Dirty lowlife mortgage co

[Overmylimit]

I have submitted all of my paperwork for my loan modifications for my 1st and 2nd. They said they were working on it and would let me know the outcome. This morning (Thanksgiving Day) I find a slip of paper under my door that says the bank thats on the 2nd sent an independent field inspector by for some reason. What the hell is this? They didn't even ring the doorbell..

[HHM]

Could be any number of reasons.

The 2nd mortgage holder is probably trying to assess if there is anything they could get from the house if it foreclosed. (or if they bought out the first mortgage holder).

[Overmylimit]

That could be but I don't think they would buy out the 1st position. The 2nd is 177k and the 1st thru GMAC is 625k. The house is worth about 300k right now so who knows.

[Flamingo]

That could be but I don't think they would buy out the 1st position. The 2nd is 177k and the 1st thru GMAC is 625k. The house is worth about 300k right now so who knows.

How on earth can you owe $802,000 on a house and assess its value at $300,000? Even if the property depreciated 50% in this economy its value would have been $600,000. Something doesn't make sense here or is lacking in your posting or you overborrowed somehow on your house.

[justbroke]

That could be but I don't think they would buy out the 1st position. The 2nd is 177k and the 1st thru GMAC is 625k. The house is worth about 300k right now so who knows.

Wow. Anyhow, the person was probably just doing a so-called drive-by appraisal. They do actually get out of the car (most of the time), and especially for a home over $320K (or whatever the Jumbo mortgage line is drawn).

If you didn't have a full professional appraisal performed, they aren't going to just take your word for it. They aren't even going to trust an Automated Valuation Method (AVM) or any other "electronic" appraisal when it comes to homes in that price range.

As a matter of fact, there are homes in my neighborhood in which the prices vary drastically even for the same model (although there are only 5 or so others like mine). Sometimes, the difference in cost comes in upgrades, like cabinets, flooring, type of treatments, pool/spa, enclosures, etc.

[Overmylimit]

As for the value; last apprasial a year and a half ago was 910k. My neighbor who has more property and a bigger house was appraised at 350k a month ago. Flamingo even though the exact area I live in is semi country this is still Stockton CA, I even told this to the loan companies and they didn't seem to see the signifigance in what city this is. We are ground zero for forclosures in the United States, the worst/most all the way around. Are newspaper is full everyday with forclosures. Sure they are selling some to investors or at the Courthouse steps but most would never buy for anywhere close to what we owe. I told the loan companies they might want to really consider modification of my loans because if I leave the home they will never recover anywhere close to the amounts owed.

[Overmylimit]

[FONT=Even if the property depreciated 50% in this economy its value would have been $600,000. Something doesn't make sense here or is lacking in your posting or you overborrowed somehow on your house.[/FONT]

I recieve updates fron several different market evaluation sites as well as a friend who is in Real Estate here. Each month the value keeps going down. Just for the month of October the value dropped 15k and the month before was 18k so with #'s like these it adds up quickly.

[justbroke]

I recieve updates fron several different market evaluation sites as well as a friend who is in Real Estate here. Each month the value keeps going down. Just for the month of October the value dropped 15k and the month before was 18k so with #'s like these it adds up quickly.

I wouldn't trust an automated valuation method (AVM) on properties like this.

A lot has to do with what the interior upgrades (or lack thereof) are. My home is the highest priced of all similar ones in this area (with same model). Mine has average land. However, I have upgrades, including, but not limited to, a 1,100 sq foot pool enclosure with heated pool and spa. Most homes in this area don't have pools, as the community pushes the "community" centers (which are very very good).

You should really get a professional appraisal on a URAR form. That is what people will go by. That's what I had to use in court to prove my value.

[Overmylimit]

That makes sense, I do have a lot of upgrades. I am on an acre all new kitchen Granite all stainless appliances. I have a pool but I never did build the pool house like we wanted too. Even with all the goodies the value is still in the tank.

[justbroke]

That makes sense, I do have a lot of upgrades. I am on an acre all new kitchen Granite all stainless appliances. I have a pool but I never did build the pool house like we wanted too. Even with all the goodies the value is still in the tank.

I'm sure! I'm in a nice area too, with home prices that use to be in the range of yours. I lost $200K+ on mine in the last 1.5 years.

But, I have my upgrades...

I was also fortunate, to shed the 2nd mortgage, which brings it to reality! (Well, today's market at least.)

[Overmylimit]

I wish I could dump the 2nd but I am over the limit and have to go chp 7, but it would bring it back to something a little more reasonable.

[cool33097]

I purchased my house in 2005 for $709 and its worth $ 399 and I live in FL. Prices did dropped. My appraisal was done in june when I filed. My be worth even lessnow.