Posted on: 07th Jun, 2009 06:07 pm
I owe $60,000 on my home The house across the street just sold for $2000 Im so ready to leave cause the neighborhood is going down I just here to many stories about the bank coming back after that money if u dont have a hardship Im still working just not that many hrs Plus the auto industry aint the same My Garage collapsed and State Farm wont pay for it is another reason Im ready to go Should I just walk and take a chance or are there programs to reduce the principle because of the neighborhood something anything????
hi
there isn't any program that will reduce the principal amount owed, but there are loan modification programs that can reduce the amount of monthly payments. if the loan is owned by fannie mae or freddie mac, you'll be able to refinance using the home affordable refinance program, even though your property value has gone down. but if you're thinking of leaving the property, you can go for a deed in lieu of foreclosure. chances are there that the deficiency amount would be forgiven by your lender in a deed in lieu.
there isn't any program that will reduce the principal amount owed, but there are loan modification programs that can reduce the amount of monthly payments. if the loan is owned by fannie mae or freddie mac, you'll be able to refinance using the home affordable refinance program, even though your property value has gone down. but if you're thinking of leaving the property, you can go for a deed in lieu of foreclosure. chances are there that the deficiency amount would be forgiven by your lender in a deed in lieu.
Hard times, how much would a home like yours rent for?
you are answerable to pay yor loan.
you have some options available to you like:
Special Forbearance, Mortgage Modification, Partial Claim, Pre-foreclosure sale, Deed-in-lieu of foreclosure
you have some options available to you like:
Special Forbearance, Mortgage Modification, Partial Claim, Pre-foreclosure sale, Deed-in-lieu of foreclosure
i like eric's thought...if you rent the home out, can you make back at least your mortgage payment and a small profit?
