Posted on: 09th May, 2009 07:01 am
We have a first (ARM) for 170K and a HELOC for 114K both with same lender. Home vaule is now 250K. We are current on all payments and have excellent credit but if inflation hits we may not be able to keep up. We would like to be proactive and have tried to refi into a fixed, but due to home value have not been able to do so. Should we just cut our losses now and walk away? What are our options? Deed in Lieu??? We live in GA - not sure what the laws are etc.....
No, do not walk away. Keep making your payments.
hi
if you're current on your payments there's no reason why you should walk away from your home. if the house is worth less than what is owed, why don't you try to do a refinance under the new home affordable refinance program. the govt. has introduced this program to help homeowners like you who owe more than the house is worth. have you checked this option? is your mortgage backed by fannie mae or freddie mac?
if you're current on your payments there's no reason why you should walk away from your home. if the house is worth less than what is owed, why don't you try to do a refinance under the new home affordable refinance program. the govt. has introduced this program to help homeowners like you who owe more than the house is worth. have you checked this option? is your mortgage backed by fannie mae or freddie mac?
walking away is far too popular a "solution" to a perceived problem.
i'm on the same page as Eric here...walking away is inappropriate. you talk about "if inflation..."
If wishes were horses, beggars would ride.
If turnips were watches, I would wear one by my side.
And if "ifs" and "ands"
Were pots and pans,
There'd be no work for tinkers!
'nuf said
i'm on the same page as Eric here...walking away is inappropriate. you talk about "if inflation..."
If wishes were horses, beggars would ride.
If turnips were watches, I would wear one by my side.
And if "ifs" and "ands"
Were pots and pans,
There'd be no work for tinkers!
'nuf said
