Lender is asking me to refinance after 1 yr in a 30 yr mortgage

[Gustavo Gonzalez]

Here is the scenario. My lender for a triplex that I acquired February 2013 contacted me and asked if I would be willing to refinance my current mortgage to the exact same terms and they will cover all the costs of the refinance and will also pay one of my monthly payments. Per the mortgage lender whose CFO contacted me, they admit to a mistake where my original loan approval should have been for 70% not 75% the way they packaged my loan. He stated that Fannie Mae is asking them to repackage my loan - I have never heard of such a thing. So my concern is that as nice as they are trying to be, this really isn't to my favor. What comes to my mind is that it will reset my loan term again to 30 years where I have already paid 1 year of principal and interest. All thoughts appreciated!

[Donald Hendricks]

i was once a police officer. I was sitting in traffic court one day waiting for a case to called and listening to the proceedings. An upstanding citizens case was called and he goes to the podium and the judge starts asking him if he has made payments on his prior arrangements, attended his DUI classes, performed any of his community service etc, to each question the answer was no followed by some excuse. After about five rounds of this, the judge makes his ruling. 90 days confinement, bailiff take charge of the prisoner! The upstanding citizen acted with dismay and stutters "But ... But ... I have my 6 year old daughter here with me", to which the judged quipped "that is a problem that you created, not me." The courtroom erupted in laughter.

The lesson I learned that day is that problems that other create for themselves, are not mine and I need not own them. In the case of the bank screw up, nothing good can come of this, as it is being offered at the same terms, and it only opens up opportunity for them to pull a fast one, and then the problem would be yours forever more.

My answer would be simple, "that is a problem you created, not me."