Profile picture for ScottDiz

What should I do?

What should I do? Bought studio condo for 85k 5.75% no PMI in 2007 - currently owe 70k, tax assesment at 68k, credit score of 804. Bank America is the lender and cant seem to offer me much, no hardship, doing OK but very little cash on hand. Willing to consider 15yr.
  • October 06 2011 - Pascoag
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (9)

Profile picture for Chris Corica
If Fannie Mae owns your current loan, You may have options available. To find out go here; http://www.fanniemae.com/loanlookup/ If they do own it, share this info when contacting lenders and see if the DU Refi Plus loan is right for you. Best of luck.
  • October 06 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for ScottDiz
they do not, BOA owns it.
  • October 06 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Most tax assessments are not a true picture of value. Have a local realtor get you a value with an up-to-date Competitive Market Analysis(CMA) and see if the value is better than the assessment. Maybe BOA is not being helpful, because they think there isn't enough equity... It's a thought.
  • October 06 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

https://ww3.freddiemac.com/corporate/
Kudos to Chris - he was right to check FNMA - but do not forget Freddie Mac - It is highly unlikely that BofA holds a mortgage without a security backing it. What that means to you? BofA is a servicer. I would bet a nickle that you did not apply back in 2007 at BofA - the loan was sold to them. What they do is secuirtize the mortgage and since it is not FNMA - it may be Freddie Mac - OH - by the way - condo's are tricky to find in FNMA - the better way is to call BofA servicing and ask if the loan is a Fannie Mae or Freddie Mac secured loan. Do not be disheartened - go to a local community lender and see what they have - they love the shorter term mortgages! The assssed value and the actual value may be different - the actual value can only be gained by an appraisal. Unfortunately many appraisals are coming back less than what was paid back in your acquisition year. But Condominiums are an interesting unit. Units in Washington D.C. are stable - who knew!
  • October 06 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for sunnyview
Would you be eligible for HARP here? HARP does not require a hardship of any kind, you just have to benefit from a lower interest rate. I think that the value for HARP refi's goes up to 125% but you should talk to a lender and see if they can give you more information.
  • October 06 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for ScottDiz
I did indded apply for the loan with BOA, it was a special new homebuyer partnership with ACORN of all people.

Am contacting BOA now to see who it is secured by.
  • October 06 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for sunnyview
Here is the mortgage lookup site for Fannie Mae. Here is the mortgage lookup site for Freddie Mac.
  • October 06 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for ScottDiz
Serviced and Secured by BOA, so no HARP.
  • October 06 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Scott,

Right now it doesn't sound like there is much that will make your situation any better, not regarding your mortgage anyways, but you might find some comfort in knowing that even if you lowered your rate by 1.5% your payment isn't going to go down much at all with your loan amount. I know that doesn't really help, just trying to help out in some way. :)

Sincerely,
Greg
  • October 06 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.