Genisys Financial

[Kaenash]

There are several financial groups known by some variation of the word "Genisis Finance". I am not sure they are all related.

However, this group is www.nobills.com, and 800 # is 1-800-841-8005.

I am trying to refinance my home. I have a few late payments and this has prevented me from getting refi from more traditional lending institutions.

I am however leary of any group and wanted to ask you all, if you know anything about this group. I found a cease and desist order in Ohio by searching google, but it wasn't really a big deal. They were using the name of a bank that also operated in Ohio.

I am concerned with any problems from a person in my shoes who is actually working out terms of refinancing their home.

Any help much appreciated.

[Kaenash]

wow, it is amazing in my signature it found the relevant parts and made an ad.

Okay, they offered me a refi deal. I get 10,000 equity on a house that is worth 190,000. I owe 130,000. I have to give up my 5.5 interest rate fixed, for a 8.5 fixed 2 year and after that variable.
The closing costs are close to 5,000 dollars which gets financed back into the loan.

Is that a raw deal?
my credit sucks and I am 3 months late on my house payments, which is why I have to do this. I am making the payments every month, but for a while last year I ended up getting behind.

Do you absolutely need to refi? Have you tried negotiation with your current lender?

If at all possible, you'd be better off staying pat with your current loan, keep timely with your payments schedule, and think about a refi when your credit rating builds back up.

See their BBB report.

GENISYS FINANCIAL CORP
6769 MESA RIDGE RD STE 200
SAN DIEGO, CA 92121-2909

The cease-and-desist was orded due to solicitation and marketing issues..

Also see: "Genisys Financial, d/b/a Magellan Mortgage of ("Magellan Mortgage'') of Costa Mesa, California..

If you must refi, research and compare rates and fees with several other lenders.

Other links that may help:
http://www.fool.com/homecenter/refinance/refinance.htm
http://www.ourfamilyplace.com/homeowner/refinance.html
http://www.bankrate.com/brm/calc_vml/refi/refi.asp