Posted on: 09th Feb, 2010 09:08 am
i bought a house 19 years ago with my now ex husband, when we divorced i refinanced it so i could get his name off of it. i went through a company that was called financial solutions. they did all the foot work on getting the house refinanced. well they had an appraiser come and appraise the house for what they needed to get the refinance done. a bank took on the loan, which was a home equity loan. the interest is 9.13% and there is a balloon payment of almost $70,000 due in 2015. the houses in my area are not selling, and for what i owe, i would not get out of it to pay it off, if i sold it.
i have remarried and we have tried a few times since our marriage to refinance the home. to no avail, i am told that it will not appraise for what is owed and they will not do it. i also tried to work with the bank on the loan modification, they ignored my request. i would call them to see if anything was happening yet, and they would tell me that no one had been assigned to my case yet. then one call i made to them, the lady that answered the phone said that her supervisor was at that time going to assign someone to my case. well i waited for over a month to check back and no one had been assigned to my case. and still as of today, no one has been assigned to my case! this has gone on since april or may last year in 09!
what can i do to get out of this house? i know that in less than 5 years i will not have the money to pay the balloon payment, and the way houses are going, it will not appraise for what is still owed anyway. i don't want to refinance it again and get stuck with another 30 year mortgage and like i said, it probably wouldn't appraise, and we don't want to pay out for someone to come and say, sorry your home is not worth what you need.
as it stands, after the balloon payment is paid, i would have paid the mortgage company $195,000.00. this house isn't worth all that money, it is just a little 900 sq. ft. home! that is such a rip off, and to just refinance it and give them just that much more, i can't see it.
would a deed in lieu work for me better? or just let the house go and file a 7 or 13? the problem with filing bankruptcy, is what could happen to my husband and the things he owns, because my name is on the loans.
if i filed a 7 or 13 can they take my husbands car or my car which we have a loan on both and my name is on the loans? but my name is not on his car?
i just don't know what to do! i need help! this is wearing on me, i have great credit now, but i know it is about ready to end, and i can live with that for now. it wouldn't be long before i build it again.
thank you for your time and any and all advice you can give.
i have remarried and we have tried a few times since our marriage to refinance the home. to no avail, i am told that it will not appraise for what is owed and they will not do it. i also tried to work with the bank on the loan modification, they ignored my request. i would call them to see if anything was happening yet, and they would tell me that no one had been assigned to my case yet. then one call i made to them, the lady that answered the phone said that her supervisor was at that time going to assign someone to my case. well i waited for over a month to check back and no one had been assigned to my case. and still as of today, no one has been assigned to my case! this has gone on since april or may last year in 09!
what can i do to get out of this house? i know that in less than 5 years i will not have the money to pay the balloon payment, and the way houses are going, it will not appraise for what is still owed anyway. i don't want to refinance it again and get stuck with another 30 year mortgage and like i said, it probably wouldn't appraise, and we don't want to pay out for someone to come and say, sorry your home is not worth what you need.
as it stands, after the balloon payment is paid, i would have paid the mortgage company $195,000.00. this house isn't worth all that money, it is just a little 900 sq. ft. home! that is such a rip off, and to just refinance it and give them just that much more, i can't see it.
would a deed in lieu work for me better? or just let the house go and file a 7 or 13? the problem with filing bankruptcy, is what could happen to my husband and the things he owns, because my name is on the loans.
if i filed a 7 or 13 can they take my husbands car or my car which we have a loan on both and my name is on the loans? but my name is not on his car?
i just don't know what to do! i need help! this is wearing on me, i have great credit now, but i know it is about ready to end, and i can live with that for now. it wouldn't be long before i build it again.
thank you for your time and any and all advice you can give.
My advice would be to talk to an attorney.