"Impact 5" Webinar

Experts answer questions on foreclosures, refinancing loans and how to get out from being underwater. The webinar was part of NewsChannel 5's Impact 5 initiative. The goal is to provide a solution and options for those who are dealing with the housing debacle.

Click the "make a comment" button to ask a question. We'll be getting started in about 30 minutes! See you then.
by Mollie Reynolds1/27/2012 10:32:18 AM
My home is worth 1/3 of what I bought it for and I could afford the payments, it is the wind and hazard insurance increases that are hurting us. When we first bought our home insurance, both policies were just over $800.00 now they have increased to over $3,500. The home is from 1929 so I don't qualify for any discounts, how can I get affordable insurance east of 95?
by Rhonda Gonzalez1/27/2012 11:04:53 AM
We walked away from our house 9/2009, I think they foreclosed about 3/2010. Our credit is good with renting and bills. Will we be able to buy a house within the next year or two. Thank you
by Lori Andor1/27/2012 11:04:54 AM
Check out makinghomeaffordable.gov for foreclosure help.
by Mollie Reynolds1/27/2012 11:08:07 AM
Deborah Fuchs: Have an offer on a short sale....any idea how long they are taking now? - Experts say that's the million dollar question.
by Mollie Reynolds1/27/2012 11:08:51 AM
We recently inquired about HARP and HAMP and will be receiving additional information in about a week on HAMP. Some initial questions we have are: 1) If the mortgage is transferred to another lender, will this new arrangement be honored? 2) How will this impact credit rating? 3) Is the difference of the loan tacked on at the end of the loan life? Thank you.
by RaquelT1/27/2012 11:08:55 AM
Answering Rhonda Gonzalez' question right now.
by Mollie Reynolds1/27/2012 11:10:59 AM
We are underwater with a first and second mortgage. We qualify for the new harp mtg but what can we do with our second? The second is at really high rate and we live east of 95 so our insurances are really high.
by Fsupar1/27/2012 11:13:03 AM
Answering Raquel right now.
by Mollie Reynolds1/27/2012 11:13:10 AM
Answering Fsupar. Go Noles!
by Mollie Reynolds1/27/2012 11:15:00 AM
Student Loans. I went to school for my masters degree and have almos 50 thousand dollars worth in loans. I am nowhere close to being able to pay for any part of it. It is in foreberance but that just keeps the interests piling up. Should I refinance them and get them under a lower interest than the federal loans at 6.8 and 8.5?
by Jenn1/27/2012 11:15:10 AM
Answering Jenn's question on student loans.
by Mollie Reynolds1/27/2012 11:16:39 AM
We are underwater and in desperate need of a larger home due to a new baby in our home. We pay our mortgage on time, but have had no offers on our home due to having to sell it for so high. We do not want to short sell because we do not want to mess our credit up. Any suggestions.
by pam1/27/2012 11:17:38 AM
Answering Pam's question.
by Mollie Reynolds1/27/2012 11:18:06 AM
Answering a question from Facebook friend, Jane Arsenal.
by Mollie Reynolds1/27/2012 11:19:14 AM
Jane Arsenal asks on our Facebook page: Loan modifications are a joke... Chase has poor communication, the left hand doesn't know what the right hand is doing. I got a letter one day saying I qualified, then the next I didn't qualify, then a third day showing my savings on the modification that I "qualified for" It would have saved me $50 a month no relief on the principle and I"m 298% underwater. Mortgage is current and I have excellent credit. I've applied for a deed in lieu of Foreclosure, they tell me I have to apply for a modification first, which I can refuse once I get the results, ummmm I already did this! So then they tell me I have to put it on the market for 3 months first before I can ask for a deed in leiu, which it is where I am at now, February 11th will be 3 months. Once that date passes I can ask for a Deed in Lieu of Foreclosure, but no promises they'll do it. I've been asking for help from Chase for 3 years and this is all the farther we've gotten.
by Mollie Reynolds1/27/2012 11:19:34 AM
Answering question from Facebook friend, Lorie Kelley : My father passed away and his home is in foreclosure yet mortgage co keeps sending him notice to pay them $6000 homeowners insurance.
by Mollie Reynolds1/27/2012 11:21:27 AM
Answering question emailed to WPTV. It's from Ruth.: " I have not heard too much information about homes with a 2nd mortgage. This is my situation - I have a 1st mortgage @ $170000 (5.75% interest rate/fixed) and a 2nd mortgage @ $160000 (4% interest rate/adjustable). The home was valued at $425000 4 years ago but is now appraised at around $185000. Is there any help for people in this situation (renegotating with financial instututions? getting reductions on principals? ANYTHING!!?) We are in our late 50's and at this rate we will never be able to afford to retire - we do not want to put what is left of our retirement funds into paying down the principal(s). Can you offer any advise?" - Ruth

