Would appreciate some good sound input WITHOUT judgement please (re-finance, student loan, payment)

[TristansMommy]

Originally Posted by Beena

"I had no idea I was taking a gamble.. it wasn't explained to me that way.. it didn't appear to me to be a risk!! NOT AT ALL!!!"

Well from here going forward, please understand this. Real Estate is a risk. As is every investment. I lost a total of 90k on my last house and wrote a check at close. Who told you that you were not taking a risk?

I was always told that Real Estate was the safest investment.. I didn't really knwo that prices truly could crash like they have.. maybe fluctuate some..that I understood.. but I didn't buy a house to just flip for cash. i wasn't looking for a quick fix of money or equity or any of that.. the other post explains it all..

THe problem is NOT that the value of my house is down, neccesarily. The problem is also NOT that I bought more hosue than I could afford. I was paying principle plus interest on my mortgage at a 6.95% rate.. the problem was the product sold to me to purchase that house! And they .. the lenders.. made it seem like it was really no bid deal and I believed it.. when the time c ame.. just refinance. I really didn't have that far to go (as I wasn't that far off from their guidlines to qualify for a fixed.. but apparently I was shy of whatever their guildines were) . And you know what.. I DID meet the guildines when it was time to a point.. BUT THEN the product was pulled OFF the shelf for me (self employed adn stated.. although with some docs as I showed my bank account statments for one year). The loss in equity also didn't help my situation.

If I had a fixed rate..sure my house might be worth less now than when I bought it AND i might even owe a little more..but that doesn't matter to me.. it's my home and so I'd just stay here! Down the line, that will mean that someday I won't have as much equity as someone that bought low (cause obviously now I bought high..hindsight is 20/20). but see that doesn't matter to me..

There are people more than able to pay for their ARM mortgages that are abandoning their homes because the mortgaeg is upside down.. THEY are the ones you should all be mad at and accusing of speculating and what not! THEY are makign this situation worse with their actions.

All I'm asking is to continue to live inmy home and pay my mortgage AT A FIXED RATE.. not a low teaser..not interest only.. and I'm not even asking to lower the principal amount owed to what it might be worth on the market now.. AND IM' NOT ASKING ANYONE ELSE TO PAY FOR IT FOR ME!! THAT's what is really getting me hot under the collar. I don't think what I'm asking for is in anyway UNREASONABLE!!

Unfortunately.. because I'm sort of lumped insome "pool" of something or other of some sort Im' kind of in mortgage oblivion!! a No man's land.. so to speak.. even the servicer MIDLAND is frustrated iwth the situation and is trying to get through to someone, anyone that will listen.. because obviously I'm not the only one in one of these "pools" that are having issues here!

[TristansMommy]

In hindsight... ironically.. if i HAD purchased one of those stupid subprime interest only whoosee whats.. I WOULD HAVE MY MORTGAGE ADJUSTED BY NOW AND BE JUST FINE!! How is THAT for ironic!!

[sean98125]

You're not going to be living for "free" in the house. You're going to wind up paying the difference between what you owe and what the house sells for one way or the other.

[TristansMommy]

Originally Posted by sean98125

You're not going to be living for "free" in the house. You're going to wind up paying the difference between what you owe and what the house sells for one way or the other.

That's not neccesarily true.. and that's why I'd be hiring an attorney. There is a way to get the difference between the sold amount at foreclosure and the owed amount forgiven.. so to speak.. I believe in NY it works that way.

But again..that's what you hire an attorney for. I used to be you had to pay income taxes on that difference, however Bush did pass this past year some bill that illiminates that.

[Dd714]

well this whole thread is going nowhere fast....

[I_Love_LI_but]

Have you heard of this program from SONYMA?

Keep the Dream Mortgage Refinancing Program

“Keep the Dream” Program
is Expanded to Reach More Homeowners With Risky
Mortgages

Keep the Dream is a new program offered by the State of New York Mortgage Agency (SONYMA) designed to help eligible New York households with certain high-risk mortgages avoid possible foreclosure. The program enables families with adjustable rate, interest-only or other unconventional mortgages to refinance with the help of SONYMA and obtain a 30-year or 40-year fixed-rate mortgage at competitive
interest rates. The program will
provide at risk households with affordable and predictable monthly payments for the full term of the mortgage and remove the threat of losing their home.


Who is Eligible

Borrowers are eligible if they can demonstrate that they have experienced a mortgage payment hardship or will experience a mortgage payment hardship in the near future. Generally, the program will help borrowers with adjustable rate or interest-only mortgages where the interest rate has just increased or will increase in the near future. Borrowers may also be eligible if they are less than 60 days behind on their mortgage payments because of higher payments due to an interest rate reset.

Eligible borrowers can have incomes up to 165% of the Area Median Income in New York City, Long Island and the counties of Dutchess, Orange, Ulster, Westchester, Rockland and Putnam and up to 125% of the Area Median Income for the rest of New York State.

[I_Love_LI_but]

These people might be able to help you. Make an appt. and see:

Community Development Corporation of Long Island

I also think the other posters who mentioned getting a PT job at Starbucks for the benefits were right and that would help a lot. Other places that have good benefits for PT workers are supermarkets, as many are unionized. My friend's teenager had a PT job at Stop N Shop and his benefits were better than the rest of the family's. Don't go to Home Depot or retailers like them because they have crappy benefits and charge too much for what they give.

[gnubler]

You lost me at "all you could smell no my block was curry."

[TristansMommy]

Originally Posted by gnubler

You lost me at "all you could smell no my block was curry."

That was no way meant to be insulting.. it was just the truth. It really was. I don't like the smell of curry and every household on the block would have the smell of curry cooking daily.. I'm serious.. There was really no other problems I had besides that.. and it wasn't like that when we first rented that house, btw.

so please.. do not take offense.. I have friends of all races and religions.

[bibit612]

For crying out loud people...chastising the OP is not going to help the situation. Let's cut the I-told-you-so's and suggest something practical and doable within the constraints presented. Whatever the mistakes are, it's done, spilt milk, over with, nada! One never knows when you could be in a similar situation so it benefits one to read the suggestions of the well meaning ones.