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TigerintheNO 
LSU Fan
New Orleans
Member since Jan 2004
18979 posts
 Online
| re: mortgage help for daughter (Posted on 10/12/12 at 8:45 pm to yellowfin)
quote:
Walk away
this &
quote:
We are thinking of renting the condo
this.
It would be 12 to 18 months before the bank got around to doing anything. Straight profit, her credit is already going to be screwed but, this way she would have between 12-18 grand in the bank.
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SOCAL TIGER
LSU Fan
SOCAL
Member since Jan 2005
4888 posts
| re: mortgage help for daughter (Posted on 10/12/12 at 9:07 pm to ProudLSUMom)
Sign back over to bank if you can. Option 2 would be renting it as section 8. Your money from section 8 is guaranteed each month but you must have a walk thru to get approval. Make walking away a last resort.
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DriveByBBQ 
USA Fan
Willard's Garage
Member since Jan 2011
3876 posts
| re: mortgage help for daughter (Posted on 10/15/12 at 10:58 am to TigerintheNO)
quote:
It would be 12 to 18 months before the bank got around to doing anything. Straight profit, her credit is already going to be screwed but, this way she would have between 12-18 grand in the bank.
Is this type of thing common? seems pretty unethical...
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Chad504boy 
New Orleans Saints Fan
Five Oh Four
Member since Feb 2005
65043 posts
Online
| re: mortgage help for daughter (Posted on 10/15/12 at 11:19 am to DriveByBBQ)
quote:
Is this type of thing common? seems pretty unethical...
i dunno but appears brilliant. 
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ZereauxSum
LSU Fan
Atlanta, GA
Member since Nov 2008
5783 posts
| re: mortgage help for daughter (Posted on 10/15/12 at 2:19 pm to DriveByBBQ)
quote:
Is this type of thing common? seems pretty unethical...
Foreclosing in most states is a very lengthy process. In some it can take more than 2 years. It's pretty common to stay in the house until you get the notice to vacate.
Ironically, it is actually better for the bank for you to stay. Think if it this way, would the bank rather get back a home that has been vacant and unkept for a year or a house where someone was at least likely doing minimal upkeep?
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lsufan112001 
Southeastern LA Fan
sportsmans paradise
Member since Oct 2006
5103 posts
| re: mortgage help for daughter (Posted on 10/15/12 at 4:25 pm to ZereauxSum)
LINK
"the problem is, when i move in, ya'll move out"
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CajunTigerBabe
LSU Fan
Lafayette
Member since Sep 2012
206 posts
| re: mortgage help for daughter (Posted on 10/15/12 at 4:40 pm to dlambe5)
quote:
I'm in a very similar situation as your daughter. I bought a condo in 2009. My mortgage is currently underwater. I owe $140k and is worth around $120k. I have tried to do a FHA streamline refi using my current lender to relieve some of the blow, but the lender blows me off everytime. I've talked to several different mortgage professional and they all find an excuse to get off of the phone. Any where from our computers are down, I'm on the phone, and so on. Then, they never call me back. I think its because they really have no incentive to do it. I am current on my mortgage and never have been late. They make more money not refinancing me. I want to take advantage of the current interest rates just like everyone else. My current rate is 6.25%. I would save $250/month if I could refi.
I am currently renting out the condo waiting for the market to pick back up.
First of all, you can't do an FHA streamnline unless it is still your primary residence. FHA loans are for primary residences only. Good luck!
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