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Tony Gim


Mortgage Consultant (13 years experience)

Purchase Loan,
Home Equity,
Mortgage Planning


  • (158 Contributions,
  • 2 Best Answers,
  • 21 Helpful)

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I'm $119k underwater. Need advice!


I would stop making payments.  I would put the money I have been making to payments into the bank.  Stop all gardening bills.  Stop spending at department stores and just save until this shakes out.  I would change my phone number to unlisted.  3-6 months from now the lender will file a notice of default anf 3-6 months later the lender will then file a notice of trustee sale.  After the foreclosure sale you might still be able to stay another 1-4 months and they might give you 3-7k to leave.  The second option is to stop making payments and rent it out.  Usually, you can collect payments for 6-12 months before the foreclosure sale.  Another thought is to immediately buy another home at the new lower pricing before you become late and then ret out your unit and let the foreclosure begin.  Your obvious 4th choice is to keep making payments on a home that is worth way less than the market value and suffer until you have had enough pain.  Sorry.

Note Rate - 4.25% APR - 4.25%


This is simply impossible in todays market.  The APR is higher than the note rate except when the rate is much higher than market and the rebate is sufficient to pay 100% of all closing costs including title, escrow, committion, and lender fees.

Where are Georgia mortgage rates headed this week?


Insterst rates are rising and will continue to rise until the government stops spending more than they take in.  I would not be surprised to see 10% in the not too distant future.  You have probably heard of the magic of compound interest.  Have you heard of the magic of compounded debt?

Is it possible to refinance 100% LTV


This is now a non owner occupied loan.  If your existing loan is a VA you "might" be able to do an interest rate reduction refi with the VA.  If not, you are out of luck.  If you are a Veteran, there might be a possibility but I do not think you can get a non owner occupied VA loan at 100% loan to value.Your options are to sell and pay the closing cost to clear the loan or wait to see if your home drops further in value.