Posted: Tue Aug 30, 2011 8:48 am Post subject: CDA Short-Sale
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Ok this is what you need to do....when they come back with the obscene amount of money you need to pay you need to negotiate through your realtor to bring it down. It will work. Even if they do not give you much of a break….take it and short-sale….pay the note for a year and then negotiate it down…
Guest
Posted: Fri Nov 04, 2011 10:39 am Post subject:
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I also have a CDA bond loan and after signing papers have learned how awful it is. I'm trying to do a short sale with Bogman Inc ad the lender and they are asking for promissory notes amounting to thousands and thousands of dollars. I've lost one buyer and possibly will lose the current buyers. THIS IS NOT A LOAN I WOULD RECOMMEND TO ANYONE. This almost forces you into foreclosure.
monnie Guest
Posted: Tue Jan 17, 2012 6:27 pm Post subject: CDA Loan is rhe Devil!
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We need to protest to the state of Maryland about this CDA Loan. Let's start a CDA loan sucks webpage!
G Guest
Posted: Mon Jan 30, 2012 12:02 pm Post subject: just go ahead and move....
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Same situation as the rest of you guys... MD CDA loan, about 40k underwater, never been late on payments, family growing, this was a condo and we needed to move....So we did. We got a loan for another house and moved. We are renting the condo. The new mortgage company didn’t seem to care about CDA. Our new loan is FHA and they didn’t seem to care about CDA restrictions. Their advice to us was to move because there aren’t any CDA police out there that will track you down and tell you otherwise. As long as you keep making your payments, I think you will be ok. Here is what they risk if they force they take you to court, money. Why because they are struggling with the bigger issue at hand, and that is to collect money form the people who are making their payments.
Just move. Then rent it. MD CDA had this restriction because they wanted to keep investors out from the CDA program. That makes perfect sense, we all get it and understand why…however MD CDA did not account for the market to crash the way it did. We are not investors trying to profit from a rental … in fact, I am renting that condo as we speak and I am still losing. This is because my mortgage is $400 more than what I collect in rent each month. Now am I a bad person for violating the CDA restriction?
Don’t discuss it, don’t worry about it, just move.
Posted: Tue Jan 31, 2012 4:07 pm Post subject: Where does it say
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I read the FAQs referenced above and they say the loan is available to an owner-occupant, but did not see the word "forever." Is there more definitive wording listed elsewhere? And is this restriction in the loan documents that you sign?
(I do not have a CDA loan, but am trying to help a friend who does.)
I don't think any such word will be listed in the mortgage docs. Nevertheless you can go through the loan doc once again to find any such word or contact your lender and take his opinion in this matter.
Thanks
Another Guest Guest
Posted: Tue Feb 14, 2012 6:25 am Post subject:
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For those still looking for help here, I have to agree with "G" from a few posts prior. Just rent out the place, and don't worry about the CDA people. However, if you badger them enough, the possibility does exist that you can eventually get an email from them that says they won't accelerate your loan if you stay current. I was in the same situation. I bought a house with CDA in early 2007. It is now $120k underwater on a a $280k loan. There is no way I could sell if for at least 15 years. My wife also owned a home with an owner occupant requirement when we got engaged, so one of us had to move. I kept harassing CDA via email until someone finally told me in wriing, that as long as I stay current, they won't come looking for me. I get annual letters from Bogman now, asking why I don't live at the property. I just have to call them, tell them it is still significantly underwater, so I can't sell, and they reset it for another year. Being a landlord is annoying, and I also come out of pocket $400 each month, but it beats foreclosure and I wont qualify for bankrupcy to avoid any deficiency lawsuit later on. Your money is way more important to them than whether or not you actually live in the house.
Thank you for sharing your experience with us in the forums!!
cece Guest
Posted: Sun Mar 04, 2012 5:02 pm Post subject: wyoming cda loan
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We relocated from WY to Sc for work and wrote a letter stating 'hardship' although we are scraping through financilly and have never been late on a pyt, our 'hardship' was paying the mortgage and our rent in SC on 1 income. WCDA agreed to let us rent our house for 6 months and just reapproved us to rent for another 6 months, it wasn't a big deal to write the letter, seems just like an exercise in paperwork, we also had a friend who rented out her home in Idaho for 3 years, just kept getting a new letter every 6 months....
Thank you for sharing your experience with us!! It's feels great to note that your lender had been so helpful to you!! _________________ Procrastination is the enemy of your financial success
Vicky Guest
Posted: Thu Mar 08, 2012 8:37 am Post subject: want to refinance CDA loan that is presently at 6.25
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what do I do to refinance a CDA loan? Can't get a person to call me back from the CDA phone line. I have not missed a payment and live in the house. Please just an answer on how to proceed. The house is underwater by 50,000
As your property is underwater, you won't be able to refinance the mortgage. You can, however, apply for a loan modification.
Feel free to ask if you've further queries.
Sussane
Starbrt-Guest Guest
Posted: Sun Apr 22, 2012 1:18 pm Post subject:
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Thank Curious Guy and Another Guest for that information. I too have a CDA loan and I am looking to purchase a home because my family has increased in size and the area has been going down in terms of crime. My condo is underwater by $180K and I am current on my payments so the only option I have is to rent it out and I heard about the so-called "rental restriction" with CDA. I will be definitely emailing them and let them know I have to rent out...I'll be damn if I stay any longer.
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smithsussane
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