We were out with friends and met a couple from Schenectady city who said they are in a bind.
They bought there house about 5 years ago and with interest rates at historic lows, they applied to refinance last year.
Most of you know what happened, right?
They were denied! An appraisal was required, the balance on their mortgage exceeded the appraisal value. They were apparently among the clueless people, though we didn't tell them that. They tried to argue with the bank they said, because they bought their house for slightly more than the assessment assigned in the last assessment and they said they showed the bank the copy of the tax bill which of course has the assessment on it.
The bank explained to them that in Schenectady, appraisal values and assessment values are two separate things because of the falling values. But they were not qualified for a re-fi under any of those so called programs resulting from the real estate crisis either. They tried another bank, same denial. Their next door neighbors told them to grieve there assessment, which they did last month. We didn't need to hear anymore.
We didn't tell them that McC's assessment cronies tell people "denied, insufficient data." We probably won't see them, don't even know their last names, but can you image if the board refuses to reduce their assessment (and full market value) despite that they were unable to refinance because two banks denied them because they owe more than their house is wroth! Hopefully if they get denied they'll go to small claims.
But someone claims the city is in a renaissance, it's doing so well, it's wonderful. ROFL. Cheerleader for the city and the dems is going to stay as far away from addressing this truth about how bad things are.
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Since they are in a 'bind' and are denied a refi and there is no light at the end of the tunnel...........then just walk away!!!
There isn't a property in the city of Schenectady worth the head/heartache.
Living in the city of Schenectady is a lose-lose situation.....for the homeowners that is.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
and it's getting that way in Schenectady County period
uh yup!
it's just dying a slower death than Detroit.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
They were denied! An appraisal was required, the balance on their mortgage exceeded the appraisal value. They were apparently among the clueless people, though we didn't tell them that. They tried to argue with the bank they said, because they bought their house for slightly more than the assessment assigned in the last assessment and they said they showed the bank the copy of the tax bill which of course has the assessment on it.
The bank explained to them that in Schenectady, appraisal values and assessment values are two separate things because of the falling values. But they were not qualified for a re-fi under any of those so called programs resulting from the real estate crisis either. They tried another bank, same denial. Their next door neighbors told them to grieve there assessment, which they did last month. We didn't need to hear anymore.
You would think at a minimum, you could refinance the portion of the mortgage that the appraised value indicates. Even that would be a big help I would think.
You would think at a minimum, you could refinance the portion of the mortgage that the appraised value indicates. Even that would be a big help I would think.
banks don't want to be stuck holding the keys to worthless property no matter what the value is on paper...
grab the money and flee would be the order of the day IMHO
Ever notice Trustco bank does not invest in any City/Plex. projects? These come to mind:The Union St./Barrett St. and State St./S.Ferry St. apt. projects by Maddalone Assoc. and any downtown business financing etc. I cannot recall any. Please correct me if I'm in error.
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