Home Buying in Atlanta>Question Details

Underwater, Home Owner in Atlanta, GA

Please HELP! I currently pay $1500 mortgage on a $200K property. Home value is about $100K. Need a new home (own/rent up to $1000/ month) in Atlanta

Asked by Underwater, Atlanta, GA Mon Jun 11, 2012

I am currently commuting an hour each way from work and when you add in the depressed home value, MY HOME IS DEFINITELY NOT WORTH IT! IS THERE ANYONE OUT THERE IN ATLANTA THAT CAN HELP? ANY AGENT?

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underwater, did you check to see if your home qualified for the HARP programs I listed below? It was one of the 1st posts here. See if your home is a match it could drastically lower your payments on your home.
0 votes Thank Flag Link Fri Oct 5, 2012
A short sale might be the immediate answer however the repercussions are a minimum wait of 3 years on a FHA loan and 7 years on Conventional before you can qualify to buy again. In order to even qualify the banks will normally insist that they won't even consider you for a short sale until you become delinquent on your payments. This will put you in a bad place of ruining your credit. If you truly are in a bind and can't make your payments, then by all means try a shortsale. But also be aware if that doesn't go through you would then be facing Foreclosure so also investigate Legal advise to protect yourself in case you do go down a Shortsale or foreclosure path, as you should always know your rights.
Thanks again,
Rob
0 votes Thank Flag Link Mon Jun 11, 2012
Have you considered a short sale? This may be the best solution. The way your employment commute came about may be an acceptable hardship, forced relocation, job loss and a new job in a location more than 50 miles away combined with depressed values and limited income and assets may allow you to meet the hardship requirement. Feel free to contact me to review your options and situation. Leasing your property even at a loss may be an option.

Bruce Ailion,
RE/MAX Greater Atlanta
An Atlanta Real Estate Expert Serving Clients Since 1979
CRS, CRB, ABR, MSRE, CDPE, e-PRO, ESQ
Certified Residential Specialist
Certified Real Estate Broker
Accredited Buyers Agent
MS Real Estate and Urban Affairs
Certified Distressed Property Expert
Certified Internet Professional
203K Certified Specialist
Attorney
2050 Roswell Road
Marietta GA 30062
404-978-2281 Direct
404-386-3682 Assistant Robin
678-760-6266 Buyer’s Agent Adam
770-973-9700 Office
bruce@locationlocationlocation.com
http://www.LocationLocationLocation.com
0 votes Thank Flag Link Mon Jun 11, 2012
There may be help. Harp 2.0 and FHA both have some new HELP for those that are upside down.
1st if your Financing was done before May 2009 you may be eligible to use HARP for Conventional loans or do a FHA Streamline. When was your home last financed?
2nd we would need to determine if conventional (conventional loans or regular Bank mortgages are backed by either Fannie Mae or Freddie Mac and on rare occasions portfolio-ed by Independent banks) whether it was bought by Freddie or Fannie.

Fannie look up - http://www.fanniemae.com/loanlookup/

Freddie Look up - https://ww3.freddiemac.com/corporate/

Be careful inputting your information into the system. You may need to type in several times to ensure things like Drive or Dr. NE or Northeast are reviewed. This is due to the fact the someone typed your info into one of these systems before and may have used short or long versions of your address.

3rd if you were lucky enough to show a Match then you can call a lender for help using the HARP program.

4th if You have an FHA (should say right on your mortgage statement) you're already in luck. FHA allows for a streamline loan requiring No Appraisal, No Income Review in order to refinance.



I hope this information has been helpful, please feel free to call with any questions.

Best Wishes,


Rob Robbins
Senior Mortgage Consultant
Cornerstone Mortgage Group
6151 Powers Ferry Road NW
Suite 610 Atlanta GA 30339
Office 678-578-7613
Cell 404-932-5353
rrobbins@cmghl.com
0 votes Thank Flag Link Mon Jun 11, 2012
Underwater

I am sorry to hear about this. You and many other homeowners are going thru the same thing. Have you talked to your lender about a possible loan modification or possibly doing a short sale on the home. I will be more than happy to help you, please give me a call at 404.843.2500

Jeff Claeson
0 votes Thank Flag Link Mon Jun 11, 2012
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