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thanks.... |
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| I am in the process of buying a home in Oklahoma with an expected close date of Jan 31, 2008. My lender is working on the final approval and I have been told we should be able to lock our rate very ... |
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Additional Details
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http://www.oregoncat.... |
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Lorenzo
http://welcometoinsuranc... |
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 I will be buying my first house this spring... ANY ADVICE? |
Hello, and thank you for checking out my question.
I will be buying a house soon and would like to hear any helpful advice you may have to offer. Your answer can relate to any aspect of ... |
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AT 18 years old, can you rent a decent car?
Additional Details
Thanks, although me planning on attending MSU... freshmens can not own a car so why buy a car just for the summer?... |
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qnh026 | Should I go forclosure??? |
I bought a condo 2 years ago and finaced 100%. My interest was fix for the first 2 years which is due on Sept. I have heard that it will go upward after this period. Recently i have my hours cut at work which equivalent to about 900 dollars less a month. Because of that my mortage is about 80% of my income after tax. I have been using part of my saving to pay the mortgage. I tried to refinace but I can't unless I have about 35,000 upfront since the value of the condo is depreciate about 25000. They told they let me borrow only
90% loan to value ratio. Even though i have not missed or late payment. But I think I would let it go forclusre. Can anyone tell me the consequences and how should i manage this mess. thanks |
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arizona wolfman
 |
You should sell the condo and get a place to live that you can afford. If the condo is worth less than what you owe on it, then you need another job. Foreclosure will drop your FICO score probably 150 points or more. After foreclosure sale, lender can (but usually doesn't) still sue you for the deficiency of difference between what they sell it for and what you owed on it. Your resulting bad credit from the foreclosure will make it difficult for you to get another place to live, to buy another house, even to lease an apartment probably requires a credit check - unless you want to live in the 'war zone.' |
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Mike
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It sounds like you need to let it go.
Call the bank... do a deed in lieu of foreclosure... at least that way you wont have legal fees... although they can still come after you for negative equity.
You could also do a short sale, lower the price, and just get rid of it... that way you dont ruin your credit... but you will have to come up with the difference.
In either case, you are upside down and you will have to pay out of pocket. If you make it easier for the bank, it will be easier for you.
I would try to do a short sale and get rid of it... if you cant, give it back to the bank (deed in leiu of foreclosure) so you wont mount up court costs on top of everything else. |
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iswd1
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Unfortunately, if you have a mortgage through a normal bank or lender, forclosure will negatively affect your credit rating which will hurt you in the future.
If possible, sublease the property for the price of your monthly payments, if not too high, add a little for yourself.
Good luck! |
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iltmaemc
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find a Realtor and sell the condo , before the bank forecloses.
you need to avoid that foreclosure on your record. strongly suggest you talk with your lender/bank and let them know your situation. banks do not like to forecloses. try to make a deal with them. it is in their best interest to. if you have a purchaes money loan it will be easier than if you ever refinances, because of recourse. and whther the state you are in is a deficiency jugement state. speak to your cpa and maybe consult a real estate attorney
good luck |
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YankeeBelle
 |
Forclosure is a bad idea, it will damage your credit. Have you considered a roommate? A second job or better job? Move in with family and lease it out until you can get better set financially. Talk to a financial advisor before you make this decision, where you can talk freely about your financial status, credit history and income. Good Luck. |
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ande_demetriou
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I would do whatever I had to do to NOT let it go into foreclosure. It will haunt you for years if you do.
Try FHA...less stringent guidelines than conventional products. |
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bella767676
 |
There are many aspects to your situation, first off the LAST thing you want to do is foreclose like has already been mentioned. Since your hours have been cut at work, that should free up time for you to get a second job. Don't get complacent about it, find a way to get one. If you still have good credit, and it sounds like you do, there still could be lenders that might be willing to get you a loan program that could help you. You may get a bit of a higher rate than you have now, but you should be able to get it "fixed" and get out of the "adjustable" mess you are in. Remember things that lenders look at in deciding loan approval, Credit, Income, and LTV. Those are the big ones, and sounds like you have 2 of the 3. Lenders are tightening things up right now because of all the foreclosures happening right now, but I would get on the phone and start making calls and see what a broker/LO could find you.
Can you take in a roommate? I know a condo usually isn't the greatest home to do this in, but the extra income could help you get through the though time right now.
Remember, you'll probably want to upgrade to a home someday down the road, don't let this remove that chance and opportunity for that happen. |
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lenderjayne
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Did you do two loans 80/20 when you purchased the house? If so, maybe you can get the lender to refinance only the first and subordinate the second. They may not require an appraisal because you have no cash out, but no promise because of the high ltv. I would contact the original lender that held the note and see if they will work on the refinance with you. 2 year fixed loans are hot topics right now and have been eliminated in most cases this week.
You want to avoid foreclosure at all costs if possible. Depending where you live they could come after you in a judgment or report any loss they take to the IRS and you would have to be taxes on it. Then it also stays on your credit 7 years.
Good luck.
CA Lender |
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SCH
 |
Letting it go into forclosure would be a big mistake on your part...you would be better off finding a new job.
When a home goes into forclosure they sell it at forclosure sale. If there is a deficiancy balance you will still owe that when all is said and done...you said the condo has depriciated and not appriciated so I imagine the deficiancy would be quite large. They can get a judgment against you and garnish your wages up to 25% to get payment.
On top of all that you will have an incredibly hard time getting credit, and finding a new place to live...apartments can deal with bankruptcy, but many of them automaticaly exclude you when it comes to forclosure or eviction.
1st of all, you don't know yet if your rate will go up...you should get a 2nd job (or a better 1st) and try to stick out the rough part. Also, now that you have learned your lesson about adjustable rate mortgages I hope you will never get another one!!! |
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Karen
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Can you sell it? Look into selling your condo soon so a foreclosure won't ruin your credit. |
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