What is Mortgages and Foreclosures
This community is for concerns, problems, and challenges relating to mortgages and foreclosures. The significant downturn in the housing market, including the widespread drop in ho...
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With the mortgage crisis in it's current position and sadly seeing so many people losing their homes...
I think it would be a good idea to contact your lender and ask them to refinance the home with a better rate and get a new appraisal. So many people bought their home when it was a "seller's market"...it is now becoming a "buyer's market"...Now is the time to get a new appraisal and request that your lender let you keep the home but use the new appraised value. I have heard time and time again that if you really push the lender, especially if you are already in foreclosure, this will work. It takes a lot of work on your part and you'll have to pay for the appraisal. I also believe that with the new appraisal, the banks, in the end, will have to comply. I noticed there a lot of people in Ohio with the same situation...try to hook up, get an attorney that will support your case as a group and fight the lenders. Why should you be paying for a home that is WAY OVER APPRAISED!? What have you got to lose, considering the current situation. Posted on 01/02/09, 05:01 pm |
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Are you saying that they write down part of the loan? I heard that banks were not doing this. Are they? 
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It's kind of like a quiet truth. However, you just have to push for it. If at all possible, try to get a broker who will really work with you.
The government wants to keep borrowing money to fix the problem, but it's not working. So, there are other options, you just have to be willing to push. The loan companies will eventually give in, especially if you have some backup..broker, attorney etc. If you have proof that you are paying more for what your house is worth, they should rewrite the loan. But like I said, you have a lot of work ahead of you and you just have to stay strong and walk through it. Banks are doing whatever they can to get their money, but they are ways of getting done. I wish you luck.
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I am six months behind on my mortgage,and country wide said I can not refinance as long as I am behind in my payments,all they said is they will refer us to the hardship department,but to not hold our breathes,that they probably won't help either,what do I do.?
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I stopped making my payments last June in order to get Washington Mutual to give me a loan modification. I applied for the mod and it took them almost 4 months to actually look at it then it took them all the way until earlier this month to send me a modification proposal. When I got the proposal I didn't like the terms. It was a low rate for one year and then would go back up to my current rate of 8% in the third year. I asked them to negotiate further but they told me to take it or leave it.
My condo is worth almost 100,000 less than what I paid for it so screw it. They can take it. We'll see. I am 15,000 behind on payments so we will see how fast foreclosure comes now that I turned down the mod. They could have at least offered 3-5 years fixed low rate to help throught this downtime in the economy.
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Unfortunately for those of us who have lost our jobs, a refinance is out of the question--but I did contact a good real estate attorney and am going to try deed in lieu instead of foreclosure since I have equity in my home. While I'll lose the equity, it is better than digging myself deeper into debt. I'm moving somewhere where I know I can get a job in my field. Short sales are an option if your home is worth less than you owe--at least in Minnesota--but you may have to pay income taxes on the difference. I'm feeling better since I talked to the attorney (most initial consults are free). Like she said, when credit companies do a look back years from now, they will realize why people lost their homes and not be as harsh on them. Also, while losing your home is not what we want, in this economy it is not the end of the road--it is just a new beginning with an apartment or whatever we can afford. I just pray for the people who are left homeless.
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I am a Realtor and I own a mortgage company. I am working at helping many people in all different situations. I have not heard of anyone successfuly doing a modification. The offers they get back, if it isn't outright denied, are not a good solution. There are companies that will help you but please check into them thoroughly and ask if they have a money back guarantee.
Another option is a short sale. This is where you sell the home for less then you owe. The bank sets the price and approves all the terms including the closing costs which they pay. It is important to find a very experienced Realtor that has successfully negotiated short sales and is aggressive with the banks. I reccommend that you do this over going to foreclosure. With a short sale they are agreeing to terms and cannot come back at you for money. If you just let it go to foreclosure you could end up in bankruptcy because the banks can come after you for any deficiency. This is especially true if you have a second since they generally don't get anything if the first forecloses.
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Ms. Betty you are so wrong,,,stop posting information that will only hurt people. No one is reducing principal balance,,,if they do anything it's a set aside,,,meaning you pay the full amount you owe when you refi or sell. "Pushing the "Lender", where did you hear this? Does nothing. Quit begging,,,,,,market has nothing to do with it,,,,so if your property value had gone up - you out of the fairness of your heart (clearly you have no sense of fairness hypocrite) you would have written the bank/investor a check to make it all square. Whey should they do anything with your balance? It's all a business/survival decision. You are what is wrong with America,,,, so sense of responsibility, give me something I was wronged. Have they arrested the guy who held the gun to you head at the loan closing? Ever buy stock, guaranteed to go up? New car worth less after you drove it off the lot, be sure to ask the bank for money back on that too.
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jakepfaster, there you go again being an ass. You must work for the banks, or are a very miserable, lonely guy. I noticed you didnt have any friends on your site, hmm... wonder why. you dont have to be so rude, and most likely nobody is asking for you opinion, because I have not seen one response that was helpful.
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The rules are always changing. What the lenders were willing to do when this post was first posted and what they are willing to do now are two completely different things.
1. Some lenders are now willing to reduce the principle amount of mortgages through the hope for homeowners program. 2. Loan modifications are successfully completed all the time, however when a homeowner tries to negotiate one themselves takes forever and is not as good as one negotiated by an attorney. 3. Short sales can be just as frustrating as a loan modification, unless you have a buyer lined up.
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To Jakepfaster:
Seems that the rich only bet when they are sure they are going to win, and if not, they want their money back. Cass-in-point: I remember reading about a bunch of investors who dumped money into KRISPYCREAM doughnuts, just before a diet craze. The stock took a nose dive...and they sued to get their money back, saying they were not made aware of the impending diet craze. If the rich can play this way, why not everyone else? The rich look out for themselves, why should the working man look out for the banks' interest with upside-down mortgages?
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