Posts Tagged ‘owe more than home worth’
Can we just stop making payments?
July 12th, 2009
My situation is this. We owe more than our home is worth and we are having a difficult time making payments. We want to refinance but need to know how being upside down would affect our decision.
Is it wise to stop making payments and let the bank restructure our loan?
Do we have to go that route to get help?
We have never been late before and we both have good credit, but we are having a very difficult time making our mortgage payments - probably like a lot of people today.
Does anyone have any suggestions?
Thank you for your help and advice.
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Posted in Behind On Mortgage, Foreclosure, Help with mortgage, Home Loan Refinancing, Loan Modification Help, Refinance Questions, Upside Down Mortgage FAQs | 
Tags: bank foreclosing, bank restructure loan, can we just walk away, cannot afford to make payments, cannot make mortgage payments, difficulty making payments, good credit, hard times, having difficult time making payments, just walk away, let the bank take home, mortgage payments, never been late, owe more than home worth, restructure, stop making payments, upside down, upside down and refinancing, upside down and restructuing, want refinance | 
1 Comment »
How to Buy a New Home When Upside Down on Current Home?
June 28th, 2009
How to purchase another home when you owe more on your present home than it would sell for?
Here is my situation. I purchased a home for $229k now the market value of this home is only 170k. It is a very nice home. Are there programs available for people in this situation? I was hoping that the government would have done something about this. I have good credit. Thanks for all the advice and help.
How to buy new home when upside down on current one?
How can one possible owe more on a home than it is worth?
May 30th, 2009
I'm totally new at this so this may sound like a lame question (sorry). I see that a lot of the mention of the 'upside down mortgage' problems in real estate these days. But I am wondering if a home is worth $700,000 then how can you possibly owe more than that? Is it something to do with interest rate? Can someone explain? Forgive my ignorance.
Thanks,
Tammy