Your Questions About Mortgage Refinancing Options

Maria asks…

My parents are 2 months behind their mortgage payment, how do they go about a short sale?

My mom just lost her job, my parents can no longer afford the mortgage payment. They are thinking about doing a short sale. Where do they start?

John answers:

Talk to a realtor and or look into selling the house as a “by owner”.

Call their current lender to see if there are any options for them to refinance or recast the loan so that they can pay the mortgage.

Charles asks…

how can i reduce my monthly house payment without refinance?

I don’t wont to refinance.Is there a other option to reduce monthly payment?

John answers:

Since this is the mortgage you picked out yourself, usually not.

If you are having a crisis you can sometimes arrange for interest only payments for 2-3 months. I have done that before, but they can not rewrite your contract without doing just that, writing up a new contract, ie refinancing.

John asks…

What is the best way to refinance a mortage?

I currently have a fixed rate of about 12%, and I was wanting to see what my options were for refinancing. Can I trust such online services as or

John answers:

The last response is correct…you need to have a professional look at your situation.

The main key everyone out there needs to remember is that every person in america have different finances, employment, credit, bills, etc. Each and every person qualify for something different. On top of that every lender has diffeent guidelines in which they lend money..

My advice is that you work with a company that is partners with multiple investors. There are a couple reasons i suggest that:

1. If a loan officer can shop your loan to multiple lenders they are bound to find one or more willing tho lend to you. They then can find the best of the offer, and allow the investors to compete for your business. This means lower rates and costs for you!

2. If you on your own call multiple banks to see what you qualify for, each and every lender will have to pull a seperate credit report. The more times it is pulled the worse your credit gets. Now, when you work with a loan officer that can shop among their investors, they only have to pull one credit report, and use that copy to shop mortgage lenders for you..

So not only do you keep your credit score where it is, you dont have to worry about any of the busy let the loan officer do it for you..

As for the question about Ditech, and lendingtree, these are companies that you will end up paying much higher closing costs, and interest rates as well. The other thing is that they take tremendously longer to close your loan. Being that they are online companies, they do not service your loan. They sell your loan 30 days after they close it for you. I would suggest working with a BANK that partners with multiple lenders to bank all loans IN HOUSE!!

My name is Jason Fry, and I am a loan officer with Providential Bancorp, a nationwide mortgage lender. We are partnered with over 80 different investors that all have different options. I’d be happy to assist you in a refinance, or at least be able to let you know exactly what YOU QUALIFY FOR. You can then make a more informed, and educated decision whether it would be the right move for you.

Feel free to give me a call at 312-264-6448, or
you can email me at

Thank You,

Jason Fry
Providential Bancorp

Robert asks…

I want to Refinance my Mortgage – Which is the best way to Refinance My Mortgage?

I want to refinance my mortgage, but I am worried it will make our debts worse, as I have read some horrible things about this. But, I really need the extra cash and it’s the only option aside of getting a separate loan, which I don’t want to do. What’s the best way of doing this, I am not too sure how to refinance a mortgage and whether or not I should go to our bank first?

John answers:

We had to refinance our mortgage to add an extra bedroom when our baby was born and helped us to do this in such a way as our monthly repayments actually decreased, helping us out when we needed it most. The whole process was really easy and ***’s stellar customer service team answered our questions and set our minds at rest.. I want to give them a plug for taking away a lot of financial stresses from our family :)

Richard asks…

Why don’t I have the opportunity to say if I want my Mortgage transferred to another Lender?

My Mortgage was transferred from Bank of America to M&T Bank without consulting me, I just got the letter. I have never heard of M&T Bank, so I looked them up online and they have the worst customer service rating. I have been on hold with them for 33 minutes so far just to ask them if they are paying my summer taxes or did Bank of America. I have this sickening feeling that because of this transfer I may end up loosing my house. I have paid my payments on time for 2 years with no problems, and suddenly I can’t get answers or a person to talk to. Has anyone else dealt with M&T Bank and do you have any advise for me?

John answers:

Your only options are to pay them off or refinance with another lender, and you have no guarantee that your new loan won’t end up with them down the road. There is a standard document you signed at closing that says the servicing of your loan may be transferred. Unfortunately, all you can do is to be extra careful about documenting how and when you make your payments and contact your new lender.

The link below to the HUD website gives instructions and a sample letter to use for filing a complaint and specifically says you have the right to take legal action should you suffer damages due to the lender’s servicing of the loan.


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