Posted on: 26th Mar, 2010 09:46 am
What help if any is available to homeowners that have excellent credit but are upside down in value.
The current value is in the $235 range with an estimated balance of $280K.
My son has an interest only 1st and at 6.75% and a 2nd in the high 7% range. All payments have been on time. Both loans were done with one lender and are not willing to do anything to assist to restructure into one loan. Can you assist?
Thanks,
Joe
The current value is in the $235 range with an estimated balance of $280K.
My son has an interest only 1st and at 6.75% and a 2nd in the high 7% range. All payments have been on time. Both loans were done with one lender and are not willing to do anything to assist to restructure into one loan. Can you assist?
Thanks,
Joe
hi icedog!
welcome to forums!
as the property is underwater, the lenders will not be ready to refinance the loan though you have a good credit score. you can negotiate with the lender in order to see if he can help you with a loan modification. this will help you in getting a lower interest rate which will make it affordable for you to pay off the loan. however, the term for loan payments would get increased.
sussane
welcome to forums!
as the property is underwater, the lenders will not be ready to refinance the loan though you have a good credit score. you can negotiate with the lender in order to see if he can help you with a loan modification. this will help you in getting a lower interest rate which will make it affordable for you to pay off the loan. however, the term for loan payments would get increased.
sussane
You need to try the mortgage reduction program where the legal team will work to get the principal reduced, lower the payments,etc. There are a lot of mortgages which are upside down or "toxic" and many people are hurting. The lawyers will check this out for you free of charge and get back to you with their results. They have a high rate of success with the mortgage companies and banks. More info, contact me at bernasbusiness (at) yahoo (dot) com