We are 100K upside down on our home loan (thanks to negative amortization, a HELOC and market conditions)

Asked by Nora, Northern California Mon Apr 28, 2008

but have never been late. We can only afford the minimum payment on our Option Arm.

I've been told over and over again that we cannot refinance. Our rate is supposed to reset again in 2012. In the meantime, money is extremely tight every month. We are VERY interested in keeping our house.

What are our options (if any)?

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Curious, Home Buyer, Santa Rosa, CA
Mon May 5, 2008
you made a promise to pay your mortgage and executed a contracting confirming your promise. pay your mortgage. if house prices went up, would you be calling your lender and offering to give it some of the upside appreciation?
2 votes
Laarni G. Om…, , Orange County, CA
Mon Apr 28, 2008
Hi Nora,

Call Operation Hope @ 877-592-HOPE (4673) and see if they can help you in some ways. Good Luck to You.

1 vote
Mike Kelly A…, Agent, Santa Rosa, CA
Sat Nov 1, 2008
Does anyone ever look at the original "posting" date? Since that time we've had a whole bunch of bailout money hitting the streets. Hopefully she's with Countrwide and can get her loan redrawn to 90% of current market value. If you're still out there Nora go to the Attorney General of California web site and read over the settlement with BofA and Countrywide as this directly addresses their product line. Save yourself a whole bunch of money and do it yourself. Cindi is right on--it's going to be maddening, frustrating but rewarding. Get them on your speed-dial and call daily, keep a phone log of your communications and NEVER sign anything unless the lender has THEIR signature on it! A blank forebearance contract ain't worth the paper it's written on! Good luck! The lending landscaping is akin to continental drift, huge plates colliding all sorts of upheavel but in the end a much more attractive, landscape!
0 votes
NonRealtor, , 23456
Thu Oct 30, 2008
What did you buy with the HELOC. Maybe you can sell it. Good Luck
0 votes
Brendon, , Los Angeles, CA
Wed Oct 29, 2008
you might send him some forms but hes only going to be getting those annoying telemarketers who get paid 9 dollars and hour to bounce around his calls. Every time he calls in he would be getting another telemarketer on the phone asking him stupid questions and stalling him. Lawyers bypass these telemarketers and know how to go straight to the legal department and fight your case. You ever hear the sang you got to spend money to see the results. Doing it yourself is possible but will take a lot longer and save you the hassle of not having to deal with those annoying telemarketers. CALL Me NORA, you know and I know that times are tough but I am not asking for any upfront fees. YOU simply pay 70% to a trust account and 30% to your lender for a 3month period. Our lawyer guarantees results in black and white or you get a 100% money back. It is in BLACK AND WHITE ON THE CONTRACT. That is how long the process lasts.
0 votes
The Hagley G…, Agent, Pleasanton, CA
Wed Oct 29, 2008
You can start with operation hope, but keep in mind that you will be on hold for hours. Still worth the wait...just be prepared.

I would suggest starting with a call to your lender. You may not be able to qualify for a re-fi....but you could do a DO IT YOURSELF loan modification. If money is tight already - and it sounds like it is - don;t spend a penny paying someone else. It will take you a few hours but you can do it. Shoot me an e-mail and I will send you the forms you will need for your lender.

Hang in there - and good luck!
0 votes
Brendon, , Los Angeles, CA
Wed Oct 29, 2008
sir, what you need to do is not listen to these people who are telling you to do loan modification because your statement says your tight on money. Their goal regardless if they admit to it is to collect commission and they charge anywhere from 3,500 to 5,000 and up depending on your mortgage. Our program is similar but your paying 70% of your mortgage to a trust account. Our lawyer than fights for you and settles the case. The whole point is that you don't have to come up with double your mortgage upfront . You said it yourself your tight on money so your best option is to call me at (818) 917-6112 and settle this for good. Your situation is a bit rough but honestly they cant help you because you don't have enough money to pay them upfront. CALL ME and I bet we have the best offer out their for your situation.
0 votes
Ryan Branden…, Mortgage Broker Or Lender, Boca Raton, FL
Wed Apr 30, 2008
Do a Loan Modification!
Call me and I can show you the procedure
0 votes
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