Official Upside Down on My Mortgage Thread

[phillyfan]

Yeah this blows

They shouldn't. Doesn't make any sense.

[reggie21]

This is one of the criteria on the site for owners who are current, "Have a balance that is greater than the current value of the property".

I wonder if they are going to require a new appraisal, or going off Taxable value...

we just went through this with chase about a month ago - they don't do a new appraisal. the whole thing is a pretty hollow gesture, but it's better than nothing i suppose. fwiw, we're happy here and aren't moving for a long time so like gekko said it's really not as big a deal for us.

[pGekko]

we just went through this with chase about a month ago - they don't do a new appraisal. the whole thing is a pretty hollow gesture, but it's better than nothing i suppose. fwiw, we're happy here and aren't moving for a long time so like gekko said it's really not as big a deal for us.

So did you actually refi? It was through this program? Did they just contact you randomly?

[reggie21]

So did you actually refi? It was through this program? Did they just contact you randomly?

yep. they sent a letter, we called back and closed within a few weeks.

[pGekko]

yep. they sent a letter, we called back and closed within a few weeks.

Congrats. What did you lock in at compared to where you were? Does Chase own your loan as well as service it?

[reggie21]

thanks. down from 5.625 to 4.3. they own and serviced the old loan, and the whole thing was presented like a perk for long-time customers.

[pGekko]

I'm at 7.

[the King]

I'm at 7.

They aren't ever going to let you refi. Want to milk that high rate.

[Fraze]

we just went through this with chase about a month ago - they don't do a new appraisal. the whole thing is a pretty hollow gesture, but it's better than nothing i suppose. fwiw, we're happy here and aren't moving for a long time so like gekko said it's really not as big a deal for us.

I know they didn't need to do appraisals on conventional loans, but I haven't heard anything on FHA, and if they're eligible.

[sseelhoff]

I hate first time buyers.

I love them, give them my pm info.

I sent them your info. Thank you and good luck.

Ya failed, me Fraze. Ya failed me.

I take it all back. Nice work, Fraze.

[Fraze]

I take it all back. Nice work, Fraze.

I'm still trying to figure out how not doing anything gets me a failing grade, then a passing one, but at least I'm on the right side now.