Bank Of America Mortgages
 

Hey...
So I was just jerking off the other day and thought I'd call Bank Of America to see what all this hype is about mortgage bailouts and what you can get...

I get a call today.. and apparently the "Make your Mortgage Affordable" program can even help people who've not missed payments.

I have PMI insurance... because I'm young, it was my first mortgage, blahblahblah.. and I didn't have 20%..

Anyways.. I've never missed a payment.. have okay credit... and they're going to drop my interest about 2%....

People with PMI can't do it until the end of May...

But just a heads up...
Call your banks and see what they can do for you :) My payment is going to drop between 600-800 per month.. depending on what my score looks like by the end of May..


I was also almost upside down too... in terms of market values... so I think that helped.

It'll also be a no doc... I'll just call up.. pay the closing fees... I think I may have to send in my business license... and that will be that..

A question what was your interest before they dropped it? The reason I ask is my mortgage is with them also and Im currently at 6 percent fixed.

I think I was 7.1 or something like that.. It says 6.85 then has (.25) beside it.. so 7.1...

If your score is in the mid to upper 600s.. I'd give it a shot... He said they were taking some people to the absolute lowest rate if they were close to 700...

AMEX fucked me by lowering my limits.. so my score plummeted to low 600s... So I'm happy with what I can get...

They don't run your credit to just give you an estimate...
It took maybe 5 mins for him to look everything up :)

congrats on the good deal :)

Agreed.

Mine was a 5% (first time buyer). I put $5000.00 down. Mortgage is $764.00 a mo. (4BR, 2 BATH, 2000 sq feet). I doubt I am going to be able to get it any lower, or better, then I currently have it.

Congrats for the BOA peeps.

we need a blood sucking lawyer to go after amex via class action lawsuit for screwing so many peoples credit by doing this.

Probably not .. ;)

But if you're upside down or close to it.. maybe see if they could do something...

Oh they fucked me at the Four Seasons last month.. They'd just dropped me like 10k in limit... taking me like 200 above what I owed... I made a $1000 payment before checking into the Four Seasons... to cover the hotel, dinner, britney concert drinks, all that... and right after I paid the 1k.. they lowered it 1200 more..

so here I am, next morning, in my pink hair glory... in my pajamas... checking out.. getting a decline.. looking like an asshat... I was sooo pissed..

Nah, I got my house for a steal. $40k under asking price.

Plus had them give me a check for $5000.00 (for tile and carpet), and $500 (towards fridge) at closing. My Realtor couldn't believe I had got every thing I asked for (went through a couple rounds of back and forth for a week).

Fucking whoa...

We did a ground up in early 2007.. just before everything went to shit.... Prices were JUST starting to fall... And they were still charging out the ass for things like granite, tile, rounded corners...

Which you get for free as incentives now..

If you go by my county appraisal.. I'm upside down about 70k :(... If you go by Bank Of America's appraisal... I'm right side up by like 4k...

Yeah, that shit makes me laugh.

Supposedly property values are dropping like a mofo, but they actually sent me a bill they are increasing my property taxes in 2009. :disgust

I have put $15k into my house since December and still have some shit left to do. I will get it reappraised later this year. My house should have almost doubled in value by the time I am done. Pretty much capping out what I can get in this neighborhood.

Well then it's pretty much a waste of time. The people who need it most are behind on their payments and because of that, they have bad credit reports. Some help this is!

True dat.

But it is just one more way for banks (like health insurance companies) to say, 'oh well we tried. We are not the bad guys.'

:disgust

There are programs for those that really need help that are way more extensive.. helpful than what I got..

I was just mentioning what people who've actually paid their payments... can do.

I was happy with our refinance a month or so ago. Went through out local bank for that however. 6.25 down to 4.75 :)

Im watching the housing prices fall all around my area. Houses once going for 250-300 are now selling for around 85-100k. The towns/cities have not lowered any of the taxes. :mad:

Im still waiting to buy. I dont think the bottom is here. Ill buy cash when I do so Im not worried about banks not issuing credit.

Sounds like you got a nice deal on your place.

Very nice!
:thumbsup

Same god damn thing happened to me,

got a Property Tax Increase for a few grand.. apparently escrow doesn't cover this one?

Just got wind of this the other day actually.

I think my appraisal went down like 70k because I still had the hole in my garage where drunk lady ran thru it on the day they did it... And had landscapring bricks stacked out front because the garage was JUST about to be fixed... so the house looked really messy..

But we're about 2700 sq ft... and only appraised about 11k more than the 2100 sq ft home beside us...

Either way, I'm counting my blessings that next years taxes will be way uber lower...

Yep. Very nice.

