| Author |
Message |
|
|
gi_kyo
Guest
|
|
|
 jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
|
|
|
larry
Joined: 27 Jun 2007
Posts: 3322
474.67 Dollars($)
|
|
|
opportunity
Joined: 28 Nov 2007
Posts: 1
1.25 Dollars($)
|
|
|
Rhonda
Guest
|
|
|
jasonredding
Joined: 21 Nov 2007
Posts: 30
Location: Orchard Park, New York
16.53 Dollars($)
|
|
|
michelle
Community Expert
Joined: 08 Oct 2007
Posts: 153
40.40 Dollars($)
|
|
|
Guest
|
|
|
jasonredding
Joined: 21 Nov 2007
Posts: 30
Location: Orchard Park, New York
16.53 Dollars($)
|
Posted: Thu Nov 29, 2007 9:13 am Post subject:
|
 Like 0
 Dislike 0
|
|
Sorry I wasn't logged in before this is my reply:
The hardship plan is exactly what it sounds like. If you have come into a hardship loss of job, loss of spousal income, illness of immediate family member that you have had to take off work for and created loss of income. Beneficial last I checked (I am not totally positive) does not do full stated income deals. They only allow for partial stated like 25%- 30 % So that means at the time of the loan your debt to income ratio allowed you to qualify for the loan. Unless the account executive forged income documents.(if that happened then yes you have a major lawsuit) Otherwise at the time you signed the bank looked at your income and said yes you can repay this loan. Now assuming their was no hanky panky on the account executives part that leaves us to two seperate conclusions.
1. Something happened in your life that you are now making less income and can not afford the loan, Beneficial's Foreclosure aviodance dept will then work on a Hardship plan, which you said they offered you but only lowered the payment by 15 diollars. If you continue to show that you want to pay but the amount is still to high they may and should be willing to work with you and review your plan every six months. It is a major struggle but it is all about ghetting the right person on the phone, like anyother company or business in the world some employees care a little more then others.
or
2. You just don't know how to manage money and you would rather buy gifts for friends, go out drinkling and entertaining yourself then pay your mortgage because you don't know how to live within your means. In that case when you send in your w-2's and employement verification currently with your year to date the Forclosure aviodance department will then look at your file rerun the numbers and if you still qualify with a debt to income ratio they find acceptable then you will not get any help. It may sound harsh but the bank does not care that your nephew, niece, 25 year old son/daughter, brother fell on hard times and you are giving them money to supplement thier life or that your insurance, gas and payment on your 2008 Escalade is eating up your disposable income. That's a luxury, a 1999 neon that get's your from point A to B is a neccessity. Hardship programs are for people that they themselves or immediate family (spouse or under age child) has either lost a job or fallen ill that you have to provide care for. They will want documentation.
Now if you have made a mistake and gotten in over your head and you realize you can't afford it anymore and there is no wrong doing in any part you have to suck up your ego and simply understand that 328k is a lot of moneyand you simply can't afford it. I am sure the house/ condo is nice but remeber when you take a mortgage you are expected to pay it back and when you sign the paperwork you have to look at your etire financial picture because the bank only looks at 3/4 of it.
With all that said i am not blaming you or the bank but these things go both ways and there are two sides to every story and anyone who refinances 3 times in a three years is dealing with one of two problems. they bit off more then they could chew and are living off the equity in their home(bad idea) and out of their means. or They have a really bad mortagge person who is advising them poorly and doing shady things. This person only has their commision in mind and if they are doing illegal activity should be held accountable. if they are primarily just giving bad advice then that is teh reason you should always get a second opinion.
Sorry if I got off topic but with limited information and the current position you are in sugar coating it or false hope on either part is just useless.
The appraisal issue if you believe that the appraisal you recieved was inflated regardless of the situation then you need to take immediate action and call the attorney general and you lawyer and start a full investigation. Beneficial has already been hit with preditory lending lawsiuits, fines etc. They are very sensitive to them and engage your attorney and the attorney general will definetly get thier ear a lot quicker then if you do it yourself. I will warn though Beneficial/HFC also tell their appraisers on a whole to be very conservative and bring values in about 5% less then other appraisers that aren't paid for by them. That does not mean an account executive does not have a good relationship with a certain appraiser and can't get them to juice the value. though their review department atleast in New york is pretty tight. Values may very well have dropped in your area and that is by no means the appraisers fault. that is simply the nature of the realestate market. rember appraisals are opinions and educated, researched opinions but none the less opinions. The value of something is only what someone else is willing to pay.
I hope this was somewhat helpful, and sorry if i got off on a tangient in any way. I don't want to offend anyone or simply insult anyone but every situation is different and with out hearing the full story then it would be extremely reckless of me to comment or give one sided advice. the reason the industry is in turmiol right now is because people on everyside of took advantage.
______________
_________________
Jason Redding
Senior Mortgage Specialist
Nickel City Funding
Orchard Park, New York
877-865-3232 Ext 212
www.ncityfunding.com |
|
|
Patrick Quinn
Guest
|
|
|
larry
Joined: 27 Jun 2007
Posts: 3322
474.67 Dollars($)
|
|
|
jasonredding
Joined: 21 Nov 2007
Posts: 30
Location: Orchard Park, New York
16.53 Dollars($)
|
|
Posted: Tue Dec 04, 2007 1:48 pm Post subject:
|
Like 0
Dislike 0
|
|
Patrck,
Larry is right, whether it be a short sale, or full sale of property, simple economic fact is you can not afford the home. you have to save your self from forclosure and fine something a touch more economical. Or find a another job and live to just to keep that roof over your head. Purchasing another home at this time will also be more difficult because of your credit rating. It is going to be a very tough decision for yourself. you either need to find more income or less payments. Your home currently is not something you can afford especially considering that payment probably does not include taxes insurance or condo dues. Even if they modified your loan to a 6.5% intrest rate your Principle and Intrets payment would be $2073 that plus taxes, insurance, and condo dues plus your other $700 a month payment and your living expenses still would make life quite un enjoyable. you could swing it but money would be very tight.
The best possible solution is to sell your condo before you loose your condo. get it on the market and get beneficial to agree to a short sale. Unfortunately you will probably have to go back to being a renter for a year or two until you can either save up for a large down payment and get your credit back in line. Unless you can find a way to add about 1500 to 2k in income a month to your situation then I don't see any other option for you. If they forclose on you you will be in a much worse situation in trying to repair your credit as then if you sell your home after you get it back to be current or sell when you a re a fgew months behind.
Good luck and I know this is not the advice you wanted but unless you have an airtight lawsuite for you being upside down( consult an attorney before you do anything else) then the truth is you still in a rosey world of conforming loans, good appraisals, and a boom realestate market cant afford a 300,000+ loan on your income. I understand realestate is expensive in northern Virginia but with your income you should be looking at 175k-200k loan amounts MAX.
_________________
Jason Redding
Senior Mortgage Specialist
Nickel City Funding
Orchard Park, New York
877-865-3232 Ext 212
www.ncityfunding.com |
|
|
scherzeroni
Joined: 05 Jan 2008
Posts: 51
18.77 Dollars($)
|
|
|
maryberg647539k
Guest
|
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
|
|
|
Mortgage Forums 
