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kyount · Joined: 06 Jul 2009 Posts: 1 1.38 Dollars($)

We live in NW Florida and are upside down on our mortgage. We owe $490,000 but the market value is closer to $335,000. We have two mortgages. The 1st is for $340,000, interest only and the 2nd is a HELOC for $150,000. We feel it just doesn't make sense to continue to making payments on a loosing property. The probablility of the market turning before we want to retire is pretty slim (we're 58 and 55 yrs. old). Can you suggest a way for us to find a fixed mortgage for the current value of the property? We are also strongly considering doing a short sale and finding something more reasonable or even renting until the market is corrected. Thank you for your help.

eric1 · Posted: Mon Jul 06, 2009 5:54 pm Post subject:

Your current lender is the only one who can modify your existing loan. Give them a call.

gmakerley · Posted: Tue Jul 07, 2009 8:31 am Post subject:

thanks, eric. i don't have a clue as to how there'd be a belief that a different bank can modify an existing loan, but it seems to be rampant.

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Is there a lender who does a loan modification for upside down mortgages?

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