Compare Mortgage Quotes

Guest

We bought our SFH in AZ in 8/2007 for $267K, owe around $258K... and the current value is maybe $200K. Since we have a few dollars in savings, no other debt and two jobs we cannot qualify for a modification. And the value has dropped too much so that we cannot refinance. We want to improve our payments and lower our interest rate. I forgot to mention our credit is very good and the mortgage is in good standing. Does anyone have a suggestion for our plight?

jameshogg · Posted: Mon Jul 05, 2010 11:50 pm Post subject:

Hi Guest,

As the property is underwater, you won't be able to refinance the loan. Moreover, you've mentioned that you cannot get a loan modification as you do not satisfy the required criteria of the lender. Thus, you won't be able to reduce your interest rate in order to pay off the mortgage dues. In such a situation, you only have the option of selling off the property. You need to list the property in the market and check out if you can get buyer for the property.

Thanks

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

Buy our mortgage

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1