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john m | I purchased a home for 360,000 paid 50k, down and I now owe 366K on it payments now 2700 a month, suggestions? |
the lender will not lower the payments or the interest rate and the new appraisal on the home is 330,000. Any suggestions will help I can't afford the payments. |
 |
 
Kelly M
|
Wow, number one how did the amount you owe go up? were you late on payments? Also you stated that you bought it at 360k and put 50k down that makes loan amount 310k so to me it looks like to qualify you used a negative amortization mortgage witch means you pay less then even the interest owed on the property and those costs get tacked on to the rear of the mortgage so say for instance your actual monthly payment was always 2700 but you were only paying 1500 towards it so that means every month you were adding 1200 to the amount due on the mortgage. In short this is a bad situation and there is not much you can do short of a short sale or walking away and let it go to foreclosure. |
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CHAZ2006
 |
wow...you're in the no-win senario, try a short sale, try to find a way to make more more money so you can make the payments, or just walk away. |
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tudorjason (matt)
 |
I think people can owe more money on their mortgage than when they first purchased it if they obtained an equity loan and people combined both loans in their minds.
You need to sell your home. Do not try for bankruptcy or let it go into foreclosure. Sure it'll be at a loss, sure it'll drive the house prices down in the area a little bit. But, it needs to happen in order to save your credit, and in essence, you family.
If you think you have to keep your home, try to apply for a refinance loan.
Good luck. |
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stan c
 |
I'm going to take a wild guess that you thought you had a grace period on the mortgage and you waited before the 15th? If that's the case, I hate to ijnform you, there is no grace periods on a mortgage. When you go past your due date, you pay add'l interest every day unless it's paid. It's called per-diem. On a balance of $310,000, you probably were charged about 60.00 per day until it was paid. |
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Doctor Deth
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you put 50k down, but then borrowed that 50k equity back, plus 6k more? = you shouldn;t have done that - simple as that - shouldn't have leveraged yourself to the hilt or bought a cheaper house - foreclosure and bankruptcy is the only options I see, unless you take in a boarder |
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Pengy
|
Let me guess interest only loan right? That is how you lost all your down, and equity because the principle kept rising. Well with no equity in todays market refinancing is basically out, so you can either make the payments or lose the house. |
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JR M
 |
ahh 50k down?? where is it? |
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src50
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How did you get the balance up to $366K? Was it a negative amortization loan? |
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lisa s
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I must be missing something.....
if your house was $360 and you put 50k down, how do you owe $366?
Now granted, I went to public school but
$360
- $50
-----------
$310
so with that said, where did the $366 figure come from......
Go over the numbers with a lawyer to find out where your downpayment went. Do you have your closing statements?
What did they say with regards to your monthly payment estimate?
Do you have an adjustable rate mortgage?
What is your monthly income....can you take in a renter (a house that costs this much is bound to have a spare bedroom or a basement that could be made into an apartment.
If you have a new apprasial and it is for less, be sure to take that to your taxing agency and make sure your homes taxes are accurately reflected in this statement....
Are you taking all the exemptions (homestead, senior, etc)
Your mortgage company's figures are not adding up
What is your mortgage interest rate? |
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gekkedodo
 |
How did you get to owe 366k when you down-paid 50k... no good answer possible without more details, sorry |
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