upside down

jlynch000 · Joined: 09 Apr 2008 Posts: 1 1.33 Dollars($)

hi i have a 1st mortgage at 120 kand a 2nd for 62k,i live in mi times are tough,in my nieghborhood houses that were worth 100k 2 yrs ago are selling for 40k,mine is probably around 70k..do the mortgage companys work with you or is bank ruptsy the only way?

Niicss · Posted: Wed Apr 09, 2008 5:57 am Post subject:

Welcome jlynch000.

Can't you make your make mortgage payments? If you want to sale or go for foreclosure that will be scary options as the home prices in your neighboring areas got very low. If you can make the payments, Keep making it as the home price will raise again.

Let me know if you have any further queries.

evolovik26 · Posted: Wed Apr 09, 2008 6:26 am Post subject:

how did you ever get a 180k loan on 100k house?

Guest 0.10 Dollars($)

may be the appraisal was inflated or perhaps he got a no equity loan or something like that.

gmakerley · Posted: Thu Apr 10, 2008 6:35 am Post subject:

if you are able to continue to make your mortgage payments, you ought to do so. simply because the value on the property has dropped, that should not affect your repayment habits.

of course, if you are struggling with making the payments, your first best move is to contact your mortgage company to see what arrangements you can make to best serve both of you.

bankruptcy, though an option, is not the best option. if you wish to remain in the home and can work through the hardship, that is your best bet. by all means, discuss your options with the mortgage company before you decide to make any fast decisions that will adversely affect your credit standing for years to come.

All times are GMT - 7 Hours

Page 1 of 1