I love rain and alcohol! asked:


I live in a old house that is falling apart. We just refinanced for the third time about 7 months ago. We owe 100,000 for the house and it is only worth 50,000. We pay 1,100 a month in mortgage and we really can not afford that. They just raised our payment up 200 on a 7% fixed rate. We do not want this house anymore, we do not want to negotiate anything. We found something for rent for 400 bucks a month so we will rent that. If we just walk away from our home will they be able to seek a jugement against us? We live in the state of Missouri but our lender is from Florida. Our lender is Taylor Bean and Witaker. Will they garnish our wages? If so how long will it take for them to start garnishing our wages? Will they send us something in writing before they start garnishing our wages so we will have a warning? Thanks for your answers!
I have had this house five years. We refinanced thinking that we will get a lower fixed rate, but that is not how it happened. They told us our ARM was about to go up so like fools we signed into this contract. Our payment was only 20 dollars lower now here it is seven months later and they said our taxes and insurence went up which raised our payment 200, which I think is unfair. We received 750 at closing.
These people also charged us 450 at closing for an appraisel which I did not see happening.

Debra

Southern Comfort asked:


Thinking this may be a help to consumers? Wait until you read what the people who you elected are going to do.

First of all this bill is ‘bi-partisan’ and was voted ‘yea’ at 84-12. The Senate has proclaimed it as a package designed to help businesses and homeowners ‘weather the housing crisis.’ The supporters of the bill in the Senate also acknowledge it does little to help borrowers losing their homes.

it actually does nothing to help them at all, there are no provisions for those in duress.

For Builders

The plan gives them large tax breaks. Over a three year period no less.

The same guys who made huge fortunes building homes and condos at inflated prices the last 6 years.

For investors

$7000 tax credits for buying foreclosed properties. This can include big businesses like lenders.

Buying a foreclosed home means going to a foreclosure sale. At this time this will mean 99-100% lenders tax credit as no one else will be there.

$4 billion in grants for communities to buy and fix up abandoned homes.

Grants will probably be given to those that can afford to buy lots of those homes, like large investment firms, lenders, and builders. Local Joe Public will see little of this in my opinion

For the oil companies and their ‘renewable energy divisions.’

$6 billion in unrelated tax breaks. This tax break goes against the Senates own rules regarding revenue increases.

Well, you elected corrupt people to lead, what did you expect. The businesses that made the most money in the last 10 years were Oil companies. They are the ones that will get this $6 billion tip. What the heck is this doing in a foreclosure bill?

Other notes

The plan modernizes the FHA to allow more people to refinance into loans back by ‘the depression-era agency.’

So, if you have good credit and payment history, the FHA will be there for you. Of course that helps no one in trouble at all.

Rumors of what the House will do when it receives it.

Try to reject 25 billion in tax breaks to ‘money-losing’ businesses like home builders.

I think, if I were to be cynical, that only ‘money-making’ home builders will get this.

The House seems to want to drop the tax credit for buying foreclosed properties.

Maybe they are afraid too many regular people may be able to buy a foreclosed home?

For the people

$150 billion for pre-foreclosure counseling and stronger loan disclosure requirements.

The only ‘foreclosure counselors’ will be your lenders. The only ones doing disclosure requirements will be your lenders. Lenders, say hello to another 150 Billion, thanks for the memories.

Tax breaks for ‘first-time’ home buyers and investors in low income rental housing.

You could sum this up as ‘Nobody and slum lords.’

A separate house bill would be paired with it that gives $300 billion to refinance loans for 1 million+ homeowners who ‘might face’ foreclosure.

Keyword ‘might’, this means if you are in foreclosure or probably cannot stop heading towards it you will not be eligible. This is a sad joke.

The White House

George Bush, the President, ‘opposes’ the plan but has no plans to veto the final version coming from the House.

Thanks for ‘almost’ George!

The Bush administration countered those plans Wednesday with its own, far narrower, proposal. It would expand an existing FHA program to allow more homeowners who are facing large rate hikes to refinance into more affordable government-insured loans

And this will preclude everyone in trouble or who already faced huge rate hikes

Stella

ruth asked:


I have 2 intrest only mortgage loans (ARM/HELOC) which will come to $2450 per month. I recently got devorced, and finding difficult to afford my mortgage payment, (no late payments yet)but I can afford a payment of $ 2000-2100 per month. I tried to refinance, but I need clossing cost of $12000, its impossible since all my savings are gone. . I really want to keep my house…what shall I do?.. Can my mortgage lender help me? or are there any other ways to get a lower payment?

