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name finder | I want to walk out of my home, my bank bent rules to Fund my HOme Loan.? |
I bought a home in 2005, i put 20% down to acquire Loan, i did not qualify for the loan amount since it was 55% of my monthly income.
the bank still funded the loan and we moved into our home.
Now my home value is not worth what i bought it for.
can i walk out of my Loan on this technicality and suit the lender?
its a jumbo loan.
now i have hardships, bills are adding up and its getting bad.
what are my options without affecting my credit etc.
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Real Estate Guy
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if you knew you didn't "qualify" or actually, if you knew you couldn't afford it, why DID YOU SIGN THE LOAN DOCS?
I'm guessing this was a no doc/no income verification loan.
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Realtor in CA
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I don't believe these borrowers! You are being ridiculous!
Is it the bank's fault that 3 years later your house is worth a lot less than it was when you bought it? There are strict guidelines the bank had to follow to qualify you for a loan. 3 years ago was totally different than now.
If you think they "bent" the rules now, why didn't you say anything 3 years ago about the "rules" being bent so you can get the loan then?
Now you blame the lender for loaning you money you probably begged them to give to you in 2005. These were the boom years, where everyone expected the home prices to continue rising regardless of anything else. I had clients who didn't care about the interest rates, or the fact that they had a 3 year ARM (Adjustable Rate Mortgage) that reset to a fixed rate where the payments went from $2,500 to $3,700 a month. They just wanted the house NOW at any cost!
The bank only did what you asked them to do! Loan you money! In those days, you could get a loan if you had a pulse and breathing.
You could easily get out of the loan, just let it go into foreclosure. The only problem is you will not be able to buy another house for 7-10 years and it will hit your credit score by a large number.
What bills are adding up? The stuff you bought on credit cards? Bills don't appear out of thin air! You created them!
Now you want the bank to take the fall? You created your own hardship!
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I Buy And Sell Houses
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No.
You can't walk out, and you can't do anything with affecting your credit. Specifically:
Question
I want to walk out of my home, my bank bent rules to Fund my HOme Loan.?
YOU: I bought a home in 2005, i put 20% down to acquire Loan, i did not qualify for the loan amount since it was 55% of my monthly income. the bank still funded the loan and we moved into our home.
Now my home value is not worth what i bought it for. can i walk out of my Loan on this technicality and suit the lender? its a jumbo loan.
ANSWER: There's no technicality. The bank funded your loan. You obtained a mortgage. Whether the bank made an error in judgment is its problem. However, they did nothing illegal in deciding to give you a mortgage. You got the loan; the deed's in your name. You cannot use the bank's granting you a loan as justification for walking away from it.
YOU: now i have hardships, bills are adding up and its getting bad.
what are my options without affecting my credit etc.
ANSWER: Your options are:
Sell conventionally, if you can sell for more than the existing mortgage. Your credit won't be hurt.
Ask the lender for a loan restructuring. Often, this means reducing the interest rate. It can involve adjusting some of the other elements of the loan.
Ask the lender for forebearance. This will move some delinquent payments to the end of your mortgage, if you've missed some payments. Lenders usually will do this once, but only once. You miss another payment, and you get foreclosed upon.
Short sale: If you owe more than you can sell the house for, you attempt to do a short sale. It's like a regular sale, but the sale is contingent upon the approval of the lender. Some short sales are successful. Some are not. If you go this route, select a Realtor with good experience with short sales. If you do a short sale, your credit will be injured.
Foreclosure: If you fall further and further behind, the lender will begin foreclosure proceedings. If your house is foreclosed upon, you'll lose it. Your credit will be injured worse than with a short sale.
Deed in Lieu of Foreclosure: Sometimes, when a homeowner is facing a foreclosure, the lender will allow the owner to deed the property back to the lender. It saves the lender the legal expense and hassle of foreclosing. You'll lose the house. Your credit will be injured.
Bankruptcy: This is only a delaying tactic. As soon as you fall behind again on your mortgage, you'll get foreclosed upon.
Those are your options.
Look: You knew you couldn't afford to spend 55% of your monthly income on your mortgage. You shouldn't have done it. But it's too late now. But you won't/can't be saved by arguing: "Even though I was wrong to apply for the mortgage, the bank should be penalized because they approved it." Doesn't work that way.
