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Can I pull my hair out now or later?


brighteyes1977
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Really long long story as short as possible. We re-fi'd our home in 3/09 which makes it impossible for us to do it again through any of the new programs out there. We have a great rate and have no issues making the monthly payment. I only called to see if we could get some help, because we 'might' fall behind next month. I'm trying to save money to settle some debts. The first lady/girl/moron....had NO personality, she actually reminded me of the teacher in Ferris Bullers Day Off. Anyways, she had me call Wachovia back and the lady I got there said I had previously called the right # but they have a lot of temps that work there and they really don't know anything. Wow, really?!?!! Anyways, finally got someone and they can't help me, because I'm not behind....Wow, why am I not surprised. Plus Wells Fargo is taking over on the 1st, so if there was anything she could do, she really couldn't, we would have to wait till the 1st. So, I'm suppose to call back and talk to WF and find out if there is any help that they can provide us.

So, if I fall behind, say a month or so, will they actually help me, or is it a crap shoot? Maybe they will maybe they won't?

Also, since WF is taking over Wachovia, don't I need to sign something saying that it's okay for them to do that? I know our financere is Jennie May. Oh man, so confused.

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Really long long story as short as possible. We re-fi'd our home in 3/09 which makes it impossible for us to do it again through any of the new programs out there. We have a great rate and have no issues making the monthly payment. I only called to see if we could get some help, because we 'might' fall behind next month. I'm trying to save money to settle some debts. The first lady/girl/moron....had NO personality, she actually reminded me of the teacher in Ferris Bullers Day Off. Anyways, she had me call Wachovia back and the lady I got there said I had previously called the right # but they have a lot of temps that work there and they really don't know anything. Wow, really?!?!! Anyways, finally got someone and they can't help me, because I'm not behind....Wow, why am I not surprised. Plus Wells Fargo is taking over on the 1st, so if there was anything she could do, she really couldn't, we would have to wait till the 1st. So, I'm suppose to call back and talk to WF and find out if there is any help that they can provide us.

So, if I fall behind, say a month or so, will they actually help me, or is it a crap shoot? Maybe they will maybe they won't?

Also, since WF is taking over Wachovia, don't I need to sign something saying that it's okay for them to do that? I know our financere is Jennie May. Oh man, so confused.

I'm trying to understand your situation - you originally had an option arm with World Savings (other post), which Wachovia took over when they went under. Then you refinanced into a FHA loan (Ginnie Mae). What is your interest rate now?

Anyone who tells you to miss a payment, does not have the best intentions for you.

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wow, thanks for answering. I'm really trying not to post the same questions on every sub-category. But trying to split them up in the right category, KWIM?

Yes, you got it right. My interest rate right now is 4.5% on the 1st and 0.0% on the second (we don't have to pay on the second until 2012)

I'm really trying to get cash where ever I can. My car company let me miss two payments, if I tack them onto the end of the loan, no biggy, since that will give us about 1500 bucks. I was just trying to see if the mortgage company would do the same.

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I think all the advice here for the most part is made with good intention.

People who suggested so because she is upside down in a home, she is moving out of state soon and the belief was she shouldn't continue to pay into a mortgage that she will not see a return in. She stated she really didn't want to be living in AZ.

Short sale was suggested as well. And in az currently there is no recourse for a bank against a homeowner for money owed vs what a bank got during foreclosure sale.

Her credit will either be ruined via credit card debt, depending on how many could be significant and she could face legal action for many years.

Being that her credit score was already out the door, the oprions were weight and some thought not facing legal recourse is better than facing several legal actions.

None of that advice was meant with ill intent.

Normally advice would be keep home, work on a deal with credit cards to get lowered payments, work with car dealer.

But when someone is upside down and planning to move?

Well the advice is different.

It has to be. She needs money for deposits on rent when she moves, that won't happen if she pays a mortgage on a house she won't even be able to break even on after a sale.

She needs money to move/relocate, money to eat, and to pay bills. The money isn't there...something has to give... unfortunately her least valuable item is her home. Its sad that something that in the past would always be an asset has become a liability.

Bankruptcy, debt consolidation, shortsale, loss of a car... a lot of ideas were considered.

Once again the advice is still talk with a real estate agent that specializes in foreclosure and short sale properties in AZ. Talk with a lawyer. Then make an informed decision.

In the meantime, liquidate and look for additional income ops.

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My interest rate right now is 4.5% on the 1st and 0.0% on the second (we don't have to pay on the second until 2012)

My car ... two payments, ... 1500 bucks.

Last night I mentioned your case to the attorneys, modifiying a Gennie Mae loan. Right away they asked what was your interest rate. I didn't know your rate but said I would check.

4.5% on the 1st and 0% on the 2nd. Honestly you couldn't get a better rate even if you had an Attorney negotiate for you. You are almost getting a free ride. Thousands if people would only dream about these terms.

What you said about you car really blew me! $750 a month for a car payment? I have clients struggling to make mortgage payments less than that. If I took your information to the attorneys, they would say start living in your car.

Seriously - the car payment is the problem. It's not rocket science - get rid of it!!!

.

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I know that our mortgage rates and all are fantastic, so no, I don't want to mess with it. I would just love for them to let me postpone a couple of payments and tack them on at the end.

Yeah, isn't our car payment OUTRAGEOUS!!!! We had a Mitsubishi Endeavor (we bought it new), hated it, and traded it in for a used 2004 Volvo. So, we were upside down on the Volvo before we even bought it. We only have one car and we are 1/2 way through the loan. I'm wondering if we could re-finance it before our credit score tanks even more. It's not the house payment that is killing us, it's the car payment! Even if we did sell it, who is going to buy a gas gussler in this market?

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Brighteyes, can you sell the car and get an unsecured loan for the difference between what you owe and what you can sell it for (so you can deliver the title with the car)? You need to get a beater vehicle until you get on your feet. That car is an anchor around your neck and is drowning you big time. Listen to some Dave Ramsey for a little while and you will never want a car payment again.

There are people still buying SUV's and gas hogs even in this market - don't kid yourself. You have to get out of this vehicle payment asap.

Edited by Denita
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  • 2 weeks later...

Try to refi the auto........since you are 1/2 way through the payment , you should be around the even mark.

What ever it is that you are seeking the extra money for , do not let your mortgage be the victim at those rates.........sometimes ya just got to suck it up and decide what is realy important to you.

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