 Question from a First time buyer |
| I've not bought a house yet but me and a friend of mine are possibly thinking buying a somewhere to live (i dont think anything will happen yet), what id like to know if theres something that me ... |
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 Can I take the deposit back? |
| I went to check out a studio, and after that I agreed to take it. So I gave the landlord $500 for deposit. She told me to give the rest of the money and plus the first month rent as soon as I can (O... |
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 How do you deal with rude realtors? They call to schedule appt and dont show up. We are afraid to make waves.? |
| We have had realtors who refuse to give us a business card, or shake hands. They dont like being questioned about what they are doing, like is it a preview or showing. They call for an appointment ... |
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 Bad feeling about apartment complex...? |
| My boyfriend and I's lease is up in two months, we've been looking for apartments and found one we both really like but the more I think about it I have worse feelings about it. Their Phase ... |
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 Can I get back a deposit on rental I've decided I don't want? |
I paid a $600 deposit on a rental property that on closer inspection have decided I don't want. I never signed an official lease so am I entitiled to get the money back?
On another ... |
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 The landlord want more deposit of my pet that he clains he had no knowlege of but when we came to see the? |
| place we tald him we had 4 pets he said that was fine but after 2 yrs he wants more deposit can he do ... |
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 Is my landord trying to con me? |
| i got a flat am moving into, he has on the lease that we moved in onthe 14/12/07, even though we have not, its now the 18th and we still dont have the keys, we have to sign the lease and give it back ... |
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 I interviewed a realtor and he put his sign post in front of my house before I decided to hire him. Comments? |
| A realtor I interviewed put his sign post in the yard this morning without my permission. I interviewed him yesterday. I didn't have a contract with him. I had actually decided not to hire him. ... |
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 What is your opinion? |
| I live an hour and a half away from work and have to commute every day (Monday - Friday). It puts a lot of miles and wear and tear on my car, not to mention costs a lot, and takes a lot of time and ... |
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 Rent and deposit please help |
| if i pay rent in advance and deposit when i move into my flat and at the end of my term have paid all my rent should i not get my deposit and the rent back?... |
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 How big should my down payment be on a house that cost 150,000 with bad credit? |
| i paid everything off on my credit i been saving my money and now im tring to get this house. please ... |
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 Whats the best way to walk away from my house? |
| Okay the market fell and I find myself paying way to much for something that is no longer worth the investment. I've put $35,000 in upgrades into a house that I bought for $305,000 and is now ... |
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 Problem with landlords? |
| I'm currently renting a small apartment with my fiancee. We've been there 10 months and have not had a good experience with the management company that owns the property, plus they've ... |
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 NOTICE TO PAY RENT OR QUIT-makes no sense. EVERYTHING else was verbal. How long do we have with NOwhere to go? |
| Rent is $500mth. Have Recpts. Gave $250 deposit around Nov 1 and moved in Nov 19. Paid $500 first week of Dec. In Jan, we had a medical emergency in the family and mutually agreed to pay ("No ... |
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LetsGoMets | I messed up REAL BAD? |
no clue what to do. I purchased my house in dec 2005 for $489,000 with 25k down 30 year fixed
I fell behind in a few payments and cannot afford to make them anymore.
I have only paid about 30k towards principal and put my house up. I am not getting any biuds and refuse to sell this for a 90k loss, should I refi on it with an interest only or something? |
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baconshmals
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While most of the people answering this seem to be negative, I feel you may have a few options. My suggestion is you try the short sale. Bostionian is an intelligent guy and knows a bit about real estate from what I've read in his answers.
However, if you want to try another route, refinancing could help you if the circumstances are perfect.
For an interest only, most lenders want a credit score of 620 (some will accept a 600) and perfect credit, so I doubt that you will be able to be approved for an interest only or an Option ARM, which I wouldn't suggest anyway, since you can't seem to sell your home.
You could, however, refinance into a 2 year ARM, pay off other debt you may have (auto loans, credit cards, student loans... etc.) to lower your overall monthly payment enough to be able to afford your home until you were able to sell it or until you were able to afford a 30 year fixed rate after your credit improves. (Your credit has taken a major hit if you're a few payments behind on your mortgage).
Another option, one I usually do not suggest, is to take a hardship loan from a 401k, if you have one. Most 401k's allow these types of loans if you are about to lose your home or in other emergencies. But you have to look at what you're doing in this situation... you're spending your future in order to save your present... is it worth the loss?
