Did you speak to a mortgage specialist in that bank to see why the mortgage renewal was declined? You should shop around using a mortgage broker to see what you are qualifying for.

ON Canada - would you know why they do not want to deal with you? Did you have a run in with them in the past? If you are in ON Canada, email me and we can refinance you with another lender assuming we can comply with their requirements and guidelines. I am also interested on knowing about any experience you had with the particular bank you dealt with. Email me at victor_catalan@centum.ca and we can chat.

They may not as you are in default and they may have called in the mortgage as due. Check at what extent they have moved forward with the default. You may still renew with another lender provided your reasons for the default can be substantiated and deemed unavoidable. Also the rates may be high as well.

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I found out a couple weeks ago that i may or may not still have a position at my office by the end of september. my mortgage rate expires in february. i can't say for sure or not whether i'll be able to find a new job (my industry is very specific and local jobs are pretty scarce at the moment) quickly. so i'm a little scared that if i don't find something by february, and then it comes time to renew my mortgage, maybe my bank won't approve it? i don't want to ask my banker about this because then he'll know the situation.. i could renew it right now while i still have a job is one option. but if i don't renew it while i have a job, i'm unsure as to what my other options would be. would a bank still approve a mortgage if my credit history has been perfect? would i need a co-signer? any information would be helpful. thanks! update -- looks like steve d's information was the best for my situation. i ended up calling my bank (kept myself anonymous) and they explained to me that when it comes time to change my rate, my employment status did not matter. the mortgage is already mine and they can't end it just because of a change in employment. my guess though that if i decided to go with another lender, it'd mean i'd be getting approved for a brand new mortgage. in that case then i believe i may have a more difficult time. thanks everyone for your input!

As a rule if you currently don't have means to repay a loan, they are reluctant to alter any terms.

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I need money badly. i want to start my career soon but the economy is giving me trouble. i have been offered two jobs that pay decent but i don't know which one to take. job 1: large nationwide bank home mortgage department on 3 month contract that can be renewed. $11/hr. job 2: delivering steak and seafood. $13.75/hr. so do i take the job that pays more even though i won't be gaining any relevant work experience for my career?

If you can be financially stable with the first job then I would definitly take the first job. People usually go back to school in a economic depression to get their Masters, I don't know if you have your masters but its only going to get more competitive so at lest get experience to compete.

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Could someone give me some mortgage advice? i bought my condo four years ago with a 5/1 arm because i thought i'd be moving by now...and i am--except, the value of my house has dropped so low it doesn't make sense to sell it. so, i'm renting it out. that's kind of beside the point. i have no problem with my payments at 5.125% and my bank will renew my 5/1 arm next year in june at whatever rate they've got. they're offering a 5.5 right now. i can't refinance w/ a fixed as the value of the property is too low in comparison w/how much i owe on it. should i get the 5.5 now, or is there a chance arms may fall within the next year or so? any advice would be greatly appreciated. thanks. p.s. i would appreciate it if i didn't hear the old "it's your fault we're in this mess" stuff. this was not a sub prime mortgage--the bank was very thorough in asking for credit rating, bank account info, salary, etc. i have a full-time job and job security so i won't be defaulting anytime soon.

Also if it is now a rent house then the mortgage companies will not give you a good rate at all on a new loan. I am being told they won't give better than a 7% loan on investment houses now and you would need to show an 80% loan to value. I would guess that means you will pretty much have to stick to the current loan. Most loans that are called 5/1 ARMs remain fixed for the first 5 years then adjust every year after that- so I would just live with whatever this loan does- each June it will adjust to whatever the current level is (you may have some limits in your adjustments).

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I bought my condo four years ago with a 5/1 arm because i thought i'd be moving by now...and i am--except, the value of my house has dropped so low it doesn't make sense to sell it. so, i'm renting it out. that's kind of beside the point. i have no problem with my payments at 5.125% and my bank will renew my 5/1 arm next year in june at whatever rate they've got. they're offering a 5.5 right now. i can't refinance w/ a fixed as the value of the property is too low in comparison w/how much i owe on it. should i get the 5.5 now, or is there a chance arms may fall within the next year or so? any advice would be greatly appreciated. thanks. p.s. i would appreciate it if i didn't hear the old "it's your fault we're in this mess" stuff. this was not a sub prime mortgage--the bank was very thorough in asking for credit rating, bank account info, salary, etc. i have a full-time job and job security so i won't be defaulting anytime soon.

