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Old 06-03-2012, 06:20 PM
 
Location: Egg Harbor Township
10 posts, read 16,124 times
Reputation: 16

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I previously posted this question on another forum...looking for advice..

The details:
house purchased for $237,000.
Interest rate: ridiculous, but we have never missed or been late on a payment.
We basically have no equity since the last 5 1/2 years have been to all interest.
I estimate our house is worth: 179,999.
We are a growing family. WE have little in reserves.
We need a bigger house.
For what we pay now, we could basically afford a house 100K more.
However, we bought at the top of a bubble in real estate, and that bubble burst a long time ago.
Short Sale: would severely damage our decent credit...and we would have a hard time getting another loan within the next 3 years. What would we do in the mean time?
Renting: can't see us even getting enough for the mortgage. Plus, Being a young family, I'm not in a position to deal with two of everything.

What can we do? Could we take out a personal loan to pay the difference in purchase to sale price? Then, hope we get another mortgage for the next house.

We need options!!!!!
Thanks in advance for all those who help with ideas
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Old 06-03-2012, 06:56 PM
 
Location: Boca Raton, FL
4,851 posts, read 8,321,656 times
Reputation: 5483
Smile See below

Is your home owned by Fannie Mae or Freddie Mac - if it is, there is a program out there now and the rates are very attractive - low 3's for 15 years and high 3's for 30 year term.

You can DM me and I'll look up your address for you.

Here's Fannie Mae's website though:
www.efanniemae.com
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Old 06-04-2012, 06:59 AM
 
Location: Egg Harbor Township
10 posts, read 16,124 times
Reputation: 16
Bette...my loan is not owned by Fannie Mae. What now? I've callled Quicken loans...they said they can't help me. I'm so frustrated
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Old 06-04-2012, 11:33 AM
 
323 posts, read 567,752 times
Reputation: 825
Quote:
Originally Posted by FarrAvenue View Post
Bette...my loan is not owned by Fannie Mae. What now? I've callled Quicken loans...they said they can't help me. I'm so frustrated
Are you absolutely sure? Have you called your current mortgage holder and asked? My home address didn't come up on either the Fannie or Freddie web sites so I figured I was SOL, but when I called my mortgage company I found out it actually IS Fannie/Freddie owned (don't remember which).

Definitely double check.
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Old 06-04-2012, 02:34 PM
 
Location: Egg Harbor Township
10 posts, read 16,124 times
Reputation: 16
onlywhnchasd...Quicken actually looked too when I talked with them. It is not under Fannie or Freddie.
We always make our payments on time. That's why no one wants to help us out. Plus, our underwater is so high...it exceeds the 120% threshold...
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Old 06-04-2012, 02:39 PM
 
Location: Long Island
9,038 posts, read 18,360,983 times
Reputation: 4745
Where are you located?
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Old 06-05-2012, 11:08 AM
 
Location: Egg Harbor Township
10 posts, read 16,124 times
Reputation: 16
New Jersey
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Old 08-19-2012, 03:13 PM
 
51 posts, read 110,134 times
Reputation: 20
Quote:
Originally Posted by FarrAvenue View Post
I previously posted this question on another forum...looking for advice..

The details:
house purchased for $237,000.
Interest rate: ridiculous, but we have never missed or been late on a payment.
We basically have no equity since the last 5 1/2 years have been to all interest.
I estimate our house is worth: 179,999.
We are a growing family. WE have little in reserves.
We need a bigger house.
For what we pay now, we could basically afford a house 100K more.
However, we bought at the top of a bubble in real estate, and that bubble burst a long time ago.
Short Sale: would severely damage our decent credit...and we would have a hard time getting another loan within the next 3 years. What would we do in the mean time?
Renting: can't see us even getting enough for the mortgage. Plus, Being a young family, I'm not in a position to deal with two of everything.

What can we do? Could we take out a personal loan to pay the difference in purchase to sale price? Then, hope we get another mortgage for the next house.

We need options!!!!!
Thanks in advance for all those who help with ideas

Unfortunately you are screwed.

Like most people who partook in the housing bubble feeding frenzy, they took too much loan money and ONLY paid interest with this DELUSION that they would then sell the house for double and then 'cash out' with $300,000 in their pocket.

Tough fact: the banks are NOT STUPID.

They KNOW what borrowers have in mind when they walk in and take loans - people borrow free money to 'get ahead' / rich. Well it doesnt work as you and others like you found out. You have a DEBT and your only solution is to pay it back or default. End of story.

A tough lesson, but learn from it and dont make the same mistake again -

in 2005 people thought I was SILLY for NOT "getting a house" - now they WISH they had, rented, saved, and have ZERO debt.
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Old 08-20-2012, 06:25 PM
 
Location: None of your business
5,467 posts, read 3,637,971 times
Reputation: 1170
I agree. My brother although single is in the same position. Good credit rating but an underwater house, on time with mortgage payments and no life because he can't afford it, no freddie or fanny and he can't get assistance. It looks like the people who stopped paying are not paying their mortgage are getting the help. Go figure.
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Old 08-20-2012, 07:00 PM
 
Location: Old Town Alexandria
14,506 posts, read 23,184,639 times
Reputation: 8829
Loan Modification Frequently Asked Questions - HUD

Link for OP

You wont get positive help from these boards, better you should research it.

Call a R.E. Atty in N.J. also, they usually have good info.
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