Either way you go, I wish you luck.
If you have more questions on the mortgage side, or want a little more information, email me or check out our website.
Baconshmals@yahoo.com
http://aapexfund.com |
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bostonianinmo
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If you've already fallen "a few payments" behind a re-fi is not going to help you. Your interest rate will almost certainly rise along with your payments.
With about $55k in equity you'll probaly need to gross $463k on a sale to make expenses and break even at the end. If you can't get any offers in that region, you should contact your lender's loss mitigation department and see what they can work out in the way of a short sale for you.
With a short sale they agree to take something less than the total outstanding debt as payment in full. It costs lenders quite a bit to foreclose on a property and most of them will work with you to lessen the total loss. You may be able to structure this in such a way as to preserve your credit rating as well.
The worst possible thing that you can so is to not speak with the lender. If you avoid contact with them they will assume the worst and you will be on the short end of a foreclosure with evictions, credit hassles, etc. to deal with. |
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strtat2
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Might be smarter to sell at a lose then lose everything and have that on your credit report and never get a mortgage again |
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Free-As-A-Bird
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what's the point of refinancing if you can't afford payments?
if you want to save your credit, you gonna have to take a loss and walk away. or you can wait till bank forecloses on you... |
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PRS
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Do what you can to make the payments until you can sell - unless you don't mind trashing your credit. Is it possible to rent a room out for extra cash? |
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chlango1
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you can try to refi but if you miss a couple of payments is going to be very difficult for a lender to give you a loan again. and if some body lendyou money is going to be a sub prime lender the rate will be high and the loan to value will be low, and chances are the you still don't have enough equity to cover you pay off right now. sorry |
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Alterfemego
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First contact the mortgage company to see if they will work with you. Ask if they will wrap the missed payments on the back end of the loan. DO NOT GET AN INTEREST ONLY LOAN! If you can get enough in rent to help cover the mortgage, then get a renter. Trying to sell the home is a good idea too. Maybe you purchased more than you can handle right now. If you can try to walk away with some cash to put down on something less expensive, with payments you can handle. If you want to keep your current home, maybe a renter is the answer for awhile.
If your current loan company will not work with you to resolve, I would find another company. Good Luck |
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surelycoolgirl
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If you have already fallen behind, they may not refinance to you. If you are definitely going to sell the house, then yes, see if they will refi. for interest only until you can sell the house. The housing market has slowed tremendously over the past few months. Go to the bank and see about doing the refi- interest only- if not you will have to stick it out until it sells but I wouldn't take a 90k hit on it either. You may however have to sell it for payoff which would be a 30k hit b/c of your down payment. Good luck though, I hope it works out for you. |
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Sultryivy
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As a mortgage broker, I know that regarless of how late you are on your payments, you can re-finance. However, you might not like the terms or the rate that you will be given. You should look into re-financing on rate and term (only what you owe), for a 40 or 50 year term. You can also try and find out about something called an option arm. You can pick payment amounts each month this way. If you need anymore info, just ask. |
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satarnag
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I help people like you on a daily basis. Call your lender and tell them your situation. See if they can refinance you to pay as little as possible a month.
Also, if you have some type of hardship (job loss, illness, etc.)that is preventing you from making your mortgage payment, you can short sale your property. Basically you're asking the lender to accept less than what's owed in order for you to sell the place and not come up with cash at closing. Have a real estate agent, who knows about short sales, list your property.
If you're in Southern California, let me know and I might be able to help.
Regards |
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Drew
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First off sorry to hear that this did not go well for you. Next why 90k loss is that how far they said the price drooped?
Try to cut your loss as much as you can, if your in a hole just stop digging is the first step.
Best of Luck there many is the same position. |
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Martini Babee
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Don't lose your house or take a loss, that foreclosure will haunt your credit report for many years. I would find a lender that is willing to refinance the loan. Take out more cash then just paying off the loan and financing the fees. I would take out enough cash to make the payments for a year. Put that money in an interest bearing account for a year, set up automatic payments (so the mortgage payment is paid, you don't have to worry about it) and start planning your next move. Realtors anticipate the markets sale price on homes to increase in the next year and half. |
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supaherounst
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if you can give me a week,i will be able to help you with a really decent answer... on holiday now, just checking whats on ya know, but back home i know someone who will be able to help you... |
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