I am on an up side loan. I own 450 and house is worth 200?

Question

Tried to re-fi but did not qualify. If the loan is in my name and not in my husbands help is on title can we walk away and buy a home under his name only? I know this is wrong but its been hard to keep up a pay-mt and we tried to re fi and no one will help because you have to stop paying you house for three months and by then your credit is ruined. I don't understand how they help other people but when you are willing to keep paying your pay-mt you are not helped.

Answer 1

Look you bought and you can make your payments and have a place to live. What difference does it make if the value goes down, Iost 50K on my home value and lost 200K in the stock market and no one is going to help me. Why does every one think real estate always goes up, its not a guaranteed investment. Your home will go up, but its going to take awhile. If your home went up in value or stayed the same, would you still be complaining.

Answer 2

It sounds like you are not able to continue the payment schedule so you need to try to work out something with the lender. Maybe if you can show hardship the lender will agree to a "short sale" that won't damage your credit as much as a foreclosure.



I don't understand why you can't pay the mortgage now but you could when you qualified for the loan. Is the interest rate going to adjust higher? Many people buy new cars and when they drive away that same day the car loses substantial value but nobody complains about it like they have when the same thing happens in real estate.



My house purchased in 2005 was recently appraised and it came in $50k under what I paid. I will just continue to live here and eventually the value will come back.

Answer 3

Have you tried to modify your loan? It is called Loan Modification. They (lender) if you can catch them, will lower your payment if you have a pitiful reason (so make one up), or if you lost health insurance and have to spend tons of money for medication and hospitalization, or even if you don't want to foreclose your home.



Everybody is doing loan modification. It's like refinancing only they will just rewrite your loan for a lower monthly - but the amount of your house which is exageratingly high and out of proportion because you probably bought it 0n 2004 - 2007. On those years, people are like heinnas wanting to own a house and buying on an ARM loans and even others were not qualified but made qualified for commission purposes. And then the people who helped acquiring the house, did not even told you you have to refinance after a number of years when you increase your income. Right? Well, some people did not increase their income and instead they borrowed more against the house thinking that when they sold the house they will make double. So, that's what happen to some people.



Anyway, when you modify your house, be careful there's a lot of alligators in the land lurking for victims for more money. Promising help but you have to pay a hefty price at the end. You thought you conserve some money but you got conned for like $50,000 for an attorney's fee. (equity of your home or what we called second loan on top of your original loan) to modify...be careful. You can do it yourself actually. Talk to your lender and kind of be very firm. Use the word foreclose. Lenders don't want to hear that awful word. Goodluck.



Othniel, you are a very nice person. I like you. We are on the same boat. Although I paid off mine already.

Answer 4

You are upside down on your loan meaning that you owe more than the property is worth (at this time). You didn't qualify for a refi because of this. If you are having such a hard time making this house payment you are sending RED FLAGS out for your next mortgage. The loan may be only in your name but your husbands employment was also taken into consideration. Your husband may not qualify at this time due to restrictions on mortgage companies to follow the rules. You should also realize there are other options available to you, but walking away is not the answer here.