Upside Down Mortgage

Posts Tagged ‘upside’

upside down mortgages

Question: upside down mortgage?

I am currently in a mortgage with an interest rate of 9.9 %. My FICO is much higher from when I started with this mortgage. I want to refinance for a better rate, but I’m upside down by 35k. What to do, what to do.

Answer: Your interest rate is pretty high---believe me--you are not alone in being up-side down on a property. I would go for it.. Chances are your deprecation on your property will be made up over the long term of your loan if the interest rate is right. Even if your payment stays the same if they work the loss in and cut a few years off your mortgage-you are a winner.and sooner or later the market has got to level out.Property will never become worthless. Give it a shot--sit down and crunch the math before you sign anything.

Upside Down Mortgage Home Loan Negative Equity

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upside down mortgage modification

Question: How can I get my modified Home loan?

I have good (over 700) credit. I am not behind on my mortgage. I have a fixed rate on my house. But I hear all the advertisements for loan modifications for people in trouble. I am upside down on my mortgage,, How can I get my loan amount reduced?

Answer: If you want to protect your credit, try to refi.

Loan mods will damage your credit and add years to the term of the loan.

Upside Down Mortgage - Loan Modification - Refinance - California

upside down mortgage refinance options

Question: Foreclosure: Walking away from my house?

This is the last thing I want to do, but I'm afraid I'm out of options. I live paycheck to paycheck and have enough debt to dip into credit cards monthly to pay utilities. My wife just lost her job and there's no way we can pay our credit card bills and mortgage. We bought our home in Colorado in 2001 and we're now nearly $100K upside down with our 1st and 2nd together making it impossible to refinance. If we walk away, I know her mom will let us stay at her house until we're back on our feet. I understand many of you will judge me for bad decisions, but I'm really looking for constructive responses. Here are my questions.

1. Can the lender come after my assets or garnish my wages?

2. What happens to the 1st and 2nd mortgages?

3. The other drastic option would be a credit card relief company. Is this worse than walking away from my house?

Thanks in advance.

Answer: If the house is worth less than you owe then yes they can come after you for the remaining amount. I would look into a consumer credit company before walking away from your house as long as you can still pay your mortgages. Also you have to think about how long you will be staying at your moms if you walk away. You won't be able to buy another house and some apartments might not take you either. Or you could lastly talk to an attorney and see about filing bankruptcy.

Refinance Upside Down Mortgage- Fannie Mae's New Program to Help Homeowners