Posted on: 19th Jul, 2010 03:21 pm
I have PPCP of $35k, but mortgage has increased from refi cash outs & fee by $65k (total $90k before PPCP). How do I treat this?
Hi freeman!
Welcome to forums!
If you're unable to pay the mortgage dues, then you need to contact your lender and inform him about your hardship. If you can convince your lender, he may offer you a loan modification which will make it affordable for you to pay off the dues. However, there is a low chance that the lender will reduce your principal balance.
If you want to get rid of the property, then you can apply for a deed in lieu of foreclosure. You'll be able to sell off the property and won't be liable for the deficient balance even.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you're unable to pay the mortgage dues, then you need to contact your lender and inform him about your hardship. If you can convince your lender, he may offer you a loan modification which will make it affordable for you to pay off the dues. However, there is a low chance that the lender will reduce your principal balance.
If you want to get rid of the property, then you can apply for a deed in lieu of foreclosure. You'll be able to sell off the property and won't be liable for the deficient balance even.
Feel free to ask if you've further queries.
Sussane