Posted on: 24th Jan, 2010 05:31 pm
I bought my condo for $165,000 at 6.87%. The assesed value of the property now is $45,000. My loan modification was denied, I can't pay my house anymore. What should I do?
Now, newlywed, I would like to get a house with the great interest rates we have right now, but we cannot have a house and the condo, cannot afford it. The area where I bought the condo is getting dangerous due to all the foreclosures, we have horrible renters. I do not wish to keep the condo anymore.
Now, newlywed, I would like to get a house with the great interest rates we have right now, but we cannot have a house and the condo, cannot afford it. The area where I bought the condo is getting dangerous due to all the foreclosures, we have horrible renters. I do not wish to keep the condo anymore.
well, you really have limited choices here. you can stop paying for the condo, but this will severely impact your credit. I'm affriad you can't really have it both ways, you want to take advatage of the fall in prices and good rates, but don't wat to take responsibility for the loan you already have, becasue the property has dropped in value.
Basically, unless you file for CH7 bankrutcy you're on the hook for the 165K mortgage. If you do go for a CH7 then you may avoid the mortgage but will have crippled credit.
Basically, unless you file for CH7 bankrutcy you're on the hook for the 165K mortgage. If you do go for a CH7 then you may avoid the mortgage but will have crippled credit.
Hi Guest!
Welcome to forums!
As you do not wish to keep the condo anymore, you can apply for a deed in lieu of foreclosure and sell it off. Once you sell off the property, you won't be responsible for the deficient amount resulting from the sale. However, your credit score would get lowered by 250 points and you won't be able to get qualified for a mortgage within 3-4 years of a deed in lieu.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you do not wish to keep the condo anymore, you can apply for a deed in lieu of foreclosure and sell it off. Once you sell off the property, you won't be responsible for the deficient amount resulting from the sale. However, your credit score would get lowered by 250 points and you won't be able to get qualified for a mortgage within 3-4 years of a deed in lieu.
Feel free to ask if you've further queries.
Sussane
IM TRYING TO MODIFY MY LOAN AND AFTER 10 MONTHS OF MODIFICATION REVIEW GOT DENIED TELLING ME DUE TO DEBT TO INCOME RATIO. BT I CAN PAY 80% OF MY SET MTG PAYMENT. PLEASE HELP WITH ANY ADVICE. THANK YOU....
PLZ EMAIL ME IF YOU HAVE SOME GOOD ADVICE FOR ME, THANK YOU AHEAD.
"anka182000@yahoo.com"
GOD BLESS
[E-mail address deactivated as per forum rules. Thanks.]
"anka182000@yahoo.com"
GOD BLESS
[E-mail address deactivated as per forum rules. Thanks.]
Hi anna!
Welcome to forums!
It is completely the lender's discretion whether or not he would offer you a loan modification. If you do not meet the required criteria of the lender, then your request for modification will not be accepted.
Sussane
Welcome to forums!
It is completely the lender's discretion whether or not he would offer you a loan modification. If you do not meet the required criteria of the lender, then your request for modification will not be accepted.
Sussane