Anyone else in this position?
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| Mon, 03-30-2009 - 3:34pm |
I know someone will probably say yes to this question. I was just mainly looking for support and or advice regarding my house situation. Since the economy tanked the value of my condo has gone down about 60 percent or more. Ouch!! I'm paying a higher interest rate of 6.5% + PMI added to my loan at 215 dollars. I can't refinance because I'm very underwater on my loan even though I put 20 percent down originally to begin with. I'm trying to do a loan modification and have turned in my paperwork 3 times to Washington Mutual to no avail. I can't get a hold of anyone anytime I call who has any information for me. It's been months since I've been trying to do a loan modification. I finally talked to a HUD counselor on Friday and he claims that he'll be able to help me out and that I qualify so I guess I'll just have to see. I just needed to vent becuase this has been an emotional roller coaster for me. I can't sell my place unless I do a shortsale and my credit will be ruined if I do that. I see other people around me buying houses that are more than 2x the size of my condo and their payments are the same because they are getting a 4.5% interest rate being first time buyers. I wish I never would have bought my place for such an overly high amount back in 2005. I will never be able to recover the value. I also think that homeowners like me who have been responsible and making their payments on time should get the going low interest rates even if they are underwater.

Hugs to you.
I just posted a few days ago about my frustration of trying to re-fi because if they do an appraisal I am worried my home won't be valued at a good rate b/c of the high amount of foreclosures in my subdivision. It is frustrating.
I would look again to see why you are paying PMI if you did indeed put the required 20% down.
I can't sell my place unless I do a shortsale and my credit will be ruined if I do that.
I did a short sale, and my credit did not tank.
I'm paying PMI because I had to refinance on my condo as my property value was falling. When I originally purchased my condo I was advised to get into a 3 yr ARM loan which was one of the biggest decisions I've made but my broker highly advised me to do it. When the loan adjusted in January of '08, I refinanced into a 30 year fixed loan, and at that time my property value already had fallen about 20% and I had to do 100 percent financing with PMI added. The value has fallen another 40 percent because of some foreclosures in my complex selling for VERY low amounts. I'm in the San Diego area so I'm shocked that these condos can be selling for such steals. There are so many times that I feel like walking away because i know that it would take me