a refinance. You already own the home and the loan, why should you have to start all over like a new purchase.. A simple drop of 1% in interest rate can reduce payments for some in the thousands and others in the hundreds, depending on the value and especially if your retired or on disability and have a limited income. Harp 2.0 should apply to ALL American's regardless if the previous refinance was done under Harp 1, it makes no sense.. The HARP program was supposed to help people, especially Seniors, Disabled and Low Income American's. Instead it has turned into a fiasco, where your told Sorry, That's all folks.....  I am a supporter of Forgiving all loans for homeowners, IF their lending Banks were part of and involved in the most resent "Class Action Law Suit" that was settled out of court in 2012. These Major players received a SLAP ON THE WRIST, While American Homeowners, and the American People got SCREWED.
gone and good riddens
Feb 10, 2013 7:54AM
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the major problem point blank is that fannie and freddie were forced by obama to buy up the **** mortgates while the banks like bank of new york maintained the 'credible' low-risk mortgages in their portfolios.  if you are a **** mortage owner under freddie or fannie...you can refinance under HARP (govt bailout program for the delinquent and less than honorable homeowners...you know, the one's who shouldn't have a mortgage in the first place.  HARP I, II, and III is so generous that obamanigga will guarantee up to 125 percent of your mortgage so to cover the 'low market value'...all of this on the backs of those of us who are not **** mortgage owners.

 

so **** u obama and your low-life strap hanging 'takers'.   

flpumc
Feb 10, 2013 7:52AM
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Here's my reasons so far for not refinancing a 30 year fixed 5.75 loan.  I get stuff all the time and who is to really know which lenders to trust?  In addition, I have a VA loan so everyone is telling me the virtues of the VA stream loan now available ... no this no that required.  That's fine but most of the mailings have a small print caveat that says you still may need to provide x and y information.  I hated the first loan process and it seemed there was constantly another up front cash fee or more paperwork required and then the bank drug their feet so long we ended up with addition moving costs with the move costing us well over 5K!  No reasons given, no apologies made, no we'lll help with those costs since it was our doing.  We go the loan but not without putting down $30K.  I'm NOT going through all that again.  Plus most of these refi loans tuck all these costs into the note so what are you really saving?  I've yet to have anything cross my hands in the mail that makes me want to go through all this again or that I feel is really saving money with all the rolled in fees.  Even my own bank is wanting me to do it and I'm thinking .... good for YOU ... maybe not so good for ME!
godsfytoo
Feb 10, 2013 7:42AM
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  After reading all of these comments about multiple as I see PRICE gouging of the middle classI have to admit this country has fallen into the worse state of affairs which cannot be fixed by government! These fat cats need to be tar and feathered and run out of town! If any of OUR elected officials were on the same programs they force down our throats they would fix them in a heart beat. Doing the right thing has been perverted to the point of no return!  
dw9seattle
Feb 10, 2013 7:41AM
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Regardless of al the hype, refinancing is time consuming, expensive, and a general pain in the rear. Once you make the first contact you get sucked into the process and, on the internet or not, you will spend hours producing documents and jumping through hoops to satisfy every little new requirement they come up with. How about the "last page" of your bank statements for the last six months ?  Who prints or keep these ? ( The last page is just bank small print that has nothing to do with your account history and takes a lot of ink to print). I could go on and on. Unless there is a clear and substantial cash benefit to a refinance it just is not worth it.
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