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RR10BT

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  1. I'll discuss with my bank, but I'm not overly optimistic they would even entertain the request. I'll also look more into how it will be reflected on my credit report. Thank you all for the feedback!
  2. For FHA, LTV is based on the original sale price, so I can't have the house re-appraised to get to a lower LTV. I know it may be asinine to ask for the forbearance, but it's short-term\long-term trade off. If I had an extra 12k to sink into the principal, I'd do it in heartbeat. Asking for a 24 month forbearance (on principal only) right after handing over 24 months worth of principal will still keep the mortgage on track. From what I'm reading, forbearance doesn't affect your credit score.
  3. Appreciate any advice on the following: I'm paying between $200-$220/mo for MIP on an FHA loan (start date Jan 2013, before they changed the MIP rules). I have about 2 years to go before I hit 78% LTV, and due to current interest rates, it doesn't make sense to refinance to get rid of MIP - my interest rate is 3.25%. This is a shot in the dark, but would it make sense to pay down an extra 12k towards the principal to get to 78%, make a request to the bank to remove MIP, then request a forbearance on principal for the 24 months? The principal payments for these 24 months would essentially be used to pay down the private loan for that 12k. This would keep everything about the mortgage the same, except temporarily spin up principal and save me around $5000 in MIP. Would a bank even consider this request?

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