Posted on: 06th Jul, 2009 06:07 am
We live in NW Florida and are upside down on our mortgage. We owe $490,000 but the market value is closer to $335,000. We have two mortgages. The 1st is for $340,000, interest only and the 2nd is a HELOC for $150,000. We feel it just doesn't make sense to continue to making payments on a loosing property. The probablility of the market turning before we want to retire is pretty slim (we're 58 and 55 yrs. old). Can you suggest a way for us to find a fixed mortgage for the current value of the property? We are also strongly considering doing a short sale and finding something more reasonable or even renting until the market is corrected. Thank you for your help.
Your current lender is the only one who can modify your existing loan. Give them a call.
thanks, eric. i don't have a clue as to how there'd be a belief that a different bank can modify an existing loan, but it seems to be rampant.