Ruth
by Mollie Reynolds1/27/2012 11:23:10 AM
FSU -- I will post the chat on wptv.com for everyone to watch back.
by Mollie Reynolds1/27/2012 11:23:29 AM
How can we see responses to the questions asked by everyone?
by Fsupar1/27/2012 11:25:50 AM
If you missed the beginning,we will post this chat on wptv.com. We will also have another live web chat tonight at 5pm.
by Mollie Reynolds1/27/2012 11:26:49 AM
Interest only loan. Would
by Susan1/27/2012 11:26:50 AM
Built house 5 years ago. owe. 50,000 more than it's value.
by Susan1/27/2012 11:26:56 AM
Talking about Susan's comment.
by Mollie Reynolds1/27/2012 11:27:52 AM
We are underwater and have 10 yrs left on our current home loan. We have maintained all payment on time and have an excellent credit score. We have outgrown our small home and would like to upgrade. I am wondering if there is finance-bridging programs that will allow this upgrade with transfer of any upside down amount to the new loan.
by Mike1/27/2012 11:27:55 AM
Sell for what we owe but does
by Susan1/27/2012 11:28:00 AM
Not appraise. In our 50s. Have been advised
by Susan1/27/2012 11:28:25 AM
To short sale but hate to do this to our credit.
by Susan1/27/2012 11:28:50 AM
Answering Mike
by Mollie Reynolds1/27/2012 11:30:41 AM
I have tried to get loan modification, Bank of America sold my mortgage to M&T bank, it took a month for them to get organized, they never received paperwork from BOA and I submitted again to M&T. 3 weeks go by and they say they dont have it because it was now given over to Bayview to handle some of the overflow. I have been trying to contact asset manager for over 3 more weeks and never get a call back. I am now going to list for sale and try that. What if I want to short sale, can I have it on the market too??
by barb1/27/2012 11:32:47 AM
Answering Barb
by Mollie Reynolds1/27/2012 11:33:42 AM
What options do we have when we are 100K underwater in our mortgage and have a large credit card debt? We barely are able to make month to month. Can we do a short sale if we are under 100k? thanks
by Amanda1/27/2012 11:34:46 AM
Answering Amanda.
by Mollie Reynolds1/27/2012 11:38:43 AM
Situation: 2004 bought home for 325k..put 200k down mortgage 125k
Divorced 2009. House for sale since divorce now asking 185k

by Arthur1/27/2012 11:38:53 AM
About to answer you, Arthur.
by Mollie Reynolds1/27/2012 11:39:01 AM
Got to start again: Situation home purchased 2004 for 350k with 200k down mortgage at 125k.. Divorced 2009. home for sale since 2009 (almost 3 years) now asking 185k. Country club membership required. ( I am not a memeber since it was voted in after I moved in) Buyers love house, not willing to join country club. I went to bank in Sept 2011 for advice, but non of it suited my situation. I am living off 1/2 pension and interest bearing cd's at almost 5%...1 year left at that rate and then they come due and will get very little in rate of return. I stopped paying mortgage (continue to pay HOA) with hopes I can stay in home for awhile and pocket payments until I have enough to buy small condo. What happens to me next do you think I have...Credit score was 805 prior to stopping payments.
by Arthur1/27/2012 11:40:57 AM
@Mollie Reynolds @Mollie Reynolds @Mollie Reynolds how do i see your answers?
by susan1/27/2012 11:42:11 AM
@Susan - I will post the entire chat on wptv.com for you to watch after we're done. We are answering them live via web cam. Play the video player at the top of the chat.
by Mollie Reynolds1/27/2012 11:42:37 AM
I don't see my comment. Should I repost?
by Sarah1/27/2012 11:42:58 AM
@Sarah -- I'm seeing them. I just have to go one at a time. It's easier to follow. You will see it when they are answering. About to answer yours..
by Mollie Reynolds1/27/2012 11:43:51 AM
My husband lost his job three years ago as a construction superintendent. We struggled to pay our mortgage and after being denied by the Making Homes Affordable program were finally granted a modification through Chase. He worked temporarily making a quarter of what he used to annually. He is now unemployed. We had to file bankruptcy. We are now four months behind on our mortgage. I applied for the Florida Hardest Hit program but was denied because of the bankruptcy. I met with a mitigation executive who wanted $1250 down and $299 a month to try to fight the forclosure process. I have not committed as he was talking about trying for a modification. Since I am already in one I didn't think there was a lot that could be done. I called Chase and am going to fill out paperwork to see if they can help with repayment monthly but don't think we can do it financially with my husband unemployed. Is there any hope in saving our home?
by Sarah1/27/2012 11:43:57 AM
Did my post go through?
by nancy1/27/2012 11:44:55 AM
@Nancy, yes. I'm going one at a time.
by Mollie Reynolds1/27/2012 11:46:15 AM
ok i didnt hear them answer my question? did they answer live?
by susan1/27/2012 11:46:19 AM
@susan - yes they did. We will post the chat later this morning.
by Mollie Reynolds1/27/2012 11:46:31 AM