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stressed

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melmat Guest	Posted: Wed Sep 15, 2010 6:20 pm    Post subject: stressed Like 0 Dislike 0 I am $100,000.00 upside down on my Mortgage with the market in the state of florida. I have owned my property for 7 years with not one late payment. I am having a hard time keeping up, and my lender is no help i have tried everything. my question is i have pmi on the first mortgage if i walk away and don't look back what is going to happen. I also have great credit will i ever get in back if i walk. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Wed Sep 15, 2010 9:09 pm    Post subject: Like 0 Dislike 0 Welcome melmat, If you walkaway from the property, the lender will foreclose it and the deficient balance resulting from the property sale will be covered through your private mortgage insurance (PMI). However, a foreclosure will have a negative affect on your credit report and will lower your score by 250 points. _________________ Procrastination is the enemy of your financial success

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