Even if the rate falls, you can't afford NOT to get a fixed rate loan. Rate WILL increase significantly as soon as the MASSIVE debt the US government just created begins effecting the market. A fixed rate sub-prime loan is better than an adjustable rate loan. Also, at least TRY to refinance with another lender. The worst they can do is say no.

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I got a part time job when i was 16 (working full time during holidays) to save money for uni. i saved about 2000 pounds working my ass up 2 summers. then my dad said that he had to renew mortgage and needed some money for that, he said his pay comes at the end of months so asked me to borrow him some money and he will pay back. but he never paid back; at that time i was still working so i though he will pay back soon then when i started uni i had to stay home as they suggested it would be cheaper. when i got my loans he started to say he had money problems again and said "i need some money for blah blah blah and i might have to borrow it from the bank and have to pay interest while your money is sitting there in your account blah blah blah" he emotionally blackmailed me and i borrowed him most my loan but now he still keeps asking for more money (i worked during last summer 2 jobs to save money for me). but i cant say no (if i do i look like the bad one in the house). and i cant believe like he gives away so many money to charities and stuff useless to my eyes "its a matter of reputation" he says but i am getting really fustrated. he owes me about a total of 4000+ pounds and i know it sounds really greedy but i need that money too i worked for me. today i needed to book for my residential trip for duke of edinburgh and needed to buy new software and asked for £200 back he said "i dont have any money now do you really need it? my pay doesnot come till the end" he even suggested i get a job as i spend too much time sleeping and on the computer -_-" . and the most embarrasing thing is i didnot have enough money to buy my best friend a gift for her birthday, he said what do you do to your loan you dont really go out much either. i really hate him but the family supports him -_- saying how can you ask for your money form your own dad, the family its our money. and yes i cant lie about not having any money as he checks all my letters and statements. should i just move out i mean it would be the same amount of cost with more freedom me thinks. please help!

YES you need to move out. Your Father is stealing from you, his Son, and your family is looking out for him. I cannot believe this. Your own Father does not care if you graduate university or not, he just wants to take all of your money and how dare you ask for it back? This is ludicrous and I am appalled. Move out. You are already dependable and responsible, leave your parents to find their own way in life. How dare they? Who the h*ll do the think they are? I recommend finding a flat (and one with a roommate would be even better because you can split the expenses.) I further recommend that you take your Father to civil court and sue him for reimbursement of that which the dead beat stole. Your Father is a real piece of work and so is anyone who supports him. When you do move out, don't give them any notice or even tell them what you are doing. Just do it. Find your own place, get it set up, have a friend go with you to your house to gather your things. When one of them has the nerve to ask you what you are doing, I would tell them that you realized that living on your own is cheaper than supporting their lazy a$$e$ and that they are grown ups now, its time for them to start acting like it. Then I would have them served with a court order stating that they are being sued civilly in a court of law. UGHHHHHHHHHHH

