Posted on: 24th Sep, 2010 09:23 am
we have owned our home going into the sixth year.
our mortgage rates are 9.8% on the second, and 6.8 on the primary. cenlar is holding our primary, an admin for the federal goverment due to tbw closing their doors. are house is so under water and the finance charges so high, we are thinking we will be better off walking away. we have checked all goverment help, they say we make enough money to pay the high loans, or the house is not enough under water. all we would like is to combine the payment into one, at a reasonable interest rate. where do we turn from here? we already tried to refinance and have been turned down.
our mortgage rates are 9.8% on the second, and 6.8 on the primary. cenlar is holding our primary, an admin for the federal goverment due to tbw closing their doors. are house is so under water and the finance charges so high, we are thinking we will be better off walking away. we have checked all goverment help, they say we make enough money to pay the high loans, or the house is not enough under water. all we would like is to combine the payment into one, at a reasonable interest rate. where do we turn from here? we already tried to refinance and have been turned down.
Hi tequiza100
Welcome to mortgage fit,
I assume that your mortgage term could be at least 20 yrs.So far you have only accomplished 1/3 equity in the home.With this much of equity do you really think that walking away will anyway benefit you as far as credit score is concerned and new home purchase/rental is concerned.
If you are finding any hardships in paying current mortgage then it can be understood but as far as restructuring the whole debt just because there are plans available for it (plans for those who are really struggling) makes little sense.
I think you should continue with the home if you do not have any alternate source for living either own property or reasonable rented property.
Even if you have any alternate rental property option still you need to check out some calculations whether does it make any sense economically to leave current home and rent a new home with loosing an equity with 6 yrs.I mean if you think it does make sense economically then you can go ahead.If not? then unnecessarily get in to trouble just for nothing...............
Feel free to ask any further query if you have.................
DIPA
Welcome to mortgage fit,
I assume that your mortgage term could be at least 20 yrs.So far you have only accomplished 1/3 equity in the home.With this much of equity do you really think that walking away will anyway benefit you as far as credit score is concerned and new home purchase/rental is concerned.
If you are finding any hardships in paying current mortgage then it can be understood but as far as restructuring the whole debt just because there are plans available for it (plans for those who are really struggling) makes little sense.
I think you should continue with the home if you do not have any alternate source for living either own property or reasonable rented property.
Even if you have any alternate rental property option still you need to check out some calculations whether does it make any sense economically to leave current home and rent a new home with loosing an equity with 6 yrs.I mean if you think it does make sense economically then you can go ahead.If not? then unnecessarily get in to trouble just for nothing...............
Feel free to ask any further query if you have.................
DIPA
I have tried selling and renting a townhome without success. Now I am in a situation where my income does not allow me to make mortgage payments on the aforementioned home, as well as my principal residence. Would deed-in-lieu of foreclosure be a good option to consider, or is there another approach as a solution?
welcome sskipper,
if you're already delinquent in your mortgage payments, then you should contact your lender and apply for a deed in lieu of foreclosure. the lender will not be able to come after you for the balance amount. however, if you're not delinquent on your mortgage payments, then the lender will not accept your request.
if you're already delinquent in your mortgage payments, then you should contact your lender and apply for a deed in lieu of foreclosure. the lender will not be able to come after you for the balance amount. however, if you're not delinquent on your mortgage payments, then the lender will not accept your request.
Hi sskipper,
DIL could be one of the great option if your lender agrees to go for it....
I think you can refer this link for more information on DIL....
If he doesn't then you can even try other options like short-sale or Foreclosure.
http://www.mortgagefit.com/deed-lieu.html
Feel free to ask any further query if you have............
DIPA :arrow: :arrow: :arrow: :wink: :wink: :wink: :lol: :lol: :lol:
DIL could be one of the great option if your lender agrees to go for it....
I think you can refer this link for more information on DIL....
If he doesn't then you can even try other options like short-sale or Foreclosure.
http://www.mortgagefit.com/deed-lieu.html
Feel free to ask any further query if you have............
DIPA :arrow: :arrow: :arrow: :wink: :wink: :wink: :lol: :lol: :lol: