Prayers, luck and anything else ya got.....

Russell · Post by **Russell** » Fri Nov 07, 2008 8:44 am

An appraiser is coming to look at the house today. As with many, things have gotten tight around here and I am hoping to refinance. Not to mention that we have just started the 5th year of our five year arm. The really bad part is we recently had it on the market and of course it didn't sell, so the appraisal could possibly be only as high as what we listed it for. Thank goodness we are trying to go FHA rather than conventional, found out yesterday you have to wait 6 months to refinance after having it on the market. Ouch!!!!

mountainman · Post by **mountainman** » Fri Nov 07, 2008 8:56 am

Good luck!!! We have another year or so on our 5 year arm.

We'll (hopefully) be gone by then.

David · Post by **David** » Fri Nov 07, 2008 8:59 am

Fingers crossed/

MadDoctor · Post by **MadDoctor** » Fri Nov 07, 2008 10:01 am

David wrote:Fingers crossed/

what he said!

RoundEye · Post by **RoundEye** » Fri Nov 07, 2008 11:03 am

MadDoctor wrote:what he said!

What they said.

koldchillah · Post by **koldchillah** » Fri Nov 07, 2008 1:00 pm

Good luck Russell!

RoscoPColtrane · Post by **RoscoPColtrane** » Fri Nov 07, 2008 4:57 pm

Good luck.

WHy did you get an ARM to begin with? Seems like a timebomb to me...

mountainman · Post by **mountainman** » Fri Nov 07, 2008 5:00 pm

Why get an arm? Because the interest rate is like 3.75%!!

Russell · Post by **Russell** » Fri Nov 07, 2008 9:44 pm

RoscoPColtrane wrote:Good luck.

WHy did you get an ARM to begin with? Seems like a timebomb to me...

Because unfortunately at the time, it was what we got roped into. It was a good interest rate and it was what we could qualify for. Hindsight is 20-20.

Humboldt · Post by **Humboldt** » Sat Nov 08, 2008 1:00 am

Best of luck. Very much so.

IMO though you don't get roped into anything. The choices are there, it's spelled out for you and you take door A or door B or door C or else you just back away from the whole thing.

Best of luck Russell. Hopefully you'll have something left over for a new addition or an extra mortgage payment

Debbie · Post by **Debbie** » Sat Nov 08, 2008 2:08 pm

Good luck Russell!

ghettoside · Post by **ghettoside** » Sat Nov 08, 2008 7:51 pm

Good Luck Russell

tarpoon75 · Post by **tarpoon75** » Sat Nov 08, 2008 8:37 pm

good luck!

Gandalf · Post by **Gandalf** » Sun Nov 09, 2008 4:32 am

Good luck bud.

Russell · Post by **Russell** » Thu Nov 13, 2008 9:16 pm

Well, the results are in. The grand total was $265,000. $19,000 less than the county's appraisal, so at least my taxes will go down some. We were hoping for $277,900, but oh well. Screwed myself by trying to sell it rather than refinancing to begin with.

Humboldt · Post by **Humboldt** » Thu Nov 13, 2008 10:43 pm

Russell wrote:Well, the results are in. The grand total was $265,000. $19,000 less than the county's appraisal, so at least my taxes will go down some. We were hoping for $277,900, but oh well. Screwed myself by trying to sell it rather than refinancing to begin with.

Not so bad

Could have been a lot worse.

MissTynker2 · Post by **MissTynker2** » Thu Nov 13, 2008 11:16 pm

Russell wrote:Well, the results are in. The grand total was $265,000. $19,000 less than the county's appraisal, so at least my taxes will go down some. We were hoping for $277,900, but oh well. Screwed myself by trying to sell it rather than refinancing to begin with.

There's a little plus at least! Times are difficult to say the least for everyone, so any break is a good one.

Roody · Post by **Roody** » Fri Nov 14, 2008 8:03 am

Sorry to hear you didn't get exactly what you wanted, but happy to see it helped some.

