Any homeowners here?

[Macklessdaddy 10+ year member]

Just wondering how many people have a mortgage. And if the economic crash has effected them, and if they are upside down in their house.
and if you ARE upside in your house. You should be aware that banks are more willing than ever for mitigation. I dropped numerous clients entire principle balance to make an easier affordable monthly payment, and greatest of all...YOU DON'T LOSE YOUR HOME.

Didn't read the whole thread but I am upside down,hell anybody who purchased in cali in the last 3 years are,but I have never been late on a payment,can the banks do something for me or is this just for people facing foreclosure.

 

[davidfre21 5,000+ posts]

Yes ARM loans FTL. But your friends have a chance at saving their home if they are actually planning on staying in that house.
Say for instance you were in a 5 year arm and your rate just adjusted. It was too much money, and you were late on the last two payments. And on top of all this, the market value of your home just dropped 200,000 dollars, so you owe more than your house is worth. It's possible to get the bank to drop your principle balance to make your monthly payments work for you, so you don't lose your house, and the bank doesn't get pennies on the dollar. This is done by getting into a program like a 50 year fixed loan at 5%, your going to be paying for a longer period of time, but now you can afford your payments and little Johnny can stay going to his school //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif

i love the idea of paying just interest on a 50 year morgage @only 5%. Nothing like paying 350 a month for 50yrs verse 575 for 30. You make it sound so much more appealing, by saying the payment is less. But do the math...

those numbers are based on my morgage, now if i deduct my escrow payment my actual home payment is only like 425 or something, making ur system seem that much shittier.

 

[davidfre21 5,000+ posts]

Didn't read the whole thread but I am upside down,hell anybody who purchased in cali in the last 3 years are,but I have never been late on a payment,can the banks do something for me or is this just for people facing foreclosure.

i think the only option u have is to try and refinance, and get a lower rate. Assuming ur rate is bad? But doing so, u have to do closing costs and such again which should be weighed against the amount u will save monthly. They have you now that u agreed to may X amount for the house.

 

[mannyb18b]

i love the idea of paying just interest on a 50 year morgage @only 5%. Nothing like paying 350 a month for 50yrs verse 575 for 30. You make it sound so much more appealing, by saying the payment is less. But do the math...
those numbers are based on my morgage, now if i deduct my escrow payment my actual home payment is only like 425 or something, making ur system seem that much shittier.

//content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

No one is talking about paying I/O. These programs want you to pay your principle down.

And I'm still //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif on what you were just trying to get across.

 

[squeak9798 5,000+ posts]

u asked why would i pull out my equity...house is at 6.25%...i could re-finance and get a lower rate, take the equity, pay off the car- that's a higher %, get a few more things i want done to the house. That's option 1.

Be careful with that.

You can't just take interest rate into account. You also have to consider payback period. Tying your car loan into your 1st mortgage will likely significantly extend the payback period......which will likely cost you more money in the long run even though it's at a lower rate.

Of course we would need to know specifics.....but generally you don't want to mingle auto loans with mortgages.

 

[Calikid 5,000+ posts]

WTF!! Manny is a home expert, since when??

//content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

 

[squeak9798 5,000+ posts]

Yes ARM loans FTL. But your friends have a chance at saving their home if they are actually planning on staying in that house.
Say for instance you were in a 5 year arm and your rate just adjusted. It was too much money, and you were late on the last two payments. And on top of all this, the market value of your home just dropped 200,000 dollars, so you owe more than your house is worth. It's possible to get the bank to drop your principle balance to make your monthly payments work for you, so you don't lose your house, and the bank doesn't get pennies on the dollar. This is done by getting into a program like a 50 year fixed loan at 5%, your going to be paying for a longer period of time, but now you can afford your payments and little Johnny can stay going to his school //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif

Yeah, the payments are less.

But you'll also be paying tens of thousands to hundreds of thousands of dollars more in interest compared to a higher-rate shorter-term (comparatively) conventional mortgage.

 

[Eugenics 5,000+ posts]

WTF!! Manny is a home expert, since when??
//content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

Information is all over. You don't have to understand it to talk about it.

 

[Kai Winters 10+ year member]

We pay $290.00 monthly for a small 15 year mortgage that is nearly paid off.

Got lucky with our first house. Bought it in a city just coming out of bankruptcy. It was an abandoned house that was foreclosed on though only 11 years old at the time. We got it for a great price, put a lot of sweat equity in it and sold it 13 years later just after the buying bubble burst in Mass. We sold it for 3 times what we paid for it...zowee!!!

Built a new home in northern NY 4 years ago described in the first sentence.

We have a very low rate fixed mortgage.

When we started we went the low downpayment, arm route. One thing we did that we felt was very important was not buying beyond our easy capability to pay. That, I think, is one of the problems with the mortgage industry. They tried to get us to spend much more but we said "hell no, this is what we can afford and no more". This helped immensely in the tough times we went through, like we all do, here and there.

If I could make one suggestion to all first time house buyers it would be to hire your own lawyer to represent YOU. The lawyer the mortgage company hires represents the company and does not care about you in the least no matter what they say. We hired an attorney for both purchases and when we sold our first home. Best money ever spent. Takes all the pressure off you for a relatively small fee.

 

[Speedbump3]

Manny sucks cok

 

[crunktimes.com 5,000+ posts]

Manny sucks cok

Bump for the troof

 

[mannyb18b]

Be careful with that.
You can't just take interest rate into account. You also have to consider payback period. Tying your car loan into your 1st mortgage will likely significantly extend the payback period......which will likely cost you more money in the long run even though it's at a lower rate.

Of course we would need to know specifics.....but generally you don't want to mingle auto loans with mortgages.

You pull out equity...you have cash...you pay the loan off in cash...no tie's to your mortgage....

 

[crunktimes.com 5,000+ posts]

When will you die already?

 

[mannyb18b]

When will you die already?

Not for a loooong time. I got a daughter to raise.

 

[Banana Balls 5,000+ posts]

Oh great. The vicious cycle continues...