OH Well I tried everthing Soooo depressed

[Anonymous]

I pulled my credit acouple months ago and decided to make good on all my bad debt. I paid off over 6000.00 to past collection agencys to really bring up my scores. (ALOTE) I love this web site I have learned soo much and got some very good advice. I needed to bring my scores up to refi my home because I have a variable rate loan (which keeps going UP) My payment are almost 700.00 more than what it used to be. Its going up again another 1 percent. Now my scores are up income is great and debt ratio is also good. I figured now is the time for a mortgage loan and got apporved fixed rate 30 years. I was told all I need to do is get an appraisal on my home which is 350.00 cash, so I did. My home appraised back in 2005 for 193,000.00 since that time I have put in all new windows. central air, and much more. My appraisal came back today at 161,000.000. My did not go threw because of my appraisal. Iam depressed not sure what to do now. I have worked so hard to straighten out my credit and now is my house that is holding me up. I cant believe this. I guess I will be stuck with Countrywide for a while ( which I hate).

well the one thing I got going for me is that I learned how to take care of my credit and I learned about keeping a low ulitization. Everyone on this site are really awsome people.

I just have to keep my head up high and wait for the housing market to turn around. I hope its fast before I cant afford it!!!!!!!!!

Good luck to you All!!!!

Thanks

Cathy

[Anonymous]

Countrywide sucks. I know. Tried to get a refi on our heloc 3 weeks ago- they are our original lien holder and (used to be) original 2nd/heloc owner. Never really had a problem with them until tried to refinance the heloc. Heloc was only in DH name- wanted my name on it and change the variable- which keeps going up!!!! to fixed.

Guess what!! Totally denied me!! Unbelievable- as I have so much better scores than when we originally took out lone. Told me cuz I had one collection couldn't do it.

Suggestion- go to local credit union and try to get pre approved. Should help- also will get a MUCH better fixed rate. That's what we did.

Caveat beware- same thing w/ appraisal happened to us. House appraise two years ago conservatively at 158K- got online appraisal (which is what most of them now unless it is a new build) for only between 140K to 149K.

Why you ask? Because home prices soared so high the past couple of years that house prices and values became inflated. Now that the real estate bubble has burst, because of all the foreclosures of people who were given 100 to 120 percent financing, or people who should never have been given financing- mortgage cos. are folding and heading for BK.

Countrywide is in serious trouble right now- saw something about it on internet.

Perservere- you have approx 3 weeks to get as many approvals and pre determinations as you can- go w/ local credit union!

I am sooooooooooooo glad Countrywide denied us!

One more thing- unless you are buying a home and intend to be in it only for 2 to 3 years or are going to flip it- never ever get a variable again. I was so peeved when they talked my DH into variable- I KNEW 

[Anonymous]

Countrywide sucks. I know. Tried to get a refi on our heloc 3 weeks ago- they are our original lien holder and (used to be) original 2nd/heloc owner. Never really had a problem with them until tried to refinance the heloc. Heloc was only in DH name- wanted my name on it and change the variable- which keeps going up!!!! to fixed.

Guess what!! Totally denied me!! Unbelievable- as I have so much better scores than when we originally took out lone. Told me cuz I had one collection couldn't do it.

Suggestion- go to local credit union and try to get pre approved. Should help- also will get a MUCH better fixed rate. That's what we did.

Caveat beware- same thing w/ appraisal happened to us. House appraise two years ago conservatively at 158K- got online appraisal (which is what most of them now unless it is a new build) for only between 140K to 149K.

Why you ask? Because home prices soared so high the past couple of years that house prices and values became inflated. Now that the real estate bubble has burst, because of all the foreclosures of people who were given 100 to 120 percent financing, or people who should never have been given financing- mortgage cos. are folding and heading for BK.

Countrywide is in serious trouble right now- saw something about it on internet.

Perservere- you have approx 3 weeks to get as many approvals and pre determinations as you can- go w/ local credit union!

I am sooooooooooooo glad Countrywide denied us!

One more thing- unless you are buying a home and intend to be in it only for 2 to 3 years or are going to flip it- never ever get a variable again. I was so peeved when they talked my DH into variable- I KNEW  IT

[Anonymous]

OOps- hit enter.

I knew it had nowhere to go but up.

Now DH trust me after I have found 3000K mistake on tax return couple years ago, found excellent financing, brought up his credit score about 750 by setting everything on auto payments just about-and did all the financing for this refi on the heloc- he has PROMISED me he will not argue  w/ me when it comes to credit anymore.

Keep your chin up! Perservere!  And check w/ credit union. Because our online appraisal wasn't what it needed to be- and I didn't want to take the change on self paid appraisal because they basically go by what online states average is anyway- what CU did for us was finance the couple of K's needed on a line of credit at 8% that we are going to pay off very quickly- and then we did the heloc at 7.49 fixed (countrywide quoted us nine!!!) with no closing cost at all (including prepaids and escrows, ins. etc) as long as we don't pay it off before 3 years, which is exactly the time we had allocated to pay it off in, as it is a really small heloc.

Chin up!

[Anonymous]

wow!!!

Thanks for all the info. The market got to change someday. I will check out CU and see what they have to ofer. My big problem is that I owe 160,000.00 on my home The bank wants to see some equity in the home.

[Anonymous]

PS- same w/ me too as your situation. Money inflow better, scores up so much higher than 2 years ago, house in great condition, put in 6000 dollar driveway, repainted deck and  repairs, cut down trees that were too close to the house and could have caused damage if severe storms. Waiting till next year to put in new windows.

Anyway- there was a small chance whoever came out here to appraise would have given us a good one- as our house is one of the lowest prices in the neighborhood- as you really can 't get one in this subdivision below 180K ( and that is starting to get on the high end as we a considered a rural area).

Again, check w/ local credit union. Become member if they agree to do loan for you. (well, that is not really a choice, you must be a member to do it- but they will let you become member at same time if you can join) and you may end up like me---

Soooooooooooooooooo glad Countrywide denied us- and Ditech couldn't beat the Credit Union!!

Perservere- you can do it.

[Anonymous]

Cathy,

Stay encouraged, I know it is hard, it has been hell for us this year, but we keep expecting better things to happen for us and I hope you will keep your head up and know that it will get better for you and yours too..  Once we come from under this debt load, I will never let us get down like this again.  It not only affects your finances and peace of mind, but if affected our marriage and how we talked to each other because we were both very stressed and trying to figure out how the heck we were going to make it and not relying on each other and pulling strength from each other.  It got to the point where I was ready to pack it up and go on my own with the girls and grandbby and leave him here to figure things out.  It wasn't right thinking and I had found myself discouraged like you but my hope is in God and that is all that I have.  He knows all of our situations and how we are desperately trying to right the wrongs we have made in our lives and I believe that he forgives and honors our new beginnings.  Like Netpanther said, perservere and keep going.  Don't stop, your deal is out there waiting for you..  Be blessed.

Evelyn

Message Edited by myhearts07 on 08-28-2007 11:16 PM

[Anonymous]

Thanks soo much for the sweet letter. I hope everything goes ok for you and your family. You have been so nice to me and everyone on this site. this just really is a bad time for everyone Iam finding out.

god bless take care

cathy