Official Upside Down on My Mortgage Thread

[The Black Hand]

Well it's important to know because it gets continually mixed up in this thread.

My mortgage is serviced by Chase. It is owned by some private investment group (not Fannie/Freddie), which is why I'm not eligible for the Harp.

I'll report back when I hear from them.

to make things even more confusing, I'm only partially Freddie Mac, the rest is with some investment group. I don't know how or why that is possible.

[sseelhoff]

to make things even more confusing, I'm only partially Freddie Mac, the rest is with some investment group. I don't know how or why that is possible.

Are you paying PMI? If not, they split your loan. Bankers/Brokers will put the primary loan below 80% to avoid the PMI, then put the remainder, less your down payment, as a second loan. Common practice.

[The Black Hand]

Are you paying PMI? If not, they split your loan. Bankers/Brokers will put the primary loan below 80% to avoid the PMI, then put the remainder, less your down payment, as a second loan. Common practice.

When I bought this house, I put down 20%. I never paid PMI.

[Fraze]

Yeah I obviously wasn't happy with the FHA guy that came out. If the house looked terrible I would understand. The chipping was minor, the buyer said she was going to paint it a different color anyway.

FYI, just got an appraisal back that requested the a 3x3 area on a garage door with chipped paint be scraped and painted, along with "addressing moss issues" on roof of garage.

[onionpouch]

FYI, just got an appraisal back that requested the a 3x3 area on a garage door with chipped paint be scraped and painted, along with "addressing moss issues" on roof of garage.

Wow, wish I could say I'm shocked by this. You'd love to be able to tell the appraiser to shove it but you are pretty much at their mercy

[WhoWhat]

Considering a full 203k loan to buy a dump and renovate, but my broker doesn't do them. Claims only the big guys offer-true?

Eff. I loathe the big banks.

[phillyfan]

What's a full 203k loan?

[Fraze]

Considering a full 203k loan to buy a dump and renovate, but my broker doesn't do them. Claims only the big guys offer-true?

Eff. I loathe the big banks.

What do you mean by "full"?

If it's the same as a normal 203k than no, you don't just have to go to big banks to do them.

[WhoWhat]

What do you mean by "full"?

If it's the same as a normal 203k than no, you don't just have to go to big banks to do them.

Two kinds of 203k loan - Streamline and Full.

Streamline version has a cap of $35k above buying price to be used for renovations; full version has no cap, but more restrictions.

http://portal.hud.gov/hudportal/HUD?.../203k/203kabou

http://www.bankrate.com/finance/real...hed-house.aspx

http://www.forbes.com/2010/06/18/fha...ance-203k.html

[Fraze]

Two kinds of 203k loan - Streamline and Full.

Streamline version has a cap of $35k above buying price to be used for renovations; full version has no cap, but more restrictions.

http://portal.hud.gov/hudportal/HUD?.../203k/203kabou

http://www.bankrate.com/finance/real...hed-house.aspx

http://www.forbes.com/2010/06/18/fha...ance-203k.html

Gotcha, I just hadn't heard someone call it a full 203k yet.

Admittedly though, I haven't had a ton of experience with them, as they are not yet a real common loan, at least in the areas where I work.

The clients I have had who were interested never went through with them, but I never had a mortgage rep tell me that they couldn't execute one, and we primarily deal with what would be called the "smaller" mortgage companies (not large banks).

[pGekko]

Got my formal rejection letter in the mail from Chase.

*Value or type of collateral is insufficient.

No sh1t.