im trying to re-fi or re-structure my existing interest only loan that i got with my mom as a cosigner about 5 years ago at around 6.2% “state law group” sent me a letter, i responded & brian lewandawski says that i fit a profile based on a hardship letter & a bank statement & recent mortgage stub. my worry is that im a contractor that requires a no-document loan. he assures me that its merely restructuring & no one is checking up on me. i also don’t want to pay in excess of 3400 dollars & then i end up denied. how do i full proof this? or dont i?
I’m not quite sure what State Law Group sent you but I’m perplexed why working with a “law group” would make sense if what you are looking to do is refinance your current loan. Try clicking here and using the directory to find a local mortgage broker.
A mortgage broker would have access to far more potential lending sources and that would be the most logical place to look. The local broker would not charge to you to evaluate you for possible refinancing possibilities.
From the pitch you received it sounds like what State Law Group might be pushing is a loan modification or selling you into a mass joinder suit against your lender. Something just doesn’t sound kosher here. No mortgage company is going to let anyone walk into restructuring their loan. It’s not that easy.
Please post your responses and follow-up messages to me on this in the comments section below.