The house was being held by a re-lo company. I do not know if that made any difference in why I managed to get so much. But this house they were asking $150K early 2008 (which will is a realistic cap for this neighborhood), it was down to $120 by the time I bid on it in October. I picked it up for $85,000.00.

There was a house, before this one, I had put an offer in on and won. It was an 180,000.00 house across town. It had been on the market a year. I put in a bid for $75,000 and got it. It was bank owned.

However, I walked away at the last minute because they would not cover the taxes. Since it had been on the market so long, it was no longer homestead, and taxes were going to be like $7500 or something at closing.

Off topic but assuming my upcoming surgeries go OK, I should be purchasing houses starting in June. I will know my full bills by then and there are several out there (lots) that would be quick rental flips. I can pick them up with mortgages on average of a 1/3rd of what the median rents are in the area. Even with a set vacancy rate, property tax, insurance, maintenance, etc, they still will be cash positive at today's rents - even if rented at very competitive rates.

Plus I must say there is one hell of a nice loan program available right now. Few limitations and all but still if used right it can be highly useful.

Nope. Escrow will not cover it.

I think mine was $1500 more this year. From what my friend's tell me, at year's end I will get a bill for $1500 unless the city/county send notice to bank and they make an adjustment prior.

:disgust

Good luck man.

Ouch!
:Oh crap

I was about 200 short on the estimated taxes last year..
so now this years escrow is for the 246k appraisal.. PLUS I have to pay a penalty into savings for NEXT years taxes too.. because I was short last year by 200... so this years mortgage went up almost 1100 per month because I'm paying my regular tax escrow.. and the "teach me a lesson to not be under" savings escrow..

but the savings escrow is based on the assumption that it'll be 246k again.. but luckily this years appraisal came in at 176... so I'll be getting a pretty big check from them, hopefully.. for all the overpayment I'm paying..

Houston taxes are hideous.

Thanks, all should go fine though. Well at least the first 2. Then I get some time before the rest.

Yep, I am looking at rentals myself.

Last year I had thought about it, and there were maybe around 50 houses in the $20-75k range I was looking. Two days ago I ran a search, and there were over 200! I was like WTF?!?

Some of them were in decent neighborhoods, and some needed some work. I have a handy man who can do the work cheap, but have to try and get more of my house done before taking on any projects like that.

My goal is to grab two of them for cheap, put my sister in one of them, fix it up while she is there as a renter to make the bank happy, and then work on next one. Around here you can get $750.00 in rent for a small bread box type of house.

If you are scooping them up for $20-50k, you are making a decent profit.

Dayum... guess so.
:Oh crap

Spend a few and read over the FHA 203k rehab loan program.
http://www.fhainfo.com/fha203k.htm

Will do.

Handy man was trying to tell me about this last week. He said something about some seminar he had went to last month, and was trying to explain it. However he could not remember a lot of the key things.

I guess there was a program for rehabs, and then some kinda grants, and so forth. I will check out your link because I am guessing it is the same thing.

They may seem complex at first. Just keep in mind that improvements must be made and certain types are required (access is a fantastic one since it goes with upcoming demand). Same improvements can be combined with an EEM loan (link.)
You will typically pay a slightly higher interest rate and ARMS are only available for owner occupied. However you need a lot less down. Have the quotes and paperwork done by pro's on this to save lots of time. Keep in mind you can not ask for more repair money after the initial so do get solid quotes. Also note you can mortgage in your expected vacancy mortgage while your doing the repairs/improvements.

In essence if someone has some balls and the monthly cash flow to keep them afloat. They really can extend themselves pretty hard into rental units for very little cash.

Owning a house really fucking sucks sometimes.

I wish I had stayed in my condo.

Too much of a damn headache, and the whole idea was to get some money back and pay for your living with the equity and have a nice little chunk in your pocket.. since the downfall, this has been negated for the majority.

Impressive. Thanks for the additional information. :thumbsup

I have been looking at rentals for a few years now, and debating getting my own house, or rentals first, and back and forth. Now that house is in place, and more than half done on all the repairs and renovations. I am looking back at the diversity of income, plus dealing with the sibling issue.

I know when it comes to real estate and rentals you know your shit. :winkwink:

For me, I wanted the tax write off. Plus I needed a new place to shoot after business partner's boat accident. So it was kind of a forced thing, and circumstances lining up.

Being single, no kids, no wife means bend over when it comes to taxes.

:disgust

However, even on my renovations, I am running a good 15-25% over original budget because of things you find (just like on the tv shows). You knock into a wall, and find no insulation. Or you are add in some recess lighting and find you need a new electical box because it's not up to code, and so forth.

Guessing you bought during the bubble then eh?
I rather like the tax advantages. I do like building up equity and even moreso when someone else is doing it for me while also giving me extra money.