We have a custom built home since 1998. We owe 247k today. Two years ago it appraised at 380K. This is when we had to refinance from an ARM mortgage that was at 4.8%. Now we are at 6.8%.
We have never been late and never missed a payment. If we ever want to pay off our mortgage we must refinance at a lower rate and implement bi weekly payments which we are willing to do.
Our loan is a gov fannie mae loan thru fifth third bank. You hear that the banks are not loaning money back and they are right but the feds are no better. They distroyed the economy bringing the value of our homes and businesses down while feeding the greedy and ruthless financial institutions. You cannot refinance anything because the values of property's have dropped. You cannot borrow money to continue operating a business because the banks who we unwillingly gave our money to bail them out, are not willing to give any back. The feds blame the banks but look, they are no better. Now that they destroyed our economy and values have dropped they will allow us to refinance our home if we pay them an extra 7% on top of the closing costs.in my case this is $10,000.00.
They are taking advantage of a bad situation. If we the people did this it would be illegal. When there is a tragidy like a hurricane and certain people over charge for services because people don't have any choice, its illegal. What's the difference here?
There is none. Those who make the rules can break them and twist them for their own advantage at our expense.
We were denied a refinance loan with 5th 3rd bank they said because the loan to value was too low. Their appraiser said that today our home weas worth about 240K. We were only 6k short of meeting the criteria. If my home had dropped by almost 40% my property taxes sure don't reflect it. After being denined a new mortgage i called the bank because i wanted to challange the appraisal and was willing to pay for another one. After about 2 weeks i finally got a return call indicating that we were approved using the last application and the last appraisal and all we have to do is pay an additional 7,000.00 on top of the 3,000.00 in closing costs. The bank blamed the feds (fannie mae) for this one. Funny, they called me the very same day that this new rule went into effect. They waited until they could bleed us for more money then would do it. This is no mistake! It's plane and simple another rip off!
Its no wonder why this country is in shambles. Whoever is telling us that things are getting better, that is simply BS. Desperate homeowners good luck. The sharks are circling and looking for anyway to take what they can. Just try and get a loan today. Its near impossible for most. Small businesses are in big trouble too. There is no money to work with. The banks don't need to make any money when our Gov will simply take it from you and I and give it to them without any strings or accountabliltiy. I for one have had enough!
It is time for those that we put into office to stand up and come together for the sake of the people, "we the people" not for the sake of their own personal interest.
Where else can one trun for help? Do we just walk away from the home we built. Do we just close the business we built? The "american dream" is turning into a nightmere.
Good luck people. May God help us all.
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