I am a US veteran with a 6.5% VA mortgage loan. Additionally, I have about $13,000 on a credit card. I have tried for several years now to get the credit card debt down from it’s highest level of $18000 but every time I get to a point where I can pay additional amounts on the credit card a car breaks down or some other immediate financial need comes up to stop me from paying additional amounts on the card.
I own three almost junker cars. By own I mean I own them outright. I have not car loans outstanding on them.
I for the most part I have avoided adding to the credit card any purchases that could not be paid immediately or within the 25 day grace period.
I discovered that the VA has a refinance option labeled an IRRL when I can have my mortgage refinanced without an additional appraisal or having to pay the various points and fees. I have approached my current lender and several others lenders about refinancing under an IRRL and they all turn me down saying that due to the local housing market I am “upside down” in regards to my loan meaning I owe slight more that $4000 more that what they (by means of the county yearly appraisal) consider my home to be worth.
I figure I could reduce my mortgage payments by $200-$300 if a can get my mortgage refinance to the current rates of interest (about 2.5 to 3.0 %). That much extra would go a long way if I could add it to my current credit card payments.
Can you suggest any reputable mortgage lenders that I can approach about using the VA IRRL and who are willing to work with me?
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.My Mortgage Company Won't Give Me a VA IRRRL to Modify My Mortgage. - John by Steve Rhode