Russell · Post by **Russell** » Fri Nov 14, 2008 10:30 am

Yeah, we're very happy. Don't get me wrong, I know it would have been better had I not put the house up for sale. Totally my fault there.

All in the underwriters hands now.

CiscoKid · Post by **CiscoKid** » Sun Nov 16, 2008 1:55 pm

Around here almost ALL home sales since 2004 are upside down...kinda makes it impossible for any of the mortgage companies to do anything to "help" the home owners

Post by **YeOldeStonecat** » Sun Nov 16, 2008 5:06 pm

Did your mortage drop beginning this January Russell? Due to recent changes, most are...mine dropped over 300 bucks per month. Which is a relief, as I'm paying the mortage on an empty house that's been on the market for 15 months now. Not all ARMs are bad...quite a few are good, mine has gone up twice since getting the mortage...and it has fallen twice. This January my payments will be darned close to when I first got the mortage.

This past Friday I applied for a HELOC to hold me over for another 2 years...so going through similar finger crossing myself.

Mark · Post by **Mark** » Sun Nov 16, 2008 6:44 pm

wait, so you already have 2 mortgages and you are getting a HELOC ?

why dude why ??

YeOldeStonecat wrote:Did your mortage drop beginning this January Russell? Due to recent changes, most are...mine dropped over 300 bucks per month. Which is a relief, as I'm paying the mortage on an empty house that's been on the market for 15 months now. Not all ARMs are bad...quite a few are good, mine has gone up twice since getting the mortage...and it has fallen twice. This January my payments will be darned close to when I first got the mortage.

This past Friday I applied for a HELOC to hold me over for another 2 years...so going through similar finger crossing myself.

Post by **YeOldeStonecat** » Mon Nov 17, 2008 7:07 am

Mark wrote:wait, so you already have 2 mortgages and you are getting a HELOC ?

why dude why ??

1 primary mortgage on my first house, one small home equity loan against it...which I'm looking to replace that with a HELOC with a bit more headroom. House that I'm currently living in is a rental...I don't own a house over where I'm living now yet...waiting to sell my first house. Even with the mortgage and the HELOC I'm hoping to get...I'll still have more than 60% equity in the house. With current market being so bad...and going into winter now (further slump in home sales)...I'm trying to rent out first house for a while to wash off the expense.

The price of finally finding the right woman in your life.

mountainman · Post by **mountainman** » Mon Nov 17, 2008 8:25 am

What made the difference of whether you put your house up for sale or not? Was it due to them seeing your listing price?

Russell · Post by **Russell** » Mon Nov 17, 2008 1:06 pm

Yes, that and the comps for my area. Had a few people who got transferred due to work and sold at low prices to get rid of their house.

mountainman · Post by **mountainman** » Mon Nov 17, 2008 2:36 pm

Yuck. We've thought about refinancing our house before we try to sell/rent it since our arm is up in Sep 09. We're not sure what'll happen when we're gone at USAF pilot training.

That's good info. THanks, Russell.

Mark · Post by **Mark** » Mon Nov 17, 2008 5:21 pm

YeOldeStonecat wrote:.......The price of finally finding the right woman in your life.

ah yes, good point.
i am still waiting for that to happen, guess i need to get off the internet first though

Russell · Post by **Russell** » Fri Nov 21, 2008 4:08 pm

Got the call today. We close on Tuesday. Big sigh of relief !!!!!!!

Post by **YeOldeStonecat** » Fri Nov 21, 2008 4:11 pm

Russell wrote:Got the call today. We close on Tuesday. Big sigh of relief !!!!!!!

Good to hear!

RoundEye · Post by **RoundEye** » Fri Nov 21, 2008 4:50 pm

Russell wrote:Got the call today. We close on Tuesday. Big sigh of relief !!!!!!!

Cool…..way cool.

Now pop a beer open, sit back in your recliner and savor another job well done for a while.