Upsidedown mortgage in california, need to refi--foreclosure the only option?
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What an awful loan program. I would keep pressuring your lender. Threaten to go to the attorney general and to the media if they do not work to help you out of your predatory loan. You would be surprised what they are able to do in terms of calling in favors.
Call your lender. Tell them that you fully intend to go into foreclosure without them getting another penny if they cannot help you out. The only way you are going to get anything done is to play hardball. These people conspired to screw you over. Treat them like the pigs they are.
I would try hard to hold onto the property. Eventually, there is going to have to be some sort of bailout program available, which will help your situation.
To the rest of the people reading this, STOP BUYING CONDOS! There is a reason these things are historically difficult to resell, and they are extremely vulnerable to market swoons. They are a terrible investment. Just because all your friends are buying them doesn't mean you have to.
Stepping off soapbox.
Try a short sale.
Try this...
1. Ask your lender for a rate & term Refinance. No cash out. Try to get the monthly reduced as low as possible. Why?
2. Sell property using CREATIVE FINANCING. Let someone else take on the monthly payments, maintenance expense, HOA, etc.
3. You'll get A LOT MORE per month than just renting.
4. Give tenant-buyer as long as they want to re-fi into their own name (you need YEARS for property to go appreciate back up).
5. If you're in So. Cal. (I'm in Cerritos), I can help.
I was just reading a site last night (somewhere!) about what someone else mentioned about 'bail-out' programs. One city in Ohio has really bad situation that they are working on to resolve, and part of Michigan(?) also in bad. Several states - including CALIFORNIA are "scrambling" to resolve these bad loans. Bank of America, Citi, and Washingon Mutual (I believe it was those 3) are trying to put things into action to help out. I believe one of them (BofA?) mentioned something about options at 5.5% for these loans, and if I understood correctly, these lenders are getting pressured to extend the lower rates till they can get this all figured out.
The only thing that was stressed...Do NOT default on you payments for even a month...else they may not be able to help if you do.
As another said, I'd hang in there for awhile. Try to get more info on this in the mean time. If I can find the info (it was a VERY long read on numerous subjects) I'll try to post it for you - (IF your question is still open!) It may have been an article from MSN that was copied onto the site I was reading.
Please go to
mortgageloanquick.com
we will advise if we can.
I would go to the site below. There is an email address on the site of a guy who can help you for free. He's a real estate agent. Also when you get there click on the button that says PROPERTY RESEARCH and it will show what your place(s) are really worth in todays market.
It's a free site and it shows it to you instantly online without having to wait for an email etc..
Also there are downloadable pdf reports there that are helpful
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