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Jeannemw · Joined: 06 May 2009 Posts: 1 1.42 Dollars($)

My son and daughter bought a condo together in the "high market". They have a 5 year arm, are not behind in payments. Since then my daughter has married and wants to move on with her life (they are all living together currently). They are looking to refi to lower payment and owe more than than the condo is worth.My son could stay and wait out the market with lower payments or possibly rent it out. Both have excellent credit.Suggestions? The money that was put for the down payment is no longer exists which was put down by me.I can not afford to give any more for a sinking ship.

Niicss · Posted: Thu May 07, 2009 2:31 am Post subject:

Hi Jeannemw

As there is no equity in the property, your son and daughter will not be able to refinance it to lower the mortgage payments. They could have applied for a loan modification but as they are current on their mortgage payments, the lender may not accept their request.

Thanks.

gmakerley · Posted: Thu May 07, 2009 8:07 am Post subject:

the concept of "sinking ships" is quite interesting. it seems that more and more people feel that the decrease in value of homes knows no end, and that it will continue for eternity. of course, what we've learned over the years is contrary to that thought.

real estate has always been cyclical. values rise, values drop, values rise again, values drop again, values rise again.

it's alarming that many people think that they will never see a time when value will equal or exceed debt. i guess they never anticipate actually owing no money on the properties.

may we all get a grip one day soon.

SSPINGARN · Posted: Thu May 07, 2009 10:56 am Post subject:

hold on to it the market will come back

eric1 · Posted: Thu May 07, 2009 6:40 pm Post subject:

It is POSSIBLE that your kids would qualify for the DU refi plus program. What rate do they have now? What % did they put down on the property when they purchased it?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Have you called your bank aksing for loan modifications. There haev been some success stories. All is goign to depend on your incoemand how you cna show them that you cannot make payments.

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I am looking to refi for a property with no equity.