04-19-2009 09:10 PM - edited 06-19-2009 10:03 AM
If you’ve had a recent experience seeking mortgage loan relief... or you're just beginning to be concerned about your mortgage... or you're considering banktruptcy... or you’ve simply had some experience with the mortgage crisis, then please share what you've learned with the community!
And if you haven’t done so yet, please vote in our latest poll. Thanks!
* I’ve already gone through foreclosure or forced sale (7%)
* I’m not behind but I fear future trouble (13%)
* I’m currently late on at least one mortgage payment (13%)
* I’m not in trouble and not worried (47%)
* Other? (20%)
Total Votes: 15
04-20-2009 04:12 PM
Hmmm...where's the poll??
I'm not in "trouble", but I'd sure like to refi!
04-20-2009 04:15 PM
04-20-2009 04:54 PM
04-20-2009 05:34 PM
04-22-2009 03:03 PM
04-29-2009 11:48 AM
For those in some other category, choose other in the poll. It's what I did.
Not in trouble, and I can afford my mortgage. We're upside down on a zero down, interest only, but we can still afford it. We got the house for about 9% below what comparables were selling for. However, since the value of everything has declined so much, now we're upside down a bit.
Our reset, which I believe was 6 or 8 years out, raises our total PITA monthly payment only about $100--less than a 5% increase over the total payment. I know because I read the TILA payment schedule at closing. I'm not worried about making the payment, unless I lost my job.
If I lost my job, all bets are off in this economy. Look for work, take a lower paying job and a second job, take a lower paying job and go late a few months and apply for a mortgage adjustment, short sale, try to rent it out, et al. All depends. If all else fails, there's jingle mail, but I'd try to negotiate some less adverse reported on my CRs.
If it happened, I wouldn't take options off the table. Had creditors calling me in the past. Now I'm just better armed with knowledge gained, umm, er, out there in the Wild Wild West of the World Wide Web on evil credit repair forums. Increasingly, CAs seem dumber and more willing to commit overt violations of the FDCPA. I know because I get calls on my answering machine from CAs who have the wrong number looking for people who don't live with me and I don't know. I guess I really should stop writing my home number on bathroom walls.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO