Compare Mortgage Quotes

Guest

My wife and I bought a home in Florida last year for $220,000. It was a 100% mortgage(fixed rate) with PMI.

In July of this year we moved to Texas for my job. The plan was to rent the Florida house to help with the mortgage. I hired a realtor to assist and borrowed against my 401K to help in the few months it might take to find a renter. Ideally I would have liked to sell, but similar homes in my neighborhood are priced at $180,000 and they are not selling.

In a recent conversation with the realtor, he says that no-one has even looked at the house in 2 months! I even dropped the rent twice.

As the weeks draw on, my savings are dwindling, although I am still current with my mortgage payments. I called my lender for assistance, but they said there is nothing they can do unless I am in default.

Because my mortgage was 100% I paid for PMI - does this have any benefit to me or just the lender? What options do I have? I want to do the right thing, my wife and I have worked hard to build up a good credit rating and foreclosure would be a last resort. Any suggestions?

Thanks
Pete

livinginnky · Posted: Sat Sep 29, 2007 11:31 am Post subject:

Unfortunately I don't have the magic answer for you. I do have a couple things to say though.

liaoyu03 · Joined: 09 Sep 2007 Posts: 166 4.48 Dollars($)

Thanks for livinginnky so detailed reply.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

PMI question