Dena Posted May 20, 2010 Share Posted May 20, 2010 Anyone know of an attorney that could help with this? We make too much for all the bail out options, but we are really getting ripped off by our mortgage company. We are unable to refinance due to poor credit and no money down...not to mention our house is appraised at less than half of what we owe. Right now we are paying 11%, and if we can get it down to 7.5% it will knock off almost $1,000/mth. Our mortgage company has been uncooperative and not helpful when we express our concerns....and they never call us back when they say they will. Thanks for any referrals! Dena Quote Link to comment Share on other sites More sharing options...
Rjohn Posted May 20, 2010 Share Posted May 20, 2010 Good luck, Dena. 11% is virtually usury. I thought mine was bad at 6 and 7/8's. Have you considered just walking away? Quote Link to comment Share on other sites More sharing options...
offroadodge Posted May 20, 2010 Share Posted May 20, 2010 i feel for ya Dena, I will ask around a see if i have any avenues...In the mean time Good Luck!!! Quote Link to comment Share on other sites More sharing options...
joshman1204 Posted May 20, 2010 Share Posted May 20, 2010 walk away and find a nice rental. Other than that you are prolly out of luck with poor credit and no money down your options are very limited. Quote Link to comment Share on other sites More sharing options...
Dena Posted May 20, 2010 Author Share Posted May 20, 2010 Walking away with 8 dogs, four being Rottweilers...I don't think anyone would rent to us LOL. We've put a lot of $$ into this property so we would be losing a lot. I've thought about stopping payments and trying to threaten them...if they get stuck with the house, they will lose a lot more than we would. We love it out here too...just sucks having a $3,000 mortgage payment when we really shouldn't have to be paying this much. That's why we were thinking a lawyer going after the company may help. Quote Link to comment Share on other sites More sharing options...
Rjohn Posted May 20, 2010 Share Posted May 20, 2010 I think that if you just walk away and the mortgage company repossesses and then sells the house for 1/2 what you owe, then (I think) you can be held liable for the balance. You might want to consider a bankruptcy. This is an area where I strongly recommend professional advice. Quote Link to comment Share on other sites More sharing options...
+Lamont Posted May 20, 2010 Share Posted May 20, 2010 They had a special on 20/20 or 60 Minutes last Sunday about this! 47% of the home owners in Arizona are going through the same thing and over 50% in Nevada. That's not an exaggerated number, check it out. Even though most of the owners are still able to make the payments; they're still walking away. There was one case that had a $400,000 house that is only worth $79,000 now! Most of this is happening in newer sub divisions. I know it feels like your stuck between a rock and a hard place, but i think you guys will figure it out. Good Luck! Quote Link to comment Share on other sites More sharing options...
August Posted May 20, 2010 Share Posted May 20, 2010 Hey Dena my aunt is an attorney I can ask her if she can help you with this Quote Link to comment Share on other sites More sharing options...
GKarshens Posted May 20, 2010 Share Posted May 20, 2010 If you want to look into the bankruptcy option I know a good attorney. His name is Eddie Cantu. 4833 Spicewood Springs Rd Austin, TX 78759 (512) 346-8597 Helped me out about 10 years ago when I ran into trouble. Since then I have bought 2 houses and several cars. Most people don't realize a bankruptcy is often better for your credit than debt restructuring. Quote Link to comment Share on other sites More sharing options...
+mcallahan Posted May 20, 2010 Share Posted May 20, 2010 I used to be financial advisor and I know about eddie. I always heard good things about him. Bankrupcy law has changed A LOT in the past few years so a professional is always a good thing. Quote Link to comment Share on other sites More sharing options...
mFrame Posted May 20, 2010 Share Posted May 20, 2010 Actually, there are quite a few options open to you. I'll PM you some private info, but the going idea is that banks won't negotiate with you until you're actually in default, not that I advise it. Some useful info here: clark howard Making Home Affordable program Quote Link to comment Share on other sites More sharing options...
Dena Posted May 21, 2010 Author Share Posted May 21, 2010 Everything I've come up with says that you need to be in default before they help also. My husband isn't sure he wants to take that risk. Quote Link to comment Share on other sites More sharing options...
August Posted May 22, 2010 Share Posted May 22, 2010 have you gone to them and said hey look either we work on this or we will move out and default the loan.... maybe if you show them you are willing to leave them with it then maybe they will be more apt to want to help you... worth a shot anyway... Quote Link to comment Share on other sites More sharing options...
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