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Old 02-11-2011, 11:02 AM
45 posts, read 91,313 times
Reputation: 25


Should I go forward with this? here is what it says:

"Our records indicate that you have not responded to our previous attempts to notify you of your eligibility. Contacts us toll free at 1-888-774-6009 now.

The economic stimulus act has allowed the Federal Housing Authority (FHA) to temporarily adjust lending policies to soften the crisis for mortgage holders and to promote economic stimulus.

You have been selected by our FHA/VA lending division and are now eligible to apply for lower fixed rates, mortgage payment reduction, debt consolidation and/or receive cash out. You currently have a mortgage of 158,239.00 with a high interest rate. Your new reduced payment on your original loan amount could be:

Fixed 30 year payment-825.45 (4.75/5.0% APR)
Fixed 15 year payment-1,190.40 (4.25/4.5% APR)
New 5/1 ARM payment-732.83 (3.75%/4.0 APR)
Get cash out- 25,000.00 ($123/month) or 50,000.00 ($246/month)

Estimated savings: $62,902.29
Savings based on refinancing a 158,239.00 loan from a 6.5% rate down to a 4.75% interest rate on a 30 year mortgage.

If you finish the transaction in January your next payment may not be due until March. Distribution of funds will be made available to you via secure wire or priority overnight delivery four business days of funding. For details of benefits and availability of funds, call the number below and provide your reference number."

Im currently paying about 1420 per month from High Point.
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Old 02-11-2011, 01:23 PM
Location: East of Seattle since 1992, originally from SF Bay Area
32,144 posts, read 58,573,356 times
Reputation: 35120
It's simply an advertisement from a Mortgage Company and really means nothing. They have access to your data via the county tax office website, most likely. If you call/apply the equity, your credit record, an appraisal
and other factors will determine whether you qualify for any of their listed payment prgrams, and most likely not. Remember that when refinancing there are costs involved, you have to stay there for years to get that back even with a lower payment.
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Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

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