Selling Home??

[invest1choice]

I have been thinking due to our situation with this 2yr arm,It just has not been worth it to refinance even though I really have to .. My problem is we were discharged in Jan 06 .. We want to sell our home due to the arm and can not find a decent rate lower than 8.9 -10% rate on the refinance which we will still not be able to afford the house ..
So my thoughts were to sell it and buy a less expensive house. So if the rate is high and the amount is lower our payments won't kill us like they are now...

As of November they are going from 850.00 to about $1100 Plus $200 extra for taxes last year they Paid for us because we did not have the money.. So they forced escrow.. so now we are looking at around 1300.00 ..We live in SC ...
Refinancing I think will put us in the hole even more... and Selling then buying a cheaper house in a diffrent area the country has less taxes. It seems impossible that we could even get a new loan since our scores are not so great even though it will be a year out of BK this Jan ... Or is just Refinancing easier when you are out of BK ? Any thoughts suggestions???

[SinkingFast]

Well,............

You have 2 years from the time you sell until you "have" to buy again. If you start on the market right away and sell sometime this fall, that will put you near 1 year post BK.

At 2 years post BK, if you have good clean credit, you'd qualify for a whole range of loan options that are not currently available to you. Prime lenders, gov't backed loans, all with lower interest rates.

Maybe sell. Rent someplace cheap for a year or so. Save. And then look again once you're 2 years post BK.

[invest1choice]

I Just spoke to my current mortgage Homecomings and he said if I waituntil Dec 1 and c/b he could refinance with very low closing costs like 1000.00 to 1500.00... I hope so and keep my payments 850.00 @ 7.5 % ... Still considering selling..not sure

[SinkingFast]

I don't know what to say, Invest.

Daughter got booted from a College level program somehow. She was in their computer last spring and come start of school her registration had been wiped.

The school said she could get a revised schedule from her High School and if they had an opening, she could apply again for the new spot.

I told daughter not to sit around waiting for an opening that might never come. Make a plan for her life, get a schedule with the High School, and move on. Daughter decided she'd had enough of being jerked around by this HS here. She would graduate early, at mid-term in December.

The very next day after we met with the Guidance Counselor to change daughter's schedule and set up for Early Graduation, the College called. They'd had a student drop and an opening was available in the program after all.

Daughter is satisfied with her decision, but was saddened by the fact that ONE day coulda made a difference in the direction of her life.

This is one of those "Bird in the hand being worth 2 in the bush" situations.

Maybe, and I know it's a hassle, you could try marketing during the Fall to see what happens. If you don't sell, then refi, if the opportunity comes available with this lender.

You might also scope out some other Lenders. Get a feel for if someone else might be able to help you. If you decide to keep the house and not move on.

[MTG_BANKER_OH]

I have been thinking due to our situation with this 2yr arm,It just has not been worth it to refinance even though I really have to .. My problem is we were discharged in Jan 06 .. We want to sell our home due to the arm and can not find a decent rate lower than 8.9 -10% rate on the refinance which we will still not be able to afford the house ..
So my thoughts were to sell it and buy a less expensive house. So if the rate is high and the amount is lower our payments won't kill us like they are now...

As of November they are going from 850.00 to about $1100 Plus $200 extra for taxes last year they Paid for us because we did not have the money.. So they forced escrow.. so now we are looking at around 1300.00 ..We live in SC ...
Refinancing I think will put us in the hole even more... and Selling then buying a cheaper house in a diffrent area the country has less taxes. It seems impossible that we could even get a new loan since our scores are not so great even though it will be a year out of BK this Jan ... Or is just Refinancing easier when you are out of BK ? Any thoughts suggestions???

What do you think your home is worth compared to wahat you owe?

[invest1choice]

I would say I owe 118,000 it should appraise at 130,000... I wonder if I could just put a sign out Buy owner and newspaper ad and NOT in the MLS since The mortgage company said I would have to wait to refinance if I put it on the market,,, Is putting a sign out technically on the market??? If so I will just wait until Dec pay the diffrence from 850 to 1200 a month ... I don't want to risk anything if my current mortgage company can do something with only 1000.00 to 15000.00 closing fees He even said I may not need a appraisal. It soulnds too good to be true I know ..

Sinking: I know it could be a NO win situation. just a chance ... that rates are not high in Dec Jan time... he says since my score is around 580 they can do it.. homecomings is a bad credit lender I believe.. And going with them is going to be lower closing fees other than everyone else I spoke to ..
Thanks for advice

[invest1choice]

I spoke to my current mortgage company again and they said in Dec to call them back since I will really need to refi .. I am not going to sell the house because rent is pretty close to mortgage payment even after the jump for the fixed 6 months that will happen in Nov . So I will just pay the extra I guess and hope they refi at a better rate and only pay the high 1500.00 to refi . instead of going through a broker and pay high fees some lady told me like 5000.00 closing fees.. That was why I was thinking about selling to cause al she could do was another arm and every two years paying that broker fee would kill us... Anyways we will wait until Dec and hope for the best

[MTG_BANKER_OH]

I spoke to my current mortgage company again and they said in Dec to call them back since I will really need to refi .. I am not going to sell the house because rent is pretty close to mortgage payment even after the jump for the fixed 6 months that will happen in Nov . So I will just pay the extra I guess and hope they refi at a better rate and only pay the high 1500.00 to refi . instead of going through a broker and pay high fees some lady told me like 5000.00 closing fees.. That was why I was thinking about selling to cause al she could do was another arm and every two years paying that broker fee would kill us... Anyways we will wait until Dec and hope for the best

You will have a better chance if you wait a few months and you scores should improve my then a little bit which will give you a better opportunity. You are also going to have to remember if the closing fees are $1500 you are still going to have to pay to set up your escrow account again which may not be calculated in that figures, You would have a good chance at getting a good deal if you can get your scores over 620 many lenders are not very aggressive at 580 currently and many have dropped out of lending at those scores.

[invest1choice]

I don't think we can afford our payments if I don't do it in December. From what understand it is going up about 300.00 more monthly. It is just not in our budget.
I may have to just take that or hope by December my scores will go up...
Thanks for the advice

[invest1choice]

Hello I am Back again. Sorry I have been working a lot lately.

So I have talked to my mortgage company and they say the costs should be around 3000.00 to 4500.00 now. this was somebody else at the mortgage company. yes it may be easier to go through someone else but with my current all they want is a pay stub no bank statement ...
my score is now currently with citi credit reporting agency 594 middle. which is not so good .. any thoughts of diffrent options of mortgages i can choose with these scores.