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I bought my home in 2006 and put down $ 100k, yes its 20% down for a $ 500k house. i have put in another $ 50k in upgrades and remodel. fast forward to 2009, laid off, no income i resort to using my credit card to pay my mortgage while my house was being listed by my realtor. 6 months went by, then a year, the house remained unsold. i'm up to my limit in credit card debt, thinking to sell the house for $ 350k, which will give me approx. $ 50k to pay my credit cards. year and a half later, house is in foreclosure; credit card at max limit. no job, no car (sold it to pay credit card debt), ..and now living like a deadbeat. credit card companies still call and say "hello". same story told to them over and over, no income, no job, no money etc. they "understand". then they sell the debt to collection agency, same thing again. i told them my story..and they don't care. "when are you gona pay?" i say with what? i can sell my t-shirt and underwear, but that might be worth 25 cents. what good will it do? so now, they are suing me in court. went there and told the same story...judgment for the plaintiff. okay, now they want to garnish my wage...but i don't got no job. they want to freeze my bank acct...i have none. they want to..probably kick my ass..that they can definitely do..but that would hurt them, because if i get hurt and sue, they probably owe me money. so here is my dilema, should i file bankruptcy ..as there are other creditor waiting in line to sue me. or should i go to court and and plea guilty but have no way to pay? yeah, i know..i'm a deadbeat, but i don't blame my misfortune on no one except myself. lost my life savings and people are laughing at me. what a cruel world this is. to file bk or not to file bk? if i do, i will have a fresh start says a friend. if i don't, my friend says that the creditors will put my balance on my credit report, and renew it every 7 years...meaning that i can call the credit reporting agency to remove it, but they have a right and probably will repost my balance...as nothing had been collected. is this true? i thought a negative item must be removed after 7 years, but it could be put back in and stay for another 7 years?? please help. thanks in advance.

I'm not a financial advisor or lawyer or anything like that, so take my advice for what it's worth. It all depends upon what the future holds for you. A bankruptcy will eliminate the obligation you owe them. They cannot keep refiling on you since you wont owe them any money (in a legal sense). The bank will take back the house. Sometimes the bank will actually pay you money to peacefully leave the foreclosure without running around and yanking out all the wiring and stuff. It's cheaper for them just to pay you $5k than to send in home repair people to fix all the damage that crazy borrowers do when they leave. But that'd be up to your bank. I've heard ads on the radio about how you have better credit rating after filing bankruptcy. Do you know why? Because if you get into debt trouble again, you can't file bankruptcy. Debtors can basically take everything you have if you get in this kind of mess again. So resist the temptation to go and start over with your credit until you're abso-effing-lutely sure you're not going to get into trouble again (like with a secured credit card once you have an established job again).

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I asked this in economics half an hour ago, but i haven't gotten any responses yet. i would really appreciate it if any answers i get here could be as politically unbiased as possible. this forum has a reputation for bringing out the extremism in people, and i'm not interested in dealing with that. 1. jimmy currently rents a small apartment for $1,000 a month, but is looking to own. the bank offers him a house costing $300,000; at their current rate, his mortgage payments would also be $1,000 a month. jimmy buys the house, taking out the $250,000 mortgage and making a $50,000 down payment. 2. jimmy recommends this amazing deal to his friends, the mcgees, and they take it. in turn, they recommend it to their own friends, who recommend it to their friends. and so on and so forth until the demand for these homes is high enough to make home prices in their area go up. 3. jimmy’s house now costs $400,000. he renews his mortgage and his monthly payments go up to $3,000. he can’t afford it, so he sells the house and emerges relatively unscathed. as everyone else starts selling the homes they bought at the above rate, the supply rises enough to make prices drop. 4. after the drop, some people who try to sell can only get $250,000 out of the original $400,000 back. as a result, they must take out a non-tax-deductible loan of the difference ($150,000). this is unrealistic for many of them; some of them declare bankruptcy, others simply abandon the houses. the supply rises further and the prices drop further. 5. by this time, banks have become reluctant to give out loans, since they’ve already given out so much. some of them fail. the others tighten the qualifications necessary for a loan, which makes major purchases that are often made on credit (homes, cars, appliances, furniture, etc.) harder to buy. 6. the demand for those products drops, which means production drops, which means the workers who used to produce those things lose their jobs. resulting, of course, in even more inability to pay off homes. and the cycle continues. deacon666smirk: thanks for being the first person to give me a good answer. but i did point out that high-paying manufacturing jobs have been lost because of a drop in production. john d and rrm38: i will add that jimmy does renew his mortgage in step 3. since he doesn't have the house completely paid off by that point. thanks for pointing that out. and since writing this timeline some weeks ago, i have become aware of the community reinvestment act.

