Posted: Sun Mar 30, 2008 7:30 am Post subject: I have an upside down mortgage that I need to get out of..HE
I've been in my home for 10 years now. I owe appox. 129,000. on my first mortage and have a 45,000 adjustable interest only equity line.
So I owe appox. 175,000 on a house that I can only get appox. 135-150,000 at a "fire sale" price. I am not late on any house payments (yet). And still have good credit. I can barely squeak by each month, working lots of overtime, with nothing left over. I got into this jam a few years back when I lost my job. For almost a year and a half I could'nt get decent work. Now I'm working steady again, but I had a heart attack a little more than a year ago. That has added almost $200.00 a month in prescriptions to my monthly bills. Add onto that about 8,000.00 on my Master Card and I'm feeling really buried. I'm single, 54, and make between 40-45,000 yearly. Theres no way this place will be paid off any time soon. If I was younger, I'd stick it out. But, thinking about retirement issues and my health, I need to downsize everything. Some serious, honest advice would be greatly appreciated.
It seems that you cannot afford you monthly mortgage payments. Then are you willing to get out of this mortgage? I think as you have a steady job now you can refinance and decrease the monthly payments by increasing the duration of the mortgage.
If you want to get out of this mortgage then talk to the lender about your problem and go for short sale. It will not affect your credit much like DIL or foreclosure.
Short sale is a good option for you. If you can short sale the property and get almost $150,000, then you can pay off the first lender and with rest of the amount pay the second lender as much as possible. Then whatever you owe pay off on a monthly basis.
Is it that you have taken the first and second mortgage from the same lender? If so then it will be helpful for you to negotiate.
Do let me know if you have any other questions.
Thanks
Blue _________________ Lets help each other. Try my blog
look into short sale that will hopefully allow you to get out of this without ruining your credit. Make sure you have someone experienced working for you _________________ Eugene Volovik
Home Loan Consultant
Countrywide
612-481-3127
Conventional, FHA and Commercial Lending in 48 states
S. Woods Guest
Posted: Tue Jun 24, 2008 3:04 pm Post subject: Upside Down on my mortgage
I purchased a condo two years ago. Like everyone else who bought property within the last five years, I now upside down on my mortgage due to the value of property decreasing. I currently own more on the property than it is worth. I have excellent creadit and would love to refinance. Do you have any suggestions?
The only option available now for refinance is a if you have a second and that lender will subordinate. If that is the case then you can get a FHA first. You will have MI and it may not be a benefit but for some it has been a great thing.
Brian _________________ Licensed Broker 50 states http://www.aimwithfocus.com
Need quick advise email or PM Glad to help
Kelley Guest
Posted: Sun Aug 10, 2008 5:10 pm Post subject: upside down on my mortgage
Hello,
First time home-buyer here. Like the previous poster, I am also upside down on my mortgage, almost $100K upside down at this point. I would really like my interest only 5/1 ARM to be a fixed rate. I have contacted my lender multiple times and all I get is frustrated. My husband and I have great credit and always pay on time. What are my options? Brian, can you elaborate on your response?
It's