U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-17-2009, 09:26 AM
 
Location: North Cackelacky....in the hills.
19,556 posts, read 20,262,676 times
Reputation: 2508

Advertisements

We are heading down this path it seems....mainly due to a hinky second mortgage that WE agreed to(we are to blame for agreeing) and a series of job issues....

First the job issues.

The business my wife worked at for 11 years closed up one Friday eight months back,quite shocking but she got another job that day but it was not the same salary and no commission to speak of so that hit our pockets.
It was also over 40 miles away so it cost around $80+/week in gas....then just a few weeks back that business told everyone they needed to take a paycut,another $5000 hit to us.

My new job was 'full time' and started out low(bottom of the totem pole) but I figured I would advance as I was told...quickly realised full time was 30 hours/week and most people there had been there for years and knew an easy gig when they saw it...STILL sitting at the bottom paywise and the corporation has turned around and issued a statement freezing pay increases...In my profession jobs are slim as it has been hit by everything going on.

So all in all we have probably taken a hit in excess of $25,000 a year....and are slowly drowning.


We had the house on the market for over a year and lowered the price almost 20% over that time...no takers to speak of.Took it off the market to refi.

On to the house/mortgage situation...

We tried refinancing the house and the appraisal came in $30,000 UNDER what we owe($198,000) and that was what we basically had it last listed at....So cannot sell the house,cannot refi,cannot realistically keep paying and surviving....

So anyway,back to the hinky 2nd mortgage.

We went to Wachovia,our bank for 20 years in 2006 and after a week or so they came up with the loan in question,short term,high payment(almost $1400/month) and interest but we could do it.The initial amount was $75,000.It is now down to $57,000 or so.

We paid for over two years but then with the new appraisal we wanted to question the amount and asked for a copy of the Wachovia appraisal and were told it was destroyed...we then asked for copies of our loan papers(thinking the amount of the appraisal would be on there somewhere) and were surprised to find no amount and no specific property listed as collateral.

We then called the bank and after some confusion on their part the loan was indeed using our house as collateral(although not listing it specifically) but there was nothing to show how much the house was worth or where they came up with the amount...neither of us recall the house being appraised to come up with the amount that could be borrowed and to be honest it seems no appraisal was done.

Remember,this was in 2007,NOT the gold rush days where anybody with air in their lungs would be loaned money.

So....adding the initial amount of the 2nd and the amount of the 1st came to $216,000, about $12,000 more than the appraisal done in 2006.

At present we owe $198,000, our house appraised at $168,000 and the appraiser actually said it wouldn't sell for that in the current market.

We called about a deed in lieu of but Countrywide requires the house be listed for 90 days BEFORE they will discuss it.Wachovia has stated it might be willing to do a loan modification but it would only be temporary.

On top of all that,we do not want to live here,that being why the house was on the market.
Looking back to when we first listed it,I intially wanted to list it at what we owed plus fees,in other words just get out...was talked out of that as the house was 'worth more'...

Hindsight and all that however.

So...any thoughts,ideas or suggestions?
Rate this post positively Reply With Quote Quick reply to this message

 
Old 03-17-2009, 10:01 AM
 
69 posts, read 277,796 times
Reputation: 56
I would wait until mid April without doing anything drastic. Read up EVERYTHING you can about the new DU REFI Govt program for homeowners in the exact situation as you. Help is coming!! Dont lose hope. Miss a payment with Wachovia and see the loan mod done instantaneously! But talk to some higher ups first.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-17-2009, 10:05 AM
 
Location: North Cackelacky....in the hills.
19,556 posts, read 20,262,676 times
Reputation: 2508
We talked to Wachovia and the next two months payments have been 'tacked on' to the end of the loan...in other words we extended the loan two more months to have two months free right now.

From what we have read about most of the plans to help homeowners,it applies to the first mortgages and that is not the problem,it is a low payment and we can pay it....the second is the killer.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-17-2009, 10:29 AM
 
69 posts, read 277,796 times
Reputation: 56
Dont let them extend the principal like that! Talk to some execs contact #s off google.. email them for a loan mod with describing your hardships!! loan mod is doable in your case for a much lower rate.. you need to be persistant with wachovia.. I just read an online story similar to yours on another forum, 2nd mtg with wachovia 9.75% rate loan mod to 4.75% after emailing 3 execs and following up on with exec dept with each reply
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-18-2009, 12:07 PM
 
Location: Barrington
57,430 posts, read 39,422,982 times
Reputation: 18636
1) What happened to the $75,000 derived from the second mortgage?

2) Your current first/second monthly mortgage payment represents what percentage of your combined monthly income?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-18-2009, 09:22 PM
 
Location: North Cackelacky....in the hills.
19,556 posts, read 20,262,676 times
Reputation: 2508
Quote:
Originally Posted by middle-aged mom View Post
1) What happened to the $75,000 derived from the second mortgage?
It was used to pay down debt and to pay the costs associated with a building built on our land in WNC.

Quote:
2) Your current first/second monthly mortgage payment represents what percentage of your combined monthly income?
It is now over 50%.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-18-2009, 09:41 PM
 
9,803 posts, read 14,450,876 times
Reputation: 8212
I would hope anyone who took out a 2nd mortgage on their house or refinanced their house with a new mortgage higher than the original mortgage be ineligible for govt help on their house.

Why should people get rewarded for making their mortgage payments higher than they were when they bought the house ?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-18-2009, 09:44 PM
 
Location: North Cackelacky....in the hills.
19,556 posts, read 20,262,676 times
Reputation: 2508
Ummm,a LOT of people did this....

HELOC's would be in the same boat.

Who should be 'rewarded' with gov't help?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-19-2009, 07:36 AM
 
5,460 posts, read 6,214,702 times
Reputation: 1806
Quote:
Originally Posted by oz in SC View Post
It was used to pay down debt and to pay the costs associated with a building built on our land in WNC.
How much can you make by selling that, if anything?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-19-2009, 07:48 AM
 
Location: North Cackelacky....in the hills.
19,556 posts, read 20,262,676 times
Reputation: 2508
Quote:
Originally Posted by KCfromNC View Post
How much can you make by selling that, if anything?
We had it FSBO for about six months,lots of lookers(more than the house here) and even signed a contract on it but in the end everyone had to sell their house first before buying our land....
If it had sold we could have paid off the 2nd and still had $70,000 left.

There is also the matter that the land is where we want to be,not here.

We have talked to another realtor,one who seems to actually sell homes and he is coming out this morning.Funny thing is he gave us his idea on what the house should be listed for and it is $225,000....
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top