Posted on: 13th Aug, 2010 08:47 am
My husband and I are facing the upside down market right now. Our home is obviously worth less than what we are paying month to month. We have tried before to refinace and have been denied becuase understandably so, since there is not enough equity built into our home as of yet since we have only been living there for 3 years. We DO NOT want to go into foreclosure, nor do we want a short sale...but with the way the market is saturated in our are and the values of comprable homes are way down than what we would need in order to pay off our existing loan...what hope is there? Our mortgage company is very difficult to deal with and does not offer many options that will not adversly affect our credit. Any advice at this point would be great!
Hi carabear,
As you want to save your property, you'll have to apply for a loan modification with your lender. The lenders will be ready to modify your loan if you're 2-3 months delinquent on your mortgage payments. After modification, your interest rates may reduce and the term of the loan may get increased which will help you in paying off the loan in an affordable manner.
Thanks
As you want to save your property, you'll have to apply for a loan modification with your lender. The lenders will be ready to modify your loan if you're 2-3 months delinquent on your mortgage payments. After modification, your interest rates may reduce and the term of the loan may get increased which will help you in paying off the loan in an affordable manner.
Thanks