I swear, if I wasn't "cursed" with good ethics and a healthy concern for preserving my credit score, I'd be sorely tempted right now to say, screw it and mail the house key to our mortgage company. I really thought we were on a solid path to a refinance where we weren't going to be charged an exorbitant amount of money. We've been working with Chase for a couple of weeks now and thought we were set to re-fi into a 30 year fixed for the same rate we have today. We considered that acceptable given the current market conditions and concerns over actually being able to sell this stupid house before the end of 2010. But given our string of crappy luck, that just would've been too easy. I just got off the phone with the loan officer and learned that because of our second mortgage, our loan to value ratio knocks our new proposed interest rate up over what we currently have.
Seriously, where is the help for responsible home owners?
5 comments:
I'm with you. There's help for peopel who can't afford the houses they bought or want now but for the people that can and just want to re-fi, there's no help.
We're so upside-down in our house right now re-fi isn't an option. Which leaves me VERY tempted to walk away. I mean in the grand scheme of things, what is 7 years bad credit due to foreclosing? It's no spat of time at all.
It's still on our consider list. We figure if we got approved to rent something now and then re-fi'd we'd be OK for a bit.
Only 7 years bad credit, that's all. There's no help for people like us who have done the right thing, credibly contributed to the American Dream, yet this is what we get...nothing when the irresponsible ones get all the help they need.
So I have told myself to enjoy my house, enjoy living where I do even though other places are cheaper and closer to family and closer to my friends, and try to enjoy my job.
So hard though. I feel ya. Longest comment award?
That really sucks! Do you think if you went with another bank, that you could get a different rate?
I've been wondering the same thing.
It's seriously total BS, isn't it?!?!? Shame on you for following the rules and behaving how you're supposed to.
One of Chrissy's friends (Nate's wife) went into foreclosure on her house following a divorce. She didn't pay her mortgage for 13 months (yes, THIRTEEN!!) before they finally served her with an eviction notice.
Figure, 13 months x $1500/mo mortgage payment = $19,500 you could set aside for something else while you life mortgage/rent free. The only downside is you'll be stuck in an apartment or rental property for a few years until you restore your credit. But rumor has it foreclosure isn't as "bad" on credit reports as it used to be due to the sheer number of them nowadays.
@Melanie - you have no idea how refreshing it is to hear there are other sane people out there considering the same things we are!! Thanks for sharing your thoughts.
@Summer - we don't have many options. :( Might consider an FHA streamline, but that will be a costly investment. There are some other options we are looking at as well.
@Jim - that is NUTS! It took over a year?! Wow...
One of the realtor's we talked to kind of "suggested" that maybe we should find our place in IL now and get our financing secured, so that if we had to short sale or foreclose here, it wouldn't hurt us quite as badly as we'd already have our mortgage squared away.
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