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Home >> Lending >> Home Mortgage
Bank Plays Games as I try to Save My Home
I purchased a home eleven years ago and found myself "upside down", and have been trying to refinance it for over a year. If my bank wants me to short sale my home for $132,000, why wouldn't they refinance it for me at $150,000? I owe $400,000, but cannot afford the payment as my spouse had her job cut in half. Can one bank finance me, so that I can make an offer on my own home? Like everyone else, we need help and we do not want to lose our home. For ten years we never missed a payment, nor were we ever late on a payment. Now, however, our credit is terrible. Can anyone help us, or do we have to give up our home so that someone else can have it for peanuts?
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 Your lender likely doesn't want to take such a loss, only to allow you to continue to live there. If you had another problem, would they be expected to take another loss? They're under no obligation to allow the short sale. Many people are in your same situation and, as unfair and unfortunate as it is, there is just little that can be done in these circumstances.
Published on BankingQuestions.com 7/28/10
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