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sdgolden58 · Joined: 03 Jun 2011 Posts: 1 1.23 Dollars($)

I have been told I do not qualify for the making home affordable program.

gmakerley · Posted: Fri Jun 03, 2011 7:29 am Post subject:

SD, it's apparent you're in a real jam. With a home value that has declined, that's going to prevent lenders from granting a new loan to allow a reduction in the interest rate.

I'm quite certain that many of the thousands who've abandoned their homes and walked away were in a similar plight, faced with no real solution to what's obviously an impossible situation.

Other than simply continuing to make payments as best you can, a not especially productive act, it would seem that walking away is another choice you have.

I've never been one to advocate such an action. Doing so doesn't solve all the problems, as lenders can and often will seek judgments from borrowers who bail out. Not only that, but doing so will certainly have an adverse effect on your credit standing and get in the way of future credit needs.

I wish I had a more positive outlook on your situation. Have you had discussions with your lender about the possibility of modifying your loan to a reduced rate, more in line with what interest rates ought to really be anyway?

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I have an underwater mortgage with 10.3 interest rate what can I do?

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