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What options do you think our mortgage company will give us?

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ljfish Joined: 17 Feb 2011 Posts: 1 1.00 Dollars($)	Posted: Thu Feb 17, 2011 5:25 pm    Post subject: What options do you think our mortgage company will give us? Like 0 Dislike 0 We purchased a house in 2003 that we thought was a "healthy" house until just recently. We are the victims of the stucco water infiltration issue (water in our walls). To remediate will cost upwards of 200K. Our homeowners insurance will not help in remediating, our builder is bankrupt and lawyers state that we will pay upwards to 50K on legal fees. Our chances of getting anything from the builders is low and in reading legal cases builders are incredibly protected in PA and we may not see a dime. Our house has depreciated 200K since 2008 and the lender owns seven tenths of the house. We have had excellent credit, never missed a payment, no credit card debt, and have only one car payment. It doesn't seem to make business sense to pay an additional 200K to this house when we would be at the break even or even upside down. What do you think the lender will suggest? A few months of mortage forgiveness would be a small drop in the bucket. I would think they would want to work with us since the house even if we foreclosed would still need 200K worth of work?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Feb 17, 2011 10:22 pm    Post subject: Like 0 Dislike 0 Welcome ljfish, It will solely depend upon the lender as to what options he will offer you. I will suggest you to contact your lender immediately and discuss your situation with him. _________________ Procrastination is the enemy of your financial success

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