Hope that helps. |
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shizzle
 |
you won't get anywhere by suing the lender...assuming your mortgage contract is valid, as you both agreed to the terms and signed it....and, how much your home is worth now has no bearing on the fact that you owe this loan...
however, you may be able to get the bank to lower the interest rate by calling them and explaining your monetary situation to them, or by conferring with a credit counselor to do so on your behalf...
many people are having the same problem you are due to the economy, and the only way out is by doing the above, or you'll risk foreclosure. |
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Sally
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WHO committed fraud? You are just as guilty as the loan officer when you signed all those papers stating the info was accurate. If I were you I certainly would not bring my own guilt before a judge.
Anything is going to affect the credit at this point. Tell us exactly why it is the banks fault that the price has decreased?
Sorry I sound harsh but you are one of the reasons our economy is shot to hell right now. You wanted what you wanted, when you wanted it and more importantly N O W!
Good luck |
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divetatoo
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So what if your home is worth less than when you bought it?
Have your payments gone up? Are you on an adjustable loan?
If your payments have not changed, just your equity, then nothing has changed for your outgoing money on this home. Why should the lender take it in the shorts?
Real Estate is an up and down business. Your home is still the best investment. 10 years from now your home could be worth a lot more.
Good luck to you. |
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arch0049
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What rules were bent. Where you mentally competent to sign the contract? Where you an adult? Are you the actual person in the contract?
There are no laws or regulations about what percentage of your montly income your mortgage payment must be.
You can walk out, but your bank did not bend or break any laws or governmental regulations. |
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brother3
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You don't have many option,if you walk out,the bank will put the house in foreclosing and the bank just want get back as much as they can and you will lose most of your 20% down. base o present house valueThe rules for home loan is flexible and no law to enforec it and your law suit no lawer will accept,but you can try |
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Pengy
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you put 20% Down knew what you where getting into handled it for awhile and now want to run because it did not go up in value as you expected, now you have hardships and need to blame someone else other than yourself. You dreamed the high life failed and now want to file suit. Not going to happen and if you do not keep up with your payments there are no options to protect your credit Sorry to sound so harsh and cold but htose are the facts. |
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chatsplas
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Sure, blame the bank because they helped you to do what you wanted to do. If you walk, you lose your 20% down and payments since then, plus ruin your credit. It isn't the lender's fault your home declined in value, and you still owe them what you promised to pay them. It wasn't against the law to give you a loan that took 55% of your income, just poor lending policy because that makes you a POOR risk. Check with your state attorney general to see if they are suing your lender as a predatory lender. It takes years and money to win a lawsuit, and you have only 50/50 chance of prevailing.
Best option is to go to lender and talk to them about Loan Modification. Talk to several people at lender, to supervisor, and find out what your options are. They won't give up what you owe, but could restructure.
It's hard to be sympathetic, because you got what you wanted, now find it's difficult and want to blame some one else for your problems and sue them. AND it's all the people who did this who are at root of the mortgage crisis, them and the predatory lenders, eager to put anyone into a mortgage, then to bundle and sell those mortgages. Worked when housing values kept climbing.. . . . . . . . |
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☼AstrologerJuliAnne☼
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If you walk away from this, it will foreclose and it will affect your credit. You would have to consult a lawyer to see if you have a case, but didn't you know when you were signing the papers that it was more house than you could pay for? 55% DTI is just ridiculous. You may have been swindled by the lender, and maybe you do have a case, but you need to talk to a lawyer. I am sorry you want to walk away from your home :0( |
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src50
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So its all your lender's fault, huh? You're the one who signed a loan for 55% of your income. |
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SLAVE
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If money is created buy debt(loans) and the bank loaned me money to buy a house(mortgage) then did they or didnt they just create money out of thin air? so if i foreclose on my promise to pay it back for what ever reason. Then because the money didnt exist in the first place then i dont have to pay it back right?? |
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SLAVE
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to answer SRC50 its not the vendors fault if the bank lent him the money when they knew he couldnt pay it back so they broke the rules?? or the bank just played around with the figures to make it look like he could afford the loan. i.e applying for smaller loan(credit card) transfering that into a savings account to make it look like he saved it then once the mortgage was approved by the bank the bank then transfers that back to the credit card. |
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