Posted on: 13th Aug, 2009 01:20 pm
My house that I purchased in 2007 has lost about $40,000 in value. I have an 80/20 but I don't think my loan was sold to Freddie or Fannie. I have nothing derogatory on my credit, long term on the job but my ratio is a tad on the high side. I got du approval for an FHA but my appraisal is too low. What can I do?
hi msstep!
welcome to forums!
you've mentioned that your property has lost about $40,000 in value. no lender would be ready to refinance your property as there's no equity in it. if you want to reduce your payments to some extent, you will have to apply for a loan modification. if the lender agrees to this, he would reduce your interest rate thereby lowering your monthly payments. however, this would increase the term of your loan payment.
feel free to ask if you've further queries.
sussane
welcome to forums!
you've mentioned that your property has lost about $40,000 in value. no lender would be ready to refinance your property as there's no equity in it. if you want to reduce your payments to some extent, you will have to apply for a loan modification. if the lender agrees to this, he would reduce your interest rate thereby lowering your monthly payments. however, this would increase the term of your loan payment.
feel free to ask if you've further queries.
sussane
Have you called your lender for loan modification.
I think you may qualify in some other program
I think you may qualify in some other program