Posted on: 15th Apr, 2009 11:56 am
i can't afford the 1324 monthly payment on my limited income. also there is a 50,000 home equity loan that i am paying. the mortgage balance is 117,000. what can i do?
hi sallyarthur,
if you want to keep the house, you should talk with the loss mitigation dept. and explore the option of a loan modification. this can help you reduce your monthly payments. if a modification is not possible and you want to get rid of the house, you can go for a short sale or deed in lieu.
if you want to keep the house, you should talk with the loss mitigation dept. and explore the option of a loan modification. this can help you reduce your monthly payments. if a modification is not possible and you want to get rid of the house, you can go for a short sale or deed in lieu.
I am not interested in keeping the house. It is too larege for one person (four large bedrooms) but know it won't sell for what is owed on it. How does a person go about walking away and what are the legal problems?
check with your bank for your options before walkign away. It will affect your credit score and affects you for a logn term.
May be if your bank can readjusts your payment, you may be able to rent the house to cover your payment.
May be if your bank can readjusts your payment, you may be able to rent the house to cover your payment.