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baxterae · Joined: 13 Jul 2009 Posts: 1 1.00 Dollars($)

My house is worth $180000 and 2 and 1/2 years ago we paid $310500. Should we attempt to refinance or modify the loan or just accept a foreclosure?

Niicss · Posted: Tue Jul 14, 2009 1:51 am Post subject:

Hi baxterae

As your mortgage is upside down, you won't be able to refinance the property. You'll have to apply for a loan modification with your lender. This will help you in saving your property. You can contact your lender and apply for a loan modification if you want to save your property. A foreclosure will badly effect your credit report. It will lower your credit score by 250 points and will remain on your credit report for 7 years. Apart from this, you'll be liable to pay the deficient amount resulting from the sale of the property.

Thanks.

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