Fcuk you real estate market!

So... I wanted to refi my house so I could redo my kitchen (circa 1961) i talked to bank of America and everything was looking great, I could do pretty much whatever I wanted since I had so much equity in my house. fast forward 2 weeks till this AM... i call and get the info on my appraisal (you can only borrow up to 80% value in this ****ty economy).... my appraisal came in 237K less than my tax assessment (which was just redone 3 months ago).

I hear ya man! I'm just underwater with mine, good thing the SWMBO makes good dough. Another year or so my property might be worth as much as my loan! Yeay!

eh even with this I still have tons of equity but not enough to take 40K out to remodel. but... its annoying.

I am under water on my house by over 100K and it certainly does suck

and note i do realize i have less serious problems than some.... doesn't make me feel better tho

I'm in one of the hardest hit cities. My house is worth 50% of what I owe.

Use your new appraisal to appeal your tax assessment. At least you might get some benefit out of it if they reduce your assessment.

XXguy said:

Use your new appraisal to appeal your tax assessment. At least you might get some benefit out of it if they reduce your assessment.

Click to expand...

yep looking into that right now! should save me almost 2 K per year.

Damn, clap that sucks!

Bopper said:

Damn, clap that sucks!

Click to expand...

I guess ill have to save the old fashioned way... after I up my keggerator to 7 taps that is!

Bopper said:

Damn, clap that sucks!

Click to expand...

LOL! I thought I saw the "comma" in the wrong spot, as in:

Damn Clap, that sucks!

I think im gonna celebrate by trying to drain my keg of helles! that i just tapped!

Brewing Clamper said:

LOL! I thought I saw the "comma" in the wrong spot, as in:

Damn Clap, that sucks!

Click to expand...

HAHA! Definitely laughed out loud on that one!

claphamsa said:

I think im gonna celebrate by trying to drain my keg of helles! that i just tapped!

Click to expand...

Git 'er done!!!! :rockin:

yep!!!!

well ****, im annoyed! wanna get out of work.

claphamsa said:

yep!!!!

well ****, im annoyed! wanna get out of work.

Click to expand...

Dude?! Are you ok? You're looking kind pale! Looks like you might have a fever! You should go home so you don't get anyone else sick... ;-)

yeah, there has been a cold going around my office.....

claphamsa said:

and note i do realize i have less serious problems than some.... doesn't make me feel better tho

Click to expand...

i love the current market! I just bought last october. the previous owner bought in 2007. took a 15% hit.

sorry 'bout your luck!

I just got through a very stressful time getting a loan. I started with Bank of America and was pre-qualified for way more than I should of, so I figured this would be no problem. WRONG! The underwriting process is darn right ****ty these days. I finally bailed on BOA and went with a much smaller mortgage company and after lots of paperwork was able to get it pushed through right before closing. My realtor said all of her clients who used BOA have been denied. Even doctors making big bucks. Moral of the story, stay far away from bank of america.

we got the big fat run-around with a small-time broker as well.

went to another broker who works in the same building as his underwriters and was able to push it thru in 10 business days.

Weizenheimer said:

I just got through a very stressful time getting a loan. I started with Bank of America and was pre-qualified for way more than I should of, so I figured this would be no problem. WRONG! The underwriting process is darn right ****ty these days. I finally bailed on BOA and went with a much smaller mortgage company and after lots of paperwork was able to get it pushed through right before closing. My realtor said all of her clients who used BOA have been denied. Even doctors making big bucks. Moral of the story, stay far away from bank of america.

Click to expand...

I wish I could get away from those uncle f*ckers. I got my mortgage through Countrywide. I had no problem with them. The loan guy told me how much I was approved for but personally recommended less than that for my financial situation at the time. I went even lower than that and got no argument from him. He had several loan options available and recommended a couple of them to me and they were legitimate, but I gave him my VA loan paperwork and he said that was even better for me. Then, after all that, they got bought out by BOA. If I could, I'd change my mortgage to a different bank. Citibank, Chase, and BOA are all the highest order of crooks (in that order) if you were to ask my opinion.

how you think i feel,,i had my loan thru gmac, being a partner company they told me they would never sell my loan. yeah right, they try for bank status to qualify for some government money and next thing i know i'm now paying my bills to midland mortgage, i think they used to be a bad debt loan company. go from doing all my payments online and easy to having to send in the little payment coupons in the snail. hell i had to go order checks for it.

eriktlupus said:

how you think i feel,,i had my loan thru gmac, being a partner company they told me they would never sell my loan. yeah right, they try for bank status to qualify for some government money and next thing i know i'm now paying my bills to midland mortgage, i think they used to be a bad debt loan company. go from doing all my payments online and easy to having to send in the little payment coupons in the snail. hell i had to go order checks for it.

Click to expand...

I have had mine with GMAC for 15 years . I wonder why the would sell some and not others ?


I bought my house in 1991 I am about 150-175k in equity still based on the sales in my neighborhood. Its down about 50-75 K in my area for comp homes . One reason they have stayed up is its a 5 minute walk to the train and an hour ride to Manhattan.

springer said:

I have had mine with GMAC for 15 years . I wonder why the would sell some and not others ?

Click to expand...

risk mitigation