financing the American Dream
Date: Fri, 07/31/2009 - 00:07
We bought our first home about two and a half years ago at the peak of the real estate high. We paid market value (way too much, learning this fact after we bought the house and the market tanked), but we trusted the realitor, the bank financing us, and the independent appraiser. Now we only have a truck payment of less than seven thousand dollars, we have paid off our one credit card, and we are not behind on our mortgage payment(s). Good right? However lovely this may sound, we make too much money to "restructure" and we are SO upside down (like 60-70k) on the mortgage(s) that four different banks and two mortgage brokers won't even let us fill out paperwork to refinance. We are on an ARM mortgage. We can't refi unless we put 16k plus down. How can we fix up our fixer upper and still save to refi the house at the same time? Even if we do make our house immaculate it will never be worth what we bought it for (maybe in twenty-five years). My husband and I make approx. 55k a year together, we bought the house for one hundred eighty three thousand, today we MIGHT be able to sell it for one hundred ten thousand dollars. The American dream right? At this point our option is a chapter 13. Otherwise we are just paying the mortgage companies to live here, in our house that we will NEVER be able to sell or pay off. Ok, so what does ANYBODY think of that?
Have you tried loan modification? You can check if the lenders a
Have you tried loan modification? You can check if the lenders agree with it. Filing chapter-13 can be a solution but it should be looked upon as the last option.
As far I gather refinancing mortgage isn't possible when you are upside down on a loan. Therefore, you need to check with the other options like- home affordable refinance before filing bk.
