Posted on: 23rd Apr, 2009 03:06 pm
I live in Sacramento CA. I bought a condo 3 years ago. I paid 178k and put down 20% received a FHA loan but was tricked into taking a 2nd at the time of signing. I ended up using almost 20K of 31k. My monthly payments are now $225.00 + $1100.00 for the 1st and $200.00 in monthly HOA dues. As you can see, it takes most of my income for my dwelling alone. I’m sure I’m upside down and need a refinance or another option I am unaware of. Any ideas from you, the experts? I would appreciate any advice!
contact the loss mitigation department of your lender to see if you qualify for the new obama plan..or if they will renegotiate the terms of your loan.
How can they trick you to get a second mortage after makign 20% down and how much is your first and second loan?
Do you have PMI on the loan also?( Did they trick you on that also)
Do you have PMI on the loan also?( Did they trick you on that also)
Hi go2moby,
Elnora is right. You should contact the loss mitigation department and check out the option of a loan modification. As there is no equity in the property, a refinance will not be possible.
Elnora is right. You should contact the loss mitigation department and check out the option of a loan modification. As there is no equity in the property, a refinance will not be possible.
i can advise you on a du plus loan which is part of obamas plan seems to fit your issues
don terry
pan am bank
don terry
pan am bank