 I am thinking about renting a house that has been foreclosed, am i taking over the mortgage payments? |
| Will I have to go through a bank, am I making payments to purchase the house or still just renting? Can I be kicked out anytime if the owner's can start making payments? Does the bank own the ... |
|
 How long should I wait to refinance my home? We bought it 2 years ago.? |
| I pay extra principle each month on it and would like to refinance enough to pay off my vehicle and to do some remodeling on my home, painting, etc. I would appreciate all insight. Thanks!!... |
|
 Can a home lender come after you after they've foreclosed on your house? |
| My current home is at the beginning stages of foreclosure, and I know I can't bring it current. If I retire after the home has been foreclosed and I use my annuity to purchase a new home, ... |
|
 After 2 and a half years in a rented property, am I required to repaint the whole house? |
| After 2 and a half years of living in a property, my letting agent has suggested the difference in my deposit paid and my return deposit is due to a deduction for repainting the house before the new ... |
|
 Should I sell my home read on ( real estate )? |
| Hi I bought my home condo near the water in NY 6 years ago. It went up like 100 percent in value. I am getting scared of everyone saying the real estate bubble is going to make homes so low soon. I... |
|
 Realators didn't give us info, now we could be out thousands!!? |
| Ok, so I asked before about my parents housing situation. My parents put down a fairly large good faith deposit while were waiting for the rest of the deposit. Anyway, it was refundable for like 20 ... |
|
 I'm planning to buy a small house or mobile home then rent it out and hope prop. values increase or build a |
house on a lot I already own.I'm trying to make some money in Bay County FL.I dont make much at my full time job.Which should I do? Thanks.
Additional Details
If i build a house I ... |
|
 I want to sell my home. Here is an issue: We originally bought the home in good shape but we rented it out and |
| The renters did not care for the home. We lived out in Arizona, so we couldnt check on the home as much as we should have. We were out for 3 years and they were NEVER late on the rent. But many ... |
|
 We have put in an offer on a house... |
| What is a reasonable amount of time for them to give us an answer? We put the offer in last weekend and they havent said yes or no.. whats going on there do you think? We did offer 17500 grand ... |
|
 Realtors and/or sellers...need your advice? |
| My home has been on the market for 5 months. I've only had 4 looks. My realtor says best thing to do is move out, so the house will be empty, and show better. It's half full right now. I... |
|
 Thinking of buying first home, but I have bad credit and no down payment? |
I keep going back and forth:
- I could wait a year and improve my credit and save for a down payment. I would continue paying more in rent than I would in mortgage and insurance, but I ... |
|
 Credit crunch and today's interest rate drop - when to buy a house? |
| I'm a first time buyer so for me, the more house prices come down the better. But I'm also worried about missing the boat - I don't want to wait and wait and then find that suddenly ... |
|
 As a homeowner, should I sell the house of rent it out? |
| I live in zip code 95132. Rents might go to $2000 for a 1790 sq.ft., 4/2 house. My property, unmodernized, built in 1965, might sell for $125,000 less than last year (now <$600,000) I have an ... |
|
 What do you think? Quick question, easy 10 points for best answer!!!? |
| My lease is over this month and i want to leave, rent is gonna raise for all tenants who renew. so i applied for this other apt. showed proof of job,bank account, and current apartment verification (1... |
|
 Please help!!!can not find no where to live!? |
| me and my fioncee have been looking for a place to live in apple valley ca since it is where he works at and i have been looking everywhere for listings of houses to rent. i have found some but since ... |
|
 Landlord problems? |
I am really un sure what to do about this!!
I moved into my rented rent at the end of February 2008, a month later I got a letter through the door from a solicitors saying that we need to ... |
|
 When first buying a house, financially speaking should one go very big or go small? |
| It seems that people these days go as big as possible (really stretching financially, some so much that they go paycheck to paycheck starting on a 0% down ARM)...is there a good reason to go this ... |
|
|  |
michael s | Whats worse.. paying Countrywide for 30 years or foreclosing? |
i bought my house for 350 K in 2006 and its only worth 250K and the mortgage will adjust next year and go up . im paying 2400 a month plus 500 a month thanks to the broward county property taxes. the mortgage will increase from2900 a month to 3600 a month, I just cant do it any more. Countrywide told me i can never refinance also. |
 |
 
Jäger
|
You can never refinance?? That's a new one. Start looking around for a good mortgage broker who can help you out.
