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Hello everyone, I purchased a home two years ago with a 30 year fixed rate mortgage at 6.5% for $275k. Given the fact that interest rates have fallen to about 5%, my family and I have been trying to determine if this is a good time to refinance. We currently owe $212k on the mortgage plus $30k on the home equity loan. The home's value, according to zillow.com and chase's home valuation tool has reduced in value to $254k. If the mortgage plus home equity are added together, we owe a total o...
I went to court 3 months ago, I recived a certficate of debtor education, but nothing from court yet.
I'm in the process for a loan modification and don't know if or when i'm going to qualify. I have some savings it's not alot but I'm afraid that the bank might check on that. should i just withdrawal my savings or is it safe there? thanks
I am a Senior and have become widowed (6 months) and am on Social Security only. We bought our home (new) last February using combined incomes, through the USDA and have little to no equity. I put it on the market in August but in spite of strong efforts from my realtor, it has not sold due to the glut of houses for sale in my area. I have struggled to make the payments which are now more than half of my fixed income. I must let the house go as the USDA will not lower my payments and I am lo...
In March of 2010 my current 5-year I/O loan will adjust to the 1 year Libor + 2.250. I paid $435,000 for my condo in 2005, put 20% down. My current loan amount is $348,000 and it was appraised this month for $351,000, so I'm 84k in the red. I've signed all the docs for a new 30 year fixed loan at 5.40 that I qualified for through the H.A.R.P program. The refi cost me about $3000 My question is: Am I doing the right thing here? Should I have let it adjust to a projected 3.4 for a year (taki...
