RSI Mortgage?


Wells Fargo is servicing my first mortgage - currently $700K. My mortgage is not backed by Freddie Mac or Fannie Mae (I looked it up with the online tools).

Long story short, I applied for a Making Homes Affordable Loan Modification. (My current mortgage payment is 38% of my monthly gross income). I was denied and told that I have a conventional (rsi?) mortgage that is backed by investors and does not qualify for this government program.

Two questions: What is an RSI mortgage? and what, if any loan modifications are available to someone in this situation?

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RSI Mortgage
by: Anonymous

There is a company (RSI Bank, in New Jersey which they may refer to, but you probably want to check back with Wells Fargo if that is really what they meant.

Based on experience, loans that are not back by Freddie Mac or Fannie May, are much more difficult to refinance/modify. You are more or less at the mercy of the mortgage company and need very good reasons that illustrate your hardship.

There are companies that help, no matter through which bank you have your mortgage. HomeForeclosureFighter is one of them.

Good luck and feel free to share your experience with them here.

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