Posted on: 15th May, 2009 10:55 am
I am not experiencing 'hardship' per se but would like to try to take advantage of the 'home assistance' programs currently being offered. My home has lost approx. 50% of the purchase price & I would like to see if I can lock in a lower rate. How does one do this when they are not really experiencing a hardship?
What is the outstanding balance and what is the home worth? What is your interest rate?
Purchase Price: $675k
First: $380K – Fixed @ 6.25%
Second: $180k – ARM @ ~ 4%
Recent Comparables: ~ $320k
First: $380K – Fixed @ 6.25%
Second: $180k – ARM @ ~ 4%
Recent Comparables: ~ $320k
Hmmmm well you are well under water. Are you able to make the payments? What is your "hardship"?
As I said, no real hardship per se.... We can make the payments, etc.... It just seems quite unfair that all this $ is being 'thrown' @ people who didn't do their 'homework' & shouldn't have become homeowners in the first place. Us folks that pay our bills religiously but are seriously impacted by the housing bubble burst are not given a chance to 'better' OUR situations. It's almost like us poor suckers are financing the folks that got themselves into trouble. We were prudent, making sure we could afford our purchase, did our homework, didn't get 'sucked' into the teaser rate fiasco, etc. I'm interested in getting the BEST deal that I can & lock in a long-term, low rate. We have good, well-paying jobs for 'now.' However, this could change quickly as we have seen in the news lately. I'm trying to be proactive.... Does this make sense?
hi stephenbkent!
welcome to forums!
as you are upside down on your mortgage, i don't think you would be able to refinance the loan and lower the payments. you can speak to the lender and apply for a loan modification. however, as you do not have any hardship as such, it will be difficult for you to convince your lender for the modification.
feel free to ask if you have further queries.
sussane
welcome to forums!
as you are upside down on your mortgage, i don't think you would be able to refinance the loan and lower the payments. you can speak to the lender and apply for a loan modification. however, as you do not have any hardship as such, it will be difficult for you to convince your lender for the modification.
feel free to ask if you have further queries.
sussane