Posted on: 11th Dec, 2010 08:58 am
since the property values have all declined why must we continue to pay the same interest rates prior to the housing and economic collapse? my property value has been reduced through no fault of my own and yet the state tax boards continue to collect the same amount of money for a lesser valued property. why? for the amount of mortgage ($51,000.00) i owe, i find it difficult to find a mortgage company who will refinance my requirements. i want to sell but find the current value of houses in my area has depreciated 10 to 15%. which means i will have to pay over $12k to make up the difference if i sell. please enlighten me.
Though the property value has reduced, you owe the mortgage to the lender. Thus, you will have to pay off the loans in full to the lender. If you're facing hardship in paying off the loan, then you should contact your lender and apply for a loan modification. If the lender agrees to it, then you will have to pay lower monthly payments to the lender but your loan term will get increased.