I tried to refi, but when the appraisal came out, the value was low. it is $50K lower than the purchase price. So, refi didn’t happen. I called my lenders. 1st lender said they cannot modify my loan because I won’t be able to afford it. They suggested that I call the 2nd lender to work out a short pay. The 2nd lender said that they will send me the materials to fill out the request for a short pay. Ocwen is my second lender. They sounded that they are willing to work with me. It sounded too good to be too easy to do. I have a good credit score. My question is, what can delay Ocwen to agree for the short pay?

Hi,
I have a question about short sale CA:

I have a rental property that I having difficulty to make the payments. I bought this house as primary residency in 2005 for 350K then I refi on 2006 for 360k (fix loan 6.2%) to pay brokers fees and lower payments. Me and my wife was doing good on our jobs… we bought other house to move closer to my job (01-01-2009). I rent my other house.
Then everything start going bad: My wife lose her job and mine income is been decrease by 40 % for the last couple month and my tenant lost her job also so she having be able to pay the rent. I been trying to rent the place but I realize that even if a rent for 1,500 My payments are 2200 + tax, ins won’t be enough for me to make the difference with my current salary.
I do have 401k and saving but I don’t want to touch it cause I may need it to pay mortgages in my primary residency who knows if I get laid off.

So what is my best solution… Shore sale? Even I know the tax issue probably a 1099-c for 150K probably have to pay on 2010 $30K or more to IRS on tax?
No debt forgiveness for me cause no primary residency and my loan is recourse loan cause the refi?
And I don’t think I could be Insolvent cause the 401K and some little saving?
Am I missing something??

What do you think is my best way out? Or do you know somebody could give me advise?

Thanks a lot for your time

Dr Ravee Chand wanted to purchase a rental property that I had a contract on. He wanted it up-graded extensively before he closed so he could get a large enough appraisal to pull cash out right away at closing and avoid a refi- fee . in addition he wanted my short term resident moved out and a 2yr lease tenant in place also before closing ,so he would never have to take a payment from his pocket. I did what he asked and spent $18000 dollars doing the up-grades and tenant moves . of which he only paid $15000 of. He got to the closing table and demanded the 15000 come off the un-upgraded discount price ! He never closed! My time on the contract I had was to expire very soon! making it impossible to sell it to someone else. Now he wants his 15000 Back for the Upgrades This does not seem fair or reasonable to me . I have already lost all the money I could have made selling the contract to someone else with the property AS IS. . Can I file a Legal Action

Believe me- I have called CWF 2-3 times a week for the past 2 years to work with them on my 30 yr ARM(with a $5k poison pill for refinancing!) They have promised me they would help me(and, of course, they have done absolutely nothing!) I have tried a short sale and they denied me. Plus, all they do is drag their feet! Every process(I have tried them all- refi, short sale, deed in leiu, ARM freeze, modification…everything!) The only thing I can think of is just walking away. They will NOT work with me in any shape or form, so I do not mind sticking this bad property on them(lost at least 25% of its equity). What should I do?

My current loan amt is 359,000 at a interest rate of 6.25% fixed interest only.
probable new loan is 316,000 borrowed 4.875 with a cost of $8500. My question really is: The apprasal is short due to no equity. Should i put $43,000 down to refi, so i wouldn’t have to pay pmi? Pmi cost is $100 month? I have great credit great job and money in the bank? I figure i might as well pay down the house to save on pmi, or should i use that $43,000 to use for better use? Please help answer my question

for all of you who are doing Short Refi’ any feedback would help!
I’ve heard of 6%? is this right?
thanks.
I’m the realtor, just want to see, if I will make anything? or am i just working “for free” its for a realitive, but, If I can make something from the lender, and help my cuzin. That would be kind.
this is a SHORT REFI like a SHORT SALE. On Short sales, we get 6%

My husband purchased a house at the peak of the market, his parents cosigned on the loan. My husband is a full time student and only has rental income from another property he owns free and clear, but the rental income doesn’t cover the entire mortgage. His parent make six figures. I have a decent job but paying the difference in the mortgage and the other bills is taking a toll on us financially. The house is worth about 70% of what we owe and we have never been late on a payment. The bank won’t let us refinance. Because his parent are cosignors we can’t do a Short Sale or walk away from the property. We need to move because he will be going to a new school in the spring and the move will reduce my commute to work.

Are there any recommendations as to what my next move should be? I can’t afford to take the hit on the sale of the house. My husband says selling the rental property is not an option and his major is too demanding (med) to get a full time job. Please help, any suggestions will be taken into consideration.

