OK...here is my situation!!
2003....Built a large home on 50 acres. Bank offered new program where we could finance home and land in one mortgage. Low rate first year with house payment of $1,900. Could refi after 12 months. Loan was for $440K and appraised value of $603K
2004....mortgage payment went up and found I could not refi with so much property. Had not appreciated in value enough cover. Monthly payments increased to $2,400.
2005...still trying to refi but not able. House payment increased again to 2,800. 30% pay cut at work has made it difficult to pay mortgage. Fell behind...had to cash out 401K to pay mortgage and placed property on market.
2006...property too large for average person. Monthly payments increased again to $3,200. bank would not work with us but was willing to let us make payments and a half to catch up. I cannot make the $3,200 payments how was I to make payments of $4,800!!!
2007....Foreclosure proceedings started. Filed BK in June 2007...discharged in October 2007. Did not reaffirm home....home officially foreclosed on in December 2007. In anticipation of foreclosure worked out a lease purchase agreement with builder on a new home which was sitting vacant. Making month payments to him of $1,900 since September 2007...$1,600 of which goes to paying down purchase price of home (will eventually be out down payment) on the home as we are looking to stay in it.
Have two questions....1) received a 1099-A from mortgage company showing loan balance of $417K with Fair Market Value of $337K ( I disagree with the almost 50% reduction in value from the appraisal they did at close of the loan!!) but is the difference taxable?...and 2) generally when can I seek out a loan for the home which I am currently in a lease-purchase? The lease purchase is for 12 months but can be extended to 18....after 18 months would it be possible to obtain a mortgage with a BK and a foreclosure or is this just too optimistic?
2003....Built a large home on 50 acres. Bank offered new program where we could finance home and land in one mortgage. Low rate first year with house payment of $1,900. Could refi after 12 months. Loan was for $440K and appraised value of $603K
2004....mortgage payment went up and found I could not refi with so much property. Had not appreciated in value enough cover. Monthly payments increased to $2,400.
2005...still trying to refi but not able. House payment increased again to 2,800. 30% pay cut at work has made it difficult to pay mortgage. Fell behind...had to cash out 401K to pay mortgage and placed property on market.
2006...property too large for average person. Monthly payments increased again to $3,200. bank would not work with us but was willing to let us make payments and a half to catch up. I cannot make the $3,200 payments how was I to make payments of $4,800!!!
2007....Foreclosure proceedings started. Filed BK in June 2007...discharged in October 2007. Did not reaffirm home....home officially foreclosed on in December 2007. In anticipation of foreclosure worked out a lease purchase agreement with builder on a new home which was sitting vacant. Making month payments to him of $1,900 since September 2007...$1,600 of which goes to paying down purchase price of home (will eventually be out down payment) on the home as we are looking to stay in it.
Have two questions....1) received a 1099-A from mortgage company showing loan balance of $417K with Fair Market Value of $337K ( I disagree with the almost 50% reduction in value from the appraisal they did at close of the loan!!) but is the difference taxable?...and 2) generally when can I seek out a loan for the home which I am currently in a lease-purchase? The lease purchase is for 12 months but can be extended to 18....after 18 months would it be possible to obtain a mortgage with a BK and a foreclosure or is this just too optimistic?
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