Hello there, Thanks for your useful information to AZ residents. Like most who live in AZ and bought thier homes here are caught in this bubble bust and we are underwater. Though we like our neighborhood it pains our heart to see our neighbour selling 35to40% below our purchase price and like most in our situation have no
choice but to walk away. Lenders (us bank in our case) dont care to offer us FHA streamline plan and only option given to is HAMP refi, with 1point and over 4k closing fees with 5.2% interest rate refi, which 0.4% below our current rate. Second mortgage with desert schools, who offers no help to reduce interest on second loan (initiated at the same time of home purchase). All they say is ‘we dont particiapte in govt plan as we did not get any tarp money!’ (great thanks.., very helpful !)..
They say our home are in risk market so interest rates are higher than pblished 4.5%!! (30yer fixed). With kids we dont like to bail our unless our jobs change which is beyond our control!. So having give our situation, what are ‘real’ options available to people like us. We hear almost same story every where but not useful practically. I would like to see lenders who are willing to take up mortages backed by freddie mac (or fannie may) and do a HAMP refi or FHA short refi. Though fanni & freddi have ‘open access’ plans with no lenders that we know participate, similar to FHA’s short refi (supposed to start sep 7th?, 2010). Our current lender dont participate in any!! (except HAMP, with unuseful refi rates & fees!). We keep thinking at every payment cycle, should we every make these monthly payements on our home atall!!? thanks for hearing us!
Hello there, Thanks for your useful information to AZ residents. Like most who live in AZ and bought thier homes here are caught in this bubble bust and we are underwater. Though we like our neighborhood it pains our heart to see our neighbour selling 35to40% below our purchase price and like most in our situation have no
choice but to walk away. Lenders (us bank in our case) dont care to offer us FHA streamline plan and only option given to is HAMP refi, with 1point and over 4k closing fees with 5.2% interest rate refi, which 0.4% below our current rate. Second mortgage with desert schools, who offers no help to reduce interest on second loan (initiated at the same time of home purchase). All they say is ‘we dont particiapte in govt plan as we did not get any tarp money!’ (great thanks.., very helpful !)..
They say our home are in risk market so interest rates are higher than pblished 4.5%!! (30yer fixed). With kids we dont like to bail our unless our jobs change which is beyond our control!. So having give our situation, what are ‘real’ options available to people like us. We hear almost same story every where but not useful practically. I would like to see lenders who are willing to take up mortages backed by freddie mac (or fannie may) and do a HAMP refi or FHA short refi. Though fanni & freddi have ‘open access’ plans with no lenders that we know participate, similar to FHA’s short refi (supposed to start sep 7th?, 2010). Our current lender dont participate in any!! (except HAMP, with unuseful refi rates & fees!). We keep thinking at every payment cycle, should we every make these monthly payements on our home atall!!? thanks for hearing us!