Home Buying in 44212>Question Details

Vctech, Home Buyer in 44212

K, first up, thanks smart people for taking the time to read my question. Currently desperate to move into new house (1yr old twins)

Asked by Vctech, 44212 Sun May 2, 2010

K, first up, thanks smart people for taking the time to read my question. Currently desperate to move into new house (1yr old twins) current condo is underwater owe=82k, rate=10.250, next door condo listed at 76k.
Est FICO about 680. What do? Strategic default? refin?

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Dan Tabit’s answer
There are loan programs which may allow you to refinance at a current rate ignoring LTV. Contact a local mortgage broker and discuss your situation. Once you are refinanced at a decent rate, you'll be in a position to consider if you can keep this unit as a rental until the market returns and then sell while you buy or even rent somewhere else.
0 votes Thank Flag Link Sun May 2, 2010
Hi Vctech, There's the mortgage debt forgiveness act that is only good for debts from 2007-2012 tax years. If you did or was foreclosed on OR if your lender restructured your loan and forgave you for any debt, this is something you should research further to enable you to write off the maximum amount you can for your tax returns this year. * http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt… IF you are in a FNMA or FREDDIE MAC loan there's a Refi Plus loan that you could possibly qualify for. I just received an update that if it's a FREDDIE MAC loan, I can refinance you with up to an unlimited loan-to-value. Fannie mae, I still have a cap on the loan-to-value. So, if you're still in the home, and want to find out what you options are there concerning a refinance, my contact information follows. Best wishes to you, Kimberly Lawson Mortgage Loan Originator T/F: 888-659-3848 kimberly.lawson@fpfmail.com http://kimlawsonloanofficer.com http://www.facebook.com/kimlawsonloanofficer NMLS:5601 OH.LO.004495.000 First Priority Financial Inc "Where Open Minds Close More Home Loans" 748 N. Court Street, Suite 201 Medina, OH 44256 NMLS:3257 Licensed by Ohio Division of Financial Institutions, MB.850147.001
0 votes Thank Flag Link Tue Feb 5, 2013
Vctech, You may want to cut and run. I have many condo sellers I have helped stage their condo to get the most possible price... they still had to bring anywhere from $3500. TO $3700. to the table to leave. They made it up on their new purchase as prices are still somewhat down...alll depends where you are going to. Might you have the ability to work with a serious stager and bring some money to the table? I have to say your condo is probably worth more now than it is later. Call me for a free market price opinon and let's get you on to your right home now!
0 votes Thank Flag Link Wed Jan 2, 2013
Hi Vctech,
I am a Realtor that lives in Bainbridge. I am very familiar with the Aurora market.
Couple of things here.
One suggestion would be that you explore a loan modification program with your lender. There are some wonderful programs that are available if your lender is participating. There may be some changes in the rate or even loan forgiveness that can avaialble to you.
Be careful of anyone that suggests "strategic default". That may become fraudulent.
A short sale may also be an option, if your situation has changed tocreate a hardship since you initially purchased your condo.
If you would like to contact me at 440-487-2193 or email me at john@CallRealtorJohn.com, I would be happy to run some numbers on your home and see what kind of a number you could realistically assess the current situation to see where you are.
I look forward to your call.
John Wirsing
Certified Distressed Property Expert (CDPE)
RE/MAX Premiere Properties
0 votes Thank Flag Link Sun May 2, 2010
At least according to the basic info on the Gov website, we qualify for neither refinance or mod, I suppose issue is income (we do fine) we have some debt, I would imagine the unit next door listing for 76k went for something less? ...how much, I don't know.
Sad though, 2 income household, approx gross income 127k, 4 dependents under 14yrs. and we're stuck in a ridiculous underwater ARM at 10.250..yep, we're living and learning.. : )
0 votes Thank Flag Link Sun May 2, 2010
I absolutely understand where you are coming from. Many of my clients are in similar situations. I currently live in Brunswick and have been selling Real Estate in this market for over 10 years so I am very familiar with this market. I would love the opportunity to sit down with you and discuss the details of your situation and help you to find a way to move on. Please call me so we can set up a convenient time to talk.
Cathy Lubinsky
Keller Williams Realty
0 votes Thank Flag Link Sun May 2, 2010
Are the other condos listed about the same in the complex? And better question what are the sold amounts? Do you have any improvements to your condo that maybe your neighbor doesn't? I am from medina,oh I would be happy to meet with you and do a CMA free of charge and that would help you see if it is truelly underwater.
I am with coldwell banker hunter realty
0 votes Thank Flag Link Sun May 2, 2010
If you want and would like to remain in your home, do try a loan modification, or if possible refinancing--if you can prove hardship to the lender, you may wish to consider a short sale--however, before doing any short sale or consider any defaults, protect yourself and do consult with an attorney who specializes in real estate.
0 votes Thank Flag Link Sun May 2, 2010
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