Official Upside Down on My Mortgage Thread

[pGekko]

Congrats.

[Lee Dog]

So I told you GMAC was sending me new loan docs as part of this 5-bank settlement with the government.

Well I was offered a $68K principal reduction. Completely free of any costs on my part.

THAT makes no. fcuking. sense. I am very positive that my house has not fallen in value by $70K. But I am beyond ecstatic.

Did they contact you or did you initiate this on your end.

[General283]

Did they contact you or did you initiate this on your end.

they contacted me first

[General283]

Congrats.

I'm literally in shock. Hope the same happens to you with Chase.

I think Phillyfan will have an epic post here soon

[pGekko]

I'm literally in shock. Hope the same happens to you with Chase.

I think Phillyfan will have an epic post here soon

Thanks, but things like that don't happen to me. I'm just hoping I can get a fukcing market interest rate.

[pGekko]

My only hope is that they have some sort of method to decide which current borrowers are eligible. Between my rate and how underwater I am, I might have a fighting chance.

[phillyfan]

So I told you GMAC was sending me new loan docs as part of this 5-bank settlement with the government.

Well I was offered a $68K principal reduction. Completely free of any costs on my part.

THAT makes no. fcuking. sense. I am very positive that my house has not fallen in value by $70K. But I am beyond ecstatic.

Lol rediculous. I like the banks taking the hit instead of the borrower, but be fair about it.

[EvenflowTen]

Has anyone done the short sale thing? We have a condo that we are going to look at either renting or doing a short sale on. The unfortunate thing is, is that we are not behind on payments, we are both gainfully employed, but we are going to be either buying an existing home or building a home in the next month.

The back story goes like this: We have a condo that the wife bought before we were married in 2003. When her dad passed away in '08, she got the house via quick claim deed. While I was unemployed I fixed up the house, and we moved into it in October of '09. The sister in-law moved into the condo and is currently renting it from us. Now that the sister in-law is married, and has twins on the way (already has a 5 year old girl), she is going to be buying out the "interest" in the house that my wife and brother in-law have in the house.

The house we are looking to either build or buy now, will be in my name for first time mortgage reasons and what not, while the condo remains in the wife's name.

We are looking to either sell or rent the condo, whichever comes first.

We are most definitely underwater on the condo, but not behind on payments. Has anyone done the short-sale, and how much did actually hit your credit?

[pGekko]

Vedder, ask Flem. He did a short sale recently.

[General283]

Lol rediculous. I like the banks taking the hit instead of the borrower, but be fair about it.

There's nothing fair about the way these government stipulations come down (like the homebuyers credit). But this is a huge win for me.

[pGekko]

Yea, but they aren't completely random ... even if flawed.

Your situation would be like if the home buyer credit was handed out at random to a select few new home buyers.