Profile picture for turfdoc

Bank won't refinance my interest-only loan coming due this year!

Because a recent appraisal came in soooo low due to 'short-sale' comps in the immediate area!  They send a letter to tell me this.  Besides a 'ding' in my credit, what prevents me from defaulting on my mortgage payments until the BANK tries to contact me and negotiate a truce.   The home had only depreciated to $35K below what I owe them ($200K). 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 10 2010 - Mi Wuk Village
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (5)

Best Answer
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 10 2010
Contact your lender again and try to go up the ladder.  Defaulting without trying to resolve on your own could come back to bite you.

Good Luck.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 10 2010
You would need to do the contacting. .... If it was as easy as you think, would there have been all the short sales in your area? .... Best wishes, Rudi
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 10 2010
Sadly, you're in the same boat as many.  Nothing stops you from defaulting on your mortgage pymts.  As far as the "ding" to credit for a mortgage late, it's more of a "BAM"!  If you're loan is owned by Fannie or Freddie, you might possibly qualify for the Making Home Affordable program.  Check out http://makinghomeaffordable.gov/refinance_eligibility.html.  Good luck.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 10 2010
Short sale comps in the immediate area are perfectly valid.   If you default (like you are considering), then the lender wants to know what the property would sell for as a distressed sale.

You can certainly try a bluff by defaulting.   You might win, you might lose.   Just ante up the house and hope they don't call down your hand.  :)
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 10 2010
 
Related Questions
Bank won't refinance my interest-only loan coming due this year!
Profile picture for Wayne Brown
Latest answer by Wayne Brown
February 10 2010 | 5 answers
  • Asked by turfdoc
  • In Mortgage
  • February 10 2010
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 22699 Tamarack Dr, Twain Harte, CA Home For Sale
    22699 Tamarack Dr, Twain Harte, CA 95383

     For Sale: $316,500

    • Beds: 3
    • Sqft: 1800
    • Baths: 2.0
    • Lot: 14374
  2. 24086 E Lama Hisum Rd, Mi Wuk Village, CA Home For Sale
    24086 E Lama Hisum Rd, Mi Wuk Village, CA 95346

     For Sale: $235,000

    • Beds: 3
    • Sqft: 1612
    • Baths: 2.0
    • Lot: 9848
  3. 24086 Lama Hisum, Mi Wuk Village, CA Home For Sale
    24086 Lama Hisum, Mi Wuk Village, CA 95346

     For Sale: $229,950

    • Beds: 3
    • Sqft: 1612
    • Baths: 2.0
    • Lot: 21780
 
 
 
Sign in with Google