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Answers (8)
- Beryl Eismeier, "Got Beryl"
- Contributions:31
Dear Izzybell1 - You're not alone. Add the following to your pool of answers, and be careful not to agree to fees-up-front: the housing industry has many fine practitioners in the RE, mortgage/finance, appraisal fields who are eager to help a potential client at no charge with sound advice to get you started. 1) Get your figures and your paperwork together. Be ready to answer the typical mortgage qualification questions on the first interview by phone with both your current mortgage bank & a certified default specialist. 2) Recognize that if you're already "upside down," things may be hard to resolve, and begin to think of alternatives to your current situation (renting out your current residence & finding something more affordable, sharing your home, a short sale followed by renting for a few years). 3) Consult a few realtors in your area who advertise as CDRS or certified default resolution specialists. There are many of us. Talk with them about the rental market, the home values in your area, and the names of mortgage lenders or counselors who are actually helping people in your region. What you have on your side is this: you're not hiding from the problem until there are no options left. Good luck
Beryl Eismeier, Realtor
Eastern Shore of MD & Anne Arundel Co
Beryl Eismeier, Realtor
Eastern Shore of MD & Anne Arundel Co
- Shawn Rogers, "Mister Rogers Homes"
- Contributions:912
Izzybell-
Good Afternoon.
Most of the advise you are getting is solid, however, before you start making phones calls or sending emails to your lender, you might
want to gather all the facts and figures on or about your loan and your
home. That way, when you do move forward, you have all of the needed
information to see if there are programs that will work for you.
I hope that helps.
Have a BEAUTIFUL day.
-Shawn
Good Afternoon.
Most of the advise you are getting is solid, however, before you start making phones calls or sending emails to your lender, you might
want to gather all the facts and figures on or about your loan and your
home. That way, when you do move forward, you have all of the needed
information to see if there are programs that will work for you.
I hope that helps.
Have a BEAUTIFUL day.
-Shawn
- PATRICIA AMADI, "highintegrityrealty"
- Contributions:120
You can refi if you have equity in your property and good credit. So now that you're upside on your home, your best bet is to do a loan modification. Under the making home affordable, if your first loan payment is more than 31% of your gross income, you could qualify ot get modification under Home Affordable Modification Program (HAMP). If you are current with your mortgage, you could qualify to get modification under Home Affordable Refinance Program (HARP). So what this means is that homeowners do not have to miss payments to get modification. So start now.
- Alex Saenger, "AlexSaenger"
- Contributions:626
The best thing you can do is talk to your bank. However, if you are not planning to move any time soon, and you do not have a hardship, they probably won't do much for you.
As far as refinancing, if you are upside down, no lender is going to take on the risk of lending you more money than your house is worth! That just would not be good business sense.
The bottom line is, if you plan to stay in the house, you probably figured you would be paying the monthly rate you are now. In time, the value of your home WILL go back up. Its just a waiting game.
If you are thinking of moving, call me and we can discuss options. I work with a group that specifically handles short sale situations.
As far as refinancing, if you are upside down, no lender is going to take on the risk of lending you more money than your house is worth! That just would not be good business sense.
The bottom line is, if you plan to stay in the house, you probably figured you would be paying the monthly rate you are now. In time, the value of your home WILL go back up. Its just a waiting game.
If you are thinking of moving, call me and we can discuss options. I work with a group that specifically handles short sale situations.
- CORONA NICK
- Contributions:2218
Your SOL.
- Gregory Coe, "Greg Coe"
- Contributions:12
I tried a Loan Mod and was turned down after spending $26k. I have been a Finance Manager at a Dealership for over 14 years. A customer buying a new car happened to be a CEO manager of a local Hedge Fund and explained he would buy my original mortgage note and refinance a new 90% loan of todays value at a max rate of 7.25% for 30 years fixed. It would have a 3 year prepay but I could refinace once my credit was better in 3 years. My loan went from $963,000 at $6870 payment to a value of $425,000 new loan for $382,500 at $2705 PITI. We never lost Title, no Tax liablity and can keep our home. I decided to work for him full time helping other families keep their home. The Make Home Affordable Program is the real scam, my bank was willing to tack on all the late payments, fee, and increase our loan with maybe a better rate for 40 years, but for some reason they turned me down with no real explaination. I did have to be 55% DTI based on our new payment. If you are interested email me at [content removed by moderator]
- Brent Mendelson, "EastCoastMortgages"
- Contributions:61
Check with your lender first to see if they will refinance you. If you loan is owned by Fannie Mae or Freddie Mac you can still get a lower rate on a 30 year fixed. No cash out but a fixed low rate. If it's not owned by either GSE then a loan modification is likely your best and only shot. Be careful don't be out there paying companies that claim they can work miracles. Many of them are just scams, someone should be willing to at least meet you once for free.
- realtorleaven
- Contributions:92
Contact your current lender to ask for a loan modification. Do you need your lenders loan modification department? I can send it to you.
Do you or someone you know need to do a short sale to "AVOID" foreclosure, give me a call [content removed by moderator for being self-promotional]
Do you or someone you know need to do a short sale to "AVOID" foreclosure, give me a call [content removed by moderator for being self-promotional]
I am "upside" on my current mortgage. what are my chances of a refi?
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