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.

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.

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.

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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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According to the national realtor association home sales are up 17.4% in the last two months. --quote-- november home sales leap - new york (cnnmoney.com) -- after surging 10% in october, sales of existing homes jumped again in november, growing 7.4% compared with october to an annualized rate of 6.54 million units, according to the national association of realtors. "this clearly is a rush of first-time buyers not wanting to miss out on the tax credit," said nar's chief economist, lawrence yun. november was originally going to be the last month in which sales to first-time homebuyers would qualify for a federal tax credit of up to $8,000. however, that deadline was extended through june. in addition, the tax credit was expanded to cover people who already own a home. they can qualify for a $6,500 tax credit if purchase a new house before the end of june. that should encourage "trade-up" buyers. the strength of sales in november surprised the industry. a panel of experts compiled by briefing.com had forecast month-over-month sales growth of just 2.5% to 6.25 million from 6.1 million a month earlier. the sales total was also a huge improvement over a year ago. sales rose 45.7% over the paltry annualized rate of 4.49 million units during november 2008. the contribution made by first-time buyers is evident in a separate survey nar conducted of its members. they estimate that 51% of sales in november were by newcomers to the market, up a point from 50% in october. normally, first timers account for about 40% of sales. also propelling sales higher were rock-bottom interest rates. the average for a 30-year, fixed-rate loan during the month was just 4.88%, down from 4.95% in october and 6.09% a year ago. with rates that much lower, homebuyers can save more than $150 a month on a $200,000 mortgage. the industry expects home sales to slacken december, partially because of the tax credit's originally scheduled demise. that caused some buyers to push up their closing, stealing sales from december. however, sales will not fall off a cliff, though, according to walter molony, a nar spokesman. "the psychology seems to be turning around," he said. "potential buyers, who had been staying on the fence, now believe we're at or near the market bottom." one x-factor, however, is the vast numbers of homes that may come to market over the next few months. there is a large "shadow inventory" -- homes owned by banks and mortgage companies -- that have not yet been put up for sale. it could be as many as 1.7 million units, according to first american corelogic. in addition, another spate of foreclosures could be hitting the market as a number of option-arm mortgages are set to default. all that may drive prices down, according to shari olefson, author of "foreclosure nation: mortgaging the american dream." and the impact of these renewed price declines could again alter the market psychology. "people think that prices have bottomed," she said. "i don't think they have. people will see price declines and that will discourage them from buying." mike larson, a real estate analyst with weiss research has preached all through the bust that price declines are what will "fix" the housing crisis. "we needed to see prices fall to make ownership competitive with renting again, and to restore the normal relationship of house prices to income," he said. "that has now happened and you're seeing buyers come out of the woodwork as a result." still, they will have to come out in large numbers to offset the inventory overhang in some of the worst markets, according to olefson. in the florida condo market, for example, there is a 35-to-40 month supply of units at the current rates of sale, she said. prices still almost certainly have further to fall --quote-- source: http://money.cnn.com/2009/12/22/rea l_estate/november_existing_home_sal es/index.htm

home sales were down again in November - and there are millions more homes that will probably be foreclosed in the next yr or two, which will keep house prices down - the real estate market has years to go before most homeowners (including me) have positive equity again