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Started By
Message
re: mortgage help for daughter
Posted on 10/12/12 at 8:45 pm to yellowfin
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.
1
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.
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...
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.
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?
Posted on 10/15/12 at 4:25 pm to ZereauxSum
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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