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E-Mail 'Help For The Upside-Down Owner?' To A Friend

by Peter G. Miller
July 9th, 2008

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This entry was posted on Wednesday, July 9th, 2008 at 4:34 am and is filed under . You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

5 Responses to “Help For The Upside-Down Owner?”

  1. jdj Says:

    What is the problem? Those are paper loses you speak of.

    If you bought the house as a long-term investment, and why else would anyone buy a home, why should you care about the daily ups and downs of the market?

    Over the long term the house will appreciate and by the time you retire it should be back in the black.

    “Screwed” by whom? Were you promised that house prices only go up by a real estate professional? What was your original plan for when the interest-only loan reset, refinance into another IO loan?

  2. Tammy Says:

    I refinanced my home to use the equity 2 years ago. My broker said “Lets do an ARM and you can refinance in 2 years” Two years later my house is worth $140k and I owe $170k so NO ONE will refinance us. Our rate is set to go from 7.99 to 12% in 2 months.. My mortgage company will not modify my mortgage unless I don’t pay it.. I’ve never been late on a bill in my life. It’s either my credit or my home…I feel hopeless too.

  3. plm Says:

    Hey jdj,

    You must have made a million of these loans and spew crud so you can feel better for the crud you helped spew!

    Home Lenders and builders lied and spew a bunch of lies, knowing what was coming, perhaps more than the new home buyer!

    Don’t judge until you have walked in another’s shoes!

    Good luck to Jose and Tammy!

  4. Seb Says:

    You need to get a pro to help modify the loan if the reset will make it unaffordable. With the way LIBOR and PRIME are heading, rates should not increase with Adjustable loans, but if they do, you DO NOT have to miss payments to get the lender to modify your loan…

    http://www.foreclosureavoidancenetwork.com/SebastianMachado

  5. Kim Says:

    I was able to get a modification on my home loan without a pro. It was consistency and persuasion, when one person said “no” three times I asked for their supervisor until I got in contact with someone who saw me as a person not a loan number. It took 7 months and all I was looking for was an interest lowering.

    As for jdj, I feel like I got screwed because the houses in my area are being sold to families of lower income, not all are bad, but it has changed the dynamic of our neighborhood. The yards are not being kept up, the multiple non-running vehicles and the mouthy children were not here when we bought. I have two options walk or put up with a lower class of people. So, yes, I do feel screwed.

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