Posted on: 09th Jul, 2010 07:38 am
I have a home approximately worth in the 500K range. This is down from around 650K 4-5 years ago. We have a mortgage and a home equity for a total of 512K owed. Incredibly, the home equity is listed in the 1st lein position, while the 'main' lien is in the 2nd position.
Our mortgage and home equity is nearing 70% of our gross income. Credit scores are very good and we are completely current with our mortgage.
We want to downgrade our monthly payment significantly but with our deby over our resale value, we don't know what to do!
Any advice is thoroughly appreciated.
Thank you
Our mortgage and home equity is nearing 70% of our gross income. Credit scores are very good and we are completely current with our mortgage.
We want to downgrade our monthly payment significantly but with our deby over our resale value, we don't know what to do!
Any advice is thoroughly appreciated.
Thank you
I recommend you contact your mortgage lender and apply for a loan modification. Do not let them trick you into thinking you must go late on the mortgage before a loan modification can happen. Read the below blog about a client of mine who was successful without having to go late.
You don't have to be behind on the mortgage to get a loan mod:
"http://activerain.com/blogsview/877876/you-don-t-have-to-be-behind-on-the-mortgage-to-get-a-loan-modification"
[Link deactivated as per forum rules. Thanks.]
You don't have to be behind on the mortgage to get a loan mod:
"http://activerain.com/blogsview/877876/you-don-t-have-to-be-behind-on-the-mortgage-to-get-a-loan-modification"
[Link deactivated as per forum rules. Thanks.]
I was also able to do what the above person stated. good luck