Elizabeth

Nathan L asked:


I bought my house in 2005 with an ARM, knowing that I had to refinance within two years with a more conventional mortgage. I had received a promotion at work, but wasn’t starting the job (which paid twice as much) for another six months. So, for me, the ARM was perfect. I refinanced my home after two years into a 30 year fixed at 6 1/4% The plan was to upgrade after four years in the house, but because of the housing market tanking, I’m upside-down $30K. I’ve never been late on a mortgage payment and have good credit. How can I negotiate with my lender to get into a better home without taking a loss on the one I’m in?
I bought my house in 2005 with an ARM, knowing that I had to refinance within two years with a more conventional mortgage. I had received a promotion at work, but wasn’t starting the job (which paid twice as much) for another six months. So, for me, the ARM was perfect. I refinanced my home after two years into a 30 year fixed at 6 1/4% The plan was to upgrade after four years in the house, but because of the housing market tanking, I’m upside-down $30K. I’ve never been late on a mortgage payment and have good credit. How can I negotiate with my lender to get into a better home without taking a loss on the one I’m in?

*****I ask because during the presidential election (and listening to NPR), I kept hearing about “revaluing” mortgages to bring the market back. Was this political nonsense or is there any meat to this?

Delores

Ryan B asked:


I moved into my home about 2 years ago. My loan was a First Time Homebuyer Bond Loan that said I must occupy the property as long as that loan is active. I’ve always made my payments on time. A few months ago I got married and moved into my husband’s house. I tried for several months to sell my house with no luck so I rented it out. I never told the lender, I just kept paying the mortgage payment on time each month. They just sent a letter saying I’ve moved and that’s against the terms of the loan and I have the following 4 options: 1) Refinance, 2) Sell the house, 3) Move back in, 4) Submit a request to temporarily vacate the property. How did they know I moved? Could it be from when I changed my Social Security card and drivers license to my new name and address? What can I do to not have to not refinance but keep my tenant renting from me? Can I keep the house for sale for a whole year without it selling and not be penalized? I need advice from people who really know.

Bobby

questions asked:


I bought a house in 2007. I haven’t lost value “yet” but I can forsee it coming. With the market the way it is I would try and sell but that would be a waste of time. I might consider staying in the house for a few more years and try and wait out the current housing if I slump if I can get the PMI taken off of my loan and the interest rate lowered. My LTV will never gain 20% soon so that I can drop my PMI and I don’t have 20% in cash. I take care of my parents who just had an episode and a two story house is something that can’t be done for health reason anymore. Scenario #1 - My question is can I threaten foreclosure to my lender and “BULLY” them to drop my PMI and refinance me into a lower rate given the current state of housing and all the foreclosures? OR Scenario #2 - Can I ask to purchase a lender owned home foreclosed home or lessor value and they eat up half of my loan rather than me foreclosing and leaving them with the full balance?

Renee

Michelle asked:


We do not quality for refinancing due to the bad economy casing a strain on home values. We are current on our payments and have good credit and are wondering what the best ways are to negotiate with our lender. We also currently pay PMI and are wondering if there are other ways to get rid of this without refinancing.

Melanie

clsung1 asked:


I’m a townhouse owner in California. I was recently tring to refinance with a lender that requires my HOA to sign the HOA certificate. The certificate contains the usual questions about the community such as how many units are there, how many are owner occupied/rented, is there any pending litigation, etc. But my HOA refuses to sign it. They won’t even talk to my agent or the lender on the phone. They say they can only talk to the home owners, not to any third-party. I’m not able to get this loan because the lender is not able to verify the source of information from my HOA. My HOA is even telling me to find a lender that does not require the HOA certificate. I don’t want my HOA to decide whom I can refinance with. What can I do at this point?

Randy

Sung A asked:


I believe, most lenders require that buyer obtain a hazard insurance policy prior to buying or refinancing a home.
My question is - Is this mandatory or lender’s policy or the law?…….or it’s up to lender? I am just curious. Thanks

Danielle

nikki22 asked:


I recently purchased my first home in February (in Mass) and at that time the lender told me that he would refinance me in 6 months to a lower rate on certain conditions, in which I have his promise in writing. I have recently contacted him to begin the refinancing process, in which I have met all the lenders conditions/criteria, and he is now telling me he can’t do it. Can someone please help me as to what step I can take next. I have contacted the supervisor of the consultant who wrote the loan and the original consultant and his supervisor are now giving me the run around. Can I report them to a investigation bureau? After all, I have their promise to refinance in writing………

Jeanne