All Forum Posts by: Ryan Vince

unless I am reading my note incorrectly but the payment is 1543.68 on a orginal balance of 146,000 fo a 40 year note with a balloon payment of 106,000 at the end and I see three intrest rates listed 7.9, 11.49 and 14.9 and my payment changed 3 times during the course of the note to reflect this.
so far the bank is considering extending
the lowered intrest rate but that is not for sure and they can't tell me how long for. I will know more after my current mod expires in acouple of weeks.

Once again thank you all for the Free Advice I know at this point in time I can;t afford to pay for any of it.

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Originally posted by Jon Holdman:

15% is outlandish. Paying $1000 to the balance and $16000 the principle is painful. Perhaps you will fall under the program the feds have set up to try to help people stay in their homes. If you can afford the current payment, you could certainly afford one at a more reasonable rate. Getting from 15% down to 6% would cut your payment in half. Your principle paydown would be better. But realize that even with a 6% rate, you still pay MUCH more in interest than in principle, until you get much further along with the loan. At 6%, you have to be 18 years into your 30 year loan before the principle payments exceed the interest.

Is there a local agency that helps homeowners deal with this sort of loan? Have you spoken to the bank in the last week and specifically asked about the new programs? Even with your dad, I think you will find it very tough to get a new loan. Lots of houses in Detroit you could buy for cash with $25K (or less) in your hand, though it looks like Riverview is a nicer area. Something to consider, though

yes spoke to the bank today they don't fall under the new plan since they did not take any of the bailout money. what about if I have 50% down do you think it will still be hard to get bank approval we are going much less aggressive this time thinking 60K max which 5 years ago was a 100K+ house. If I can get the bank to lock me in a 30 year fixed rate that is reasonable even though I am 75K upside down I should ride it out or financally would it make more sense to start over.

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Originally posted by Jon Holdman:

Ryan, are you really saying you're going to let this go into foreclosure ONLY because you're underwater? No hardship?No big ARM reset?

Yes and NO Under water that happens the market will come back but in order to knock down some of the negative equity I need a reasonable intrest rate. and yes there is no hardship I can afford the current payment but I put 1000 toward principall and 16000 toward intrest on a yearly basis all I want is a little balance Yes this loan is an adjustable if that is what you mean the last adjustment is nov 09.

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Originally posted by Mr_Investor:

If you can buy your own property back why in the heck didn't you make payments to keep the property from foreclosure it doesn't make sense.

because of the 15 percent intrest I am being charged

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Yes I understand that they did not force me into this situation but is it fair that they mae Obsine profits while I drive a 900 dollar piece of **** car and eat peanut butter and jelly for most of my meals while they rake billions of dollars. no this time I am going to get a fixed rate loan from the begining I amnot bitching as so much of the market but 15 percent intrest makes it nearly impossible to get ahead. and the fact that 15 percent intrest translates to 500% intrest at the life of the loan is ludacrius. making your money back and a little on the side is one thing but when you make 600K on a 100K investment no matter the term is insane thats like me lending my friend 10 bucks to gas up his ride and telling him you owe me 70 now but I will take payments.

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First of all I want to thank all of you who don't have any financial ties to me who seem to care more the bank who stands to lose 75K or more. I make all my payments on time never late in over 3.5 years and I hired a lawyer thats how I got the 6month mod as it is they didn't want to do squat for me in the begining. yes I make good money but I just don't want to give these people an EXTRA 1000 a month in intrest and never get any where when I can take my 2000 a month and put it under the mattress until they kick me out. and I have a co-signer lined up already my dad has a 820 credit score and only owes about 35K on a 350K house was a 500K house 5 years ago. So I figure with my 25-30K and the co-signer I think I could get a bank to approve at least 100K leaving 20% Equity right off the bat. and in my area 100K buys you a 150-160K house right now.

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I am currently going through the foreclosure process. I am at the very begining and was wondering if it is possible to let it go to auction and wait until it doesn't sell then offer the bank more like what it is worth. I am currently 75000 upside down and the best the bank is willing to do is give me a 6 month 5.25 intrest rate after that it adjustes back to 14.9%.

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All Forum Posts by: Ryan Vince

Ryan Vince has started 1 posts and replied 7 times.

Post: Can You buy your own REO back?

Post: Can You buy your own REO back?

Post: Can You buy your own REO back?

Post: Can You buy your own REO back?

Post: Can You buy your own REO back?

Post: Can You buy your own REO back?

Post: Can You buy your own REO back?