We can’t afford to pay our mortgage, along with so many other Americans, and our home is now worth about $60-70K less than we owe, so we can’t sell or refi. We contacted our lender back in March ‘09, and they told us that before they’d consider working with us, we had to be late with a payment…so we didn’t pay on time for April, then called them again and they took our income statements, a letter that we wrote indicating what happened to create the situation that we’re in, along with our estimated monthly expenses. They told us to expect something in the mail in 30-60 days…it has been more like 80 days now, and no word from the mortgage company.
We did not pay June’s payment, nor can we make July’s payment.

In the mean time, we’ve been weighing our options, considering foreclosure, short sale, bankruptcy, etc…and in our research, we’ve come across Obama’s Making Home Affordable Plan, in which if a loan is owned by Fannie Mae or Freddie Mac (ours is owned by Fannie Mae), then the lender must cooperate with us to make our payments affordable, because the lender was given government funds for the loan. (correct me if I’m wrong with any of this)…
Here are the requirements:

• Lenders will be required to reduce borrowers’ monthly payments to a maximum of 38% of their gross monthly income. The government has allocated funds which will then be used to bring the mortgage payments down to a maximum of 31% of gross monthly income.
• While the formula for reducing borrowers’ payments will vary significantly, the four elements in the equation are; cutting interest rates to a floor of 2%, maturity extensions out to 40 years, forbearance of missed payments and penalties to the back end of the mortgage, and principle reductions to 90% of appraised value of the home.
• Financial institutions will receive $1,000 per modification plus $1,000 per year for up to three years providing the borrower keeps up with the modified payments. For paying on time, borrowers will be paid $1,000 per year for up to five years.
• Modifications and refi’s will still require that the homeowner is experiencing some sort of hardship. Only owner occupied, primary residences with a maximum loan value of $729,750 are eligible to participate in the program.
• Programs will be implemented first at Fannie Mae and Freddie Mac. While participation in the program by financial institutions is optional, any institutions that have accepted bail-out funds will be required to participate in the programs follows their set guidelines.
• Both programs will require documentation that the homeowner will be able to consistently make payments. The programs do require hardship, just not too much of it.

As far as I can tell, we should be able to qualify on all parameters, but our lender will not take calls about this, beecause they’re so backlogged. My concern is that we’re required to be current on our payments, but unless they do something to help us, we cannot stay current, and if we do manage to borrow or scrape together the money somehow in order to keep current, we’ve heard that the bank is less likely to make us a priority since they’re still getting their money.

What’s the best thing to do that this point?
Dawn…thanks so much for trying to dash my hopes of avoiding a foreclosure, but Obama’s plan is not gone…it’s very much around: http://www.makinghomeaffordable.gov/
Landlord: the reason we can’t pay for june or July is because my hubby lost his high-paying job in March of ‘08. I was a stay-at-home-mom at the time, 8 months pregnant with our 2nd baby. Since then, I got a PT job while grandma babysits, and my hubby’s new job pays much much less than the one he lost…so we’ve been using up our savings to pay our mortgage and to live on, but we’re out of money now…and we know that we can get it down to an affordable level within the parameters of the Making Home Affordable plan.
Regardless, my question is mostly concerning the fact that if we keep current, the bank won’t talk to us, but if we fall behind, we may not be eligible for the plan. Since we can’t force the bank to talk to us, and we can’t make the government force them to talk to us, what do we do now?

I cannot get financed at dealer since they only use one bank, bank will not allow an equity loan or refi loan because of bad credit and I dont have anyone to cosign. Any suggestions? I was thinking of a cash loan “legal loansharking” but come up short on who to contact since the amounts they tend to lend are up to 1500 and I need 8k. any suggestions?

Me and my brother purchased a house .We hold the title in joint ownership with right of survivorship. I got married and was planning to move on with my wife. We have a house being built and plan on moving in soon. The current house that I live in with my wife. I pay for entirely. I finally got my brother to move out after several months of being shorted money then eventually not getting any money from my brother for his half. He left me owing me thousands of dollars. I have tried to reach him several times to get him to sign a quick claim deed. He wont get back to me. We owe 114,000 on the mortgage and 65,000 on a home equity loan. The house is worth only about 150,000 after the market dropped. I want to refi so I can lower the payment and rent the place out. What could I do to get him off the title if he wont sign the quick claim deed. What are my options for short sale or foreclosure if I cant carry the house any longer. What will happen to me if I foreclose. The house is in arizona.