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DaCounselor
ParticipantI think you have about a .00001% chance of getting a short refi if you have ability to pay the existing payments and are in fact making the payments.
If you’re in a $1 million plus home you are probably going to see more devaluation over the next few years. I would sit tight with the low interest rate for now and then play chicken with BoA when the devaluation appears to have run its course or when your payments are about to spike. I would get comfortable with the fact that you’re probably going to have to stop payments and force BoA to choose between foreclosure or a short refi.
ParticipantI think you have about a .00001% chance of getting a short refi if you have ability to pay the existing payments and are in fact making the payments.
If you’re in a $1 million plus home you are probably going to see more devaluation over the next few years. I would sit tight with the low interest rate for now and then play chicken with BoA when the devaluation appears to have run its course or when your payments are about to spike. I would get comfortable with the fact that you’re probably going to have to stop payments and force BoA to choose between foreclosure or a short refi.
ParticipantI think you have about a .00001% chance of getting a short refi if you have ability to pay the existing payments and are in fact making the payments.
If you’re in a $1 million plus home you are probably going to see more devaluation over the next few years. I would sit tight with the low interest rate for now and then play chicken with BoA when the devaluation appears to have run its course or when your payments are about to spike. I would get comfortable with the fact that you’re probably going to have to stop payments and force BoA to choose between foreclosure or a short refi.
ParticipantNot a big fan of Moraga – kind of a busy street and the homes along it are very mediocre. If you get off onto the side-streets of this area there are some great pockets but this ain’t one of them. This place may close in the mid $300’s but in 12-18 months it might not be worth $300K. Love the last line in the MLS – “Make offer w/junk removed or not.” classic.
ParticipantNot a big fan of Moraga – kind of a busy street and the homes along it are very mediocre. If you get off onto the side-streets of this area there are some great pockets but this ain’t one of them. This place may close in the mid $300’s but in 12-18 months it might not be worth $300K. Love the last line in the MLS – “Make offer w/junk removed or not.” classic.
ParticipantNot a big fan of Moraga – kind of a busy street and the homes along it are very mediocre. If you get off onto the side-streets of this area there are some great pockets but this ain’t one of them. This place may close in the mid $300’s but in 12-18 months it might not be worth $300K. Love the last line in the MLS – “Make offer w/junk removed or not.” classic.
ParticipantNot a big fan of Moraga – kind of a busy street and the homes along it are very mediocre. If you get off onto the side-streets of this area there are some great pockets but this ain’t one of them. This place may close in the mid $300’s but in 12-18 months it might not be worth $300K. Love the last line in the MLS – “Make offer w/junk removed or not.” classic.
ParticipantNot a big fan of Moraga – kind of a busy street and the homes along it are very mediocre. If you get off onto the side-streets of this area there are some great pockets but this ain’t one of them. This place may close in the mid $300’s but in 12-18 months it might not be worth $300K. Love the last line in the MLS – “Make offer w/junk removed or not.” classic.
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ParticipantA couple in my neighborhood filled out the paperwork for the county assessor and I learned over this past weekend that their assessed value was reduced 20%. The comp they used in their application was a short sale in the neighborhood, and the assessor’s new figure came in at – viola – the short sale price. There was a prior sale at +$30K over the short sale amount, and a day or two before they received their reduction notice there was another sale closed at +$40K over the short sale amount, so they were very happy to say the least.
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