Postscript: Shortly after the bank forced us to vacate, there was no longer anyone there paying the gas company to keep the house heated. Consequently, the pipes in this house burst, flooding it entirely and causing the ceilings to cave in, along with other massive damage.  So now I guess you could say that the house is literally ”underwater”.  
Hmm…Tough luck, Fannie Mae. Maybe you should’ve allowed us to lease the house from you after all, eh? ; )

Postscript: Shortly after the bank forced us to vacate, there was no longer anyone there paying the gas company to keep the house heated. Consequently, the pipes in this house burst, flooding it entirely and causing the ceilings to cave in, along with other massive damage.  So now I guess you could say that the house is literally ”underwater”.  

Hmm…Tough luck, Fannie Mae. Maybe you should’ve allowed us to lease the house from you after all, eh? ; )

TWO homes underwater -$108K!

TWO homes underwater -$108K!

We're a community that cares about social justice for all. We bought our house so we could share resources and reduce our footprint on the Earth, while helping other people learn to be of service and change the world. We put everything we had into this. Then the housing bubble burst. The property value was over-stated because the banks created a false market.  We didn't know that then.  After the bubble burst, our property value plummeted, and then, we tried to get a loan modification.   2+ years, 4 applications, and 17 "Customer Care" people later—-Chase hasn't budged. Hard work for justice should never end up underwater.

We're a community that cares about social justice for all. We bought our house so we could share resources and reduce our footprint on the Earth, while helping other people learn to be of service and change the world. We put everything we had into this. Then the housing bubble burst. The property value was over-stated because the banks created a false market.  We didn't know that then.  After the bubble burst, our property value plummeted, and then, we tried to get a loan modification.   2+ years, 4 applications, and 17 "Customer Care" people later—-Chase hasn't budged. Hard work for justice should never end up underwater.

Bought house in complete disrepair 6/2005 for $275k… came with "additional lot"… put in $125k of cash out of pocket to bring it up to code and make it livable and to my liking, nothing super fancy, needed the works… then spend $30k on Town Zoning fight to get land split, lost battle, neighbors really like the trees…So as far as I am concerned I paid $430k for this home.  I hold 2 mortgages for $308k total right now… cannot refi my 2nd, cannot combine them.  Bought the house for cash in itially, renovated it, then got a 1st mortgage for $250k + 2nd for $75k(to save PMI)… Town says my home is worth $243k, bank says $248k … since I pay my bills I have no leg to stand on, no ability to get reduced principal, no interest rate reduction.  Had to qualify for and pay for 1st mortgage refi, cost $8500.  Feel really upset that I have the most expensive, highest tax house on the block that I can't sell and there is not a program in the world designed to help ME, or people LIKE ME, who got stuck in a bad transaction, not trying to work the system or pull a fast one.  I can't even clean up that 2nd, there is NO WAY to help it.  I am in a similar position with my mother's home.  I pay her mortgage, it's worth $188, she owes that much, but her rate is near 7% and since she doesn't really work she cannot refi, I cannot support both places, her origional mortgage was no documents, so now she is stuck, we are current and never miss payments, and because of that we are stuck in a high rate mortage that cannot be fixed.  The system is broken, it is helping those who took advantage reduce principal and rates, but those who are diligent and try to service their obligations, get the short end of the stick… really sad state of affairs…

Bought house in complete disrepair 6/2005 for $275k… came with "additional lot"… put in $125k of cash out of pocket to bring it up to code and make it livable and to my liking, nothing super fancy, needed the works… then spend $30k on Town Zoning fight to get land split, lost battle, neighbors really like the trees…So as far as I am concerned I paid $430k for this home.  I hold 2 mortgages for $308k total right now… cannot refi my 2nd, cannot combine them.  Bought the house for cash in itially, renovated it, then got a 1st mortgage for $250k + 2nd for $75k(to save PMI)… Town says my home is worth $243k, bank says $248k … since I pay my bills I have no leg to stand on, no ability to get reduced principal, no interest rate reduction.  Had to qualify for and pay for 1st mortgage refi, cost $8500.  Feel really upset that I have the most expensive, highest tax house on the block that I can't sell and there is not a program in the world designed to help ME, or people LIKE ME, who got stuck in a bad transaction, not trying to work the system or pull a fast one.  I can't even clean up that 2nd, there is NO WAY to help it.  I am in a similar position with my mother's home.  I pay her mortgage, it's worth $188, she owes that much, but her rate is near 7% and since she doesn't really work she cannot refi, I cannot support both places, her origional mortgage was no documents, so now she is stuck, we are current and never miss payments, and because of that we are stuck in a high rate mortage that cannot be fixed.  The system is broken, it is helping those who took advantage reduce principal and rates, but those who are diligent and try to service their obligations, get the short end of the stick… really sad state of affairs…

-$72,758  My dad told me "Son, buy a house, it's the best American investment, it's the American dream." The banks and financial experts said "Buy as big as you can." My older brother and I listened. He and his family lost their home in Southern California last year and now my family and I owe nearly double what it's worth. The banks got bailed out, but my family? We got sold out :(

-$72,758  My dad told me "Son, buy a house, it's the best American investment, it's the American dream." The banks and financial experts said "Buy as big as you can." My older brother and I listened. He and his family lost their home in Southern California last year and now my family and I owe nearly double what it's worth. The banks got bailed out, but my family? We got sold out :(

HELP ME

HELP ME

I need help.. I am from Alliance,Ohio. I am underwater and I need help.

I need help.. I am from Alliance,Ohio. I am underwater and I need help.

This is my condo. Paid $90,000 down, all the money from my divorce settlement because I needed a place to live with my teenager and our pets. I am now $128,000 under water (120%). I don't have a picture of me in front of it because this afternoon I  moved the last of my things out, and I can't bear to go back. Last year I "explored my options" with Wells Fargo. They told me they "couldn't even talk to me" until I stopped paying. I asked about principal reduction and they said "Wells Fargo doesn't do that." One year later, I made the awful decision to give up my perfect credit rating because I will never, ever have a penny of equity in this place if I paid until I was 80. I am now 55 and very worried about the future. Condo is up for short sale but in terrible shape because I could not afford repairs. I cannot understand the greed of the banks / lenders.

This is my condo. Paid $90,000 down, all the money from my divorce settlement because I needed a place to live with my teenager and our pets. I am now $128,000 under water (120%). I don't have a picture of me in front of it because this afternoon I  moved the last of my things out, and I can't bear to go back. Last year I "explored my options" with Wells Fargo. They told me they "couldn't even talk to me" until I stopped paying. I asked about principal reduction and they said "Wells Fargo doesn't do that." One year later, I made the awful decision to give up my perfect credit rating because I will never, ever have a penny of equity in this place if I paid until I was 80. I am now 55 and very worried about the future. Condo is up for short sale but in terrible shape because I could not afford repairs. I cannot understand the greed of the banks / lenders.

-24000.00 minimum; we're current; need a lower rate to make the payment more affordable; can't get a mod; we'll go into retirement  house poor

-24000.00 minimum; we're current; need a lower rate to make the payment more affordable; can't get a mod; we'll go into retirement  house poor

NO REFI OPTIONS. THANKS WELLS FARGO

NO REFI OPTIONS. THANKS WELLS FARGO