If you were to win the lottery today, you should be able to pay off the balance of your loan, right? Well, that's what refinancing does. Perhaps they are saying that you can not refinance through them. Which just may be the case. But never refinance period?
Just to be on the safe side, read you loan papers very carefully to see if they stuck some kind of clause like that in the contract. |
|
acermill
 |
I agree with the others. Don't blame CW. YOU took the 'cheap rate' ARM loan when you purchased. Whose fault is it that the value of the property dropped ? It's not CW's.
Unless you want to face a foreclosure or a short sale, it's time to get your butt in gear and start working for some sort of loan modification, either through CW or another lender. CW just sold out to BOA, so things might change with CW in the near future. Try working with CW first, since no one else is going to write a mortgage for more than the property is appraised at. CW currently holds the whole boat on this one. Time to work with CW to attempt to convert this into a long term fixed rate mortgage. |
|
r2mm
|
Housing prices go up and down. In 30 years, your house may be worth well over 350K. Just because Countrywide will not refinance you, doesn't mean another mortgage company won't. Keep in mind, almost anything would be better than the ruination of your credit in a foreclosure.
If you know your income cannot stretch to cover the additional $700 per month, you may want to consider downsizing to a smaller house in a less expensive neighborhood. You may still have to pay Countrywide the shortfall between the balance on your current home's mortgage and the sale price, but it may be the cheaper route. And you can always try to convince Countrywide to accept less than the full outstanding balance on the loan. |
|
bull_rooster_aardvark
 |
You can't refinance becuase the current mortgage is way more than the value of the house. You could refinance if you came up with like 100K but thats probably not realistic.
I'd try contacting "Hope Now", they are a group set up to help with stuff like this - here is an article.
http://www.usatoday.com/money/economy/housing/2008-06-16-foreclosure-help_N.htm
Honestly if they can't help you then you can try a short sale, but honestly these rarely work. Another option is just to let it go to foreclosure. It'll kill your credit but better now than in a year when the rate adjusts anyhow. |
|
Biggie @ Arbor Mortgage
|
Do a short sale. |
|
jkrd156
 |
Can't refinance? They can't stop you. Get another broker. The house is only worth $250k after 2 years and a 100K drop. You must have really done some major damage to it. The market is down about 12% so it should easily be at least $300k. Find another broker and try a refinance especially with rates fairly low. A foreclosure is a terrible thing for your credit! |
|
Sharon B
 |
I love this business, no-one ever knows what they are talking about. Ok, it is correct you can not refinance at this time because you are upside down. It is not Countrywides fault. You wanted to purchase real estate and it was a good deal at the time. Prices and values go up and down, in real estate the game is buy and hold, you will be glad you did. As for they payment going up, with the type of loan you have you qualify for a modification. You can do this your self and take the chance of CW giving you a worse deal or you can work with a professional who knows how do get you an awesome deal on a mod. I personal got my loan from a $6400 payment to a $3800 payment! Some mods ( not CW, usually) will even lower your loan balance! |
|
♥ Heaven ♥ Lee ♥
 |
Myself, I would continue to pay, but that's just my opinion. A foreclosure looks SO bad on your credit. |
|
Expert Realtor
|
Don't blame Countrywide. It's not their fault, it's yours.
You had the option of doing a FIXED RATE mortgage and you DECLINED that option when you originally got your loan.
So you gambled and got an adjustable rate, thinking that the rates wouldn't go up by much or go down...and they gave you a BETTER rate because you gambled.
Well, the gamble didn't pay off, and Countrywide is NOT responsible for the fact that too many people like you, bought houses that they couldn't afford, b/c they went with ARMS instead of fixed-rate programs.
Your credit must also be very damaged because I have a house that is worth about $400K and my mortgage payment is almost half of what you will be paying next month.
You can refinance, but not when you borrowed so much that you didn't leave any room for the house value to go down or you "equity stripped" your property by doing cash-out refinances or your credit is so damaged that it's not possible.
Sorry, not Countrywide's fault. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 8 minutes(s) ago
| | | |
6 | 45 minutes(s) ago
| | | |
9 | 1 hour(s) ago
| | | |
9 | 2 hour(s) ago
| | | |
9 | 3 hour(s) ago
| | | |
9 | 8 hour(s) ago
| | | |
9 | 10 hour(s) ago
| | | |
9 | 11 hour(s) ago
| | | |
9 | 1 day(s) ago
| | | |
9 | 2 day(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
