So some of you know I have been busting my ass to get my house ready for the appraiser all month so we could re-finance but it seems you have to default on your mortgage for anyone to help you. I put a lot of time and energy into getting my house ready with the assumption it would go through and we would save a good chunk of money each month but it didn't, not that we didn't need to do the work anyway we just wouldn't have done it right now because we couldn't afford it. So needless to say I want to load my truck up with diesel and fertilizer and drive it through the mortgage office but I wont because I can't afford a new truck and I need to get to WORK!
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Wtf
- Thread starter BGC
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hdroadglide
BoM x 2, BoY 2011
unfortunately zach, the money is only there for those that don't deserve it. you can obviously pay your mortgage the way it is, so no help for you!
i will stop before i rant...........
i will stop before i rant...........
Electric Sheep
Dsicle - BoM Dec 06
We refinanced in January and didn't have any problems whatsoever.
Have things changed that much in 3 months? I don't doubt it, but it's shocking to hear that things have gotten that bad.
Have things changed that much in 3 months? I don't doubt it, but it's shocking to hear that things have gotten that bad.
Daviso27
Never been BoM
I was in the same boat...however...since the house was in one of ours names, Im in the process of getting another home in my name...by the looks of it, we are gonna get a MUCH larger house, better area and paying only $200 more a month!!!
e-man67
Benny Hill's Understudy
We refied back in January as well and just a few weeks ago it was finally finalized. The bank said they are swamped with refis right now and that is why it took so long. Hang in there...it does suck that all these people that bought homes they couldn't afford get to "reassess" there mortgages to current market value...what a bunch of bs...while you and I that bought homes we could afford must wait...oh, yeah and get taxed even more so we can pay for the irresponsible peoples as well. :squinteye
They changed something last month with newly makes us 2% below the qualifying mark. We both have excellent credit but were not loaded and I work very hard for what little money we do have. The mortgage company actually said to try a local bank the rules are a little different. We are some of the few that actually have some equity in the house too.
We had $150,000 in equity built up....maybe that is what made it easier. :dunno:
Bought a brick ranch on 6 acres in 1997 for 130,000.
Then the market boomed and in 2005, it appraised for 380,000 due to the acreage. (250,000 in equity...had a 100,000 equity line for home improvements)
When refinancing in December, it had dropped to 280,000 due to the market so the equity was only 150,000.
carocaniac
i hope this lighter works
During your younger years, you are told by your parents and your teachers that hard work and determination get you what you want and need in life, but it seems now a days that only people that do the complete opposite in life get rewarded for the lack of work and responsibilty, it sucks....
Sorry to hear of your plight, but nothing is for sure in this economy. I'd definitely shop around elsewhere though - especially since you have a current appraisal and all your paperwork done. Try smaller local banks, credit unions, online brokers, etc. There is money out there, but it's far harder to get than years past.
Be sure you get your appraisal from your broker, and get you credit report from them as well. You'll want these to see if you can get qualified elsewhere. If you run your credit all over town, it will drop the score. So make sure your existing profile will qualify, then let the bank run their own credit report. If you have equity, and good credit, you should be able to find something.
hdroadglide
BoM x 2, BoY 2011
your president just spoke today that it is a great time to refinance!!!! he even said there was a government website to check out your qualifications.!!!!
it HAS to be so!!!!
it HAS to be so!!!!
smokemifugotem
BoM July '10
I was talking to someone at work who also works for a major loan company and they stated that you need to fall behind atleast 3 months in your payments before they will talk to you. That is if you are in the bracket of "good credit" and house just over loan amount. Then they will drop your rate to 4% and finance the last 3 months back into your payment. Really F'd up in my opinion! She says there are a lot of people actually doing this on purpose knowing that they will not need their credit score for the next 3-4 years and are willing to hit it just for the lower house payment...really F'd up and too risky for my blood!