3 is incorrect. His original mortgage is still the same as mentioned by a previous person. What really happened is that Jimmy took out an ARM. When the ARM came up, his rate increased substantially making his payments $1500/month. Since Jimmy was barely covering his mortgage and other expenses (food, utilities, Credit card debt from buying clothes at the gap and an ipod/iphone), he can no longer make the payment. He goes into default and the bank has to write it off taking the loss. A bunch of Jimmys do the same thing and banks start losing loans and fail. There are also a bunch of subprime loans failing too (loans made to people with marginal credit). Then the media reports this housing crisis. Consumers panic and stop spending money. Since they are buying anymore widgets, people who make widgets and all the pieces for the widgets lose their jobs too.

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I'm only 16, and i don't know much about law yet, but i thought i would try to understand a little better. this is kind of long, so please only read if you intend on helping. my parents bought a house back in 2001 for $33,000 outright and clear. it was a piece of crap, but had 17 acres, so they thought it would be a good investment. my dad is a contractor, and for several years he would do jobs for other people, fixing our house little by little as he could. in 2006 a man that my dad had had dealings with before offered him a deal. if we put his name on a 3rd of the title, he would pay for the materials for our house, pay us labor money when it sold, and would get half the profit when it sold. so we moved out and rented a small place while work was going on. but as it turns out, the guy borrowed $230,000 against our property. the bank (washington mutual) authorized a construction loan of what the estimated future value of what the house would be. i know it is illegal to do that when the house isn't your main address and the one you live at. the loan wasn't under my parents name, and had nothing to do with us. overall, the guy paid us $75,000 for materials on the house, and spent $155,000 on vacations, cars, and other jobs. -_- all the money was supposed to go towards this one property. so basically he took the equity out of our house, and turned around and paid us with our own money. after two years of working hard on this place, we get a call from the guy saying he is out of money, we're not going to be able to finish, he's months late on the mortgage payment, and he's declaring bankruptcy. all of this, and we still haven't been paid for labor ( i did quite a bit too). immediately my mom slapped on a contractor's lien against the house for $257,000. we didn't have the $1,500 to foreclose on the house, so the bank decided to wait us out until it expired, then try to foreclose on it. so now our only option is to file a lawsuit against the guy, and now (chase) bank for fraud and damages. chase refuses to speak with us because we our not on the loan, yet they're trying to take our house. don't get me wrong, we are not sue happy people. we are people who have been screwed out of two years of work, and now cannot even afford to renew our bonding and insurance, so my dad can't work. my mom has had many medical disasters because of the stress of this. including numerous surgeries for collapsed arteries and strokes. i am the main money maker as of right now, with my part time job at mcdonalds. we have also spent the past year guarding this house and maintaining it from vandalism. we can't afford to hire a lawyer, and none are confident enough to step up to the bank. so my mom has taken legal action of her own. she is filing a lawsuit and complaint, and is going to be representing herself in court. what we want is just the title to the house free and clear. so what do you think is going to happen in the end of this?

Honestly, this question is above the realm of expertise for people on Yahoo to answer. You guys need to contact a lawyer ASAP. The whole situation is horrible and I am very sorry this has happened to you. Please contact an attorney or your states legal board to get a recommendation because the sooner someone can act on this for you the better. Good luck.

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My sister and i have an empty commercial building that is slowwww to sell. haven't yet been successful in getting a lease at all! though we each have jobs, it's financially hard on us to keep paying our bills plus the mortgage on the commercial building. from the bank with the loan, i've been offered a change in the agreement: to go from my 20 year loan which still had two years to balloon maturity....to a one year maturity date with interest only. the latter saves us money and helps. and though there's no guarantee that the building will sell in the next year, or that they will renew to another one year interest-only loan in a year, there is hope in both fronts, isn't there?? sure, we have no bites, but who knows. are there good reasons to accept or not accept the interest-only one year agreement?? it does financially help us. we are still so unsure what to do. and please, if you think i should go with one over the other, tell me why. lol

I'm going to suggest you stay where you are. I agree with the other poster that at least you know what you have to pay each month now. The other reason, commercial lending was essentially ground to a stop with all the problems with the lending institutions. Residential hasn't been a problem, but commercial was hit hard. With the effects of the bail out trickling down, there should be money for commercial lending coming down the pike, which may net you a buyer. As with all things, price is king right now. If you are able, lower your price.