Posted on: 21st May, 2009 09:50 pm
I was offered a modification that is not from the federal program. It is just a 5 yr ARM and the value has drpped 165 K. I know in 5 yrs I will not be able to refi b/c the value will still be lower than the mortgage. Should I take it?
Hi lisa
If you do not accept the loan modification now, then you'll lose the property as the lender may foreclose it. Keeping that in mind, I think it would be a good idea to go for the loan modification. You can try to negotiate with your lender so that he gives you better terms while modifying the loan.
Thanks.
If you do not accept the loan modification now, then you'll lose the property as the lender may foreclose it. Keeping that in mind, I think it would be a good idea to go for the loan modification. You can try to negotiate with your lender so that he gives you better terms while modifying the loan.
Thanks.
Lisa denpding on each barrower the banks may offer you somethign which is suitbale to meet your current needs and also preotecting thier interest.
If the current modification can help you keep you home and stay current on yoru payment, probably take it. Few few people are luck to get the modifications. If you can suatin and increase your income in the enxt 5 years then probaly you will be in a better situation refinacne again.
No one can predict if the house price will go back to the same levels and also no one can predict if the interest would be high in 5 years.
If it helps you now with this modification to stay in your current house. I would say keep it.
If the current modification can help you keep you home and stay current on yoru payment, probably take it. Few few people are luck to get the modifications. If you can suatin and increase your income in the enxt 5 years then probaly you will be in a better situation refinacne again.
No one can predict if the house price will go back to the same levels and also no one can predict if the interest would be high in 5 years.
If it helps you now with this modification to stay in your current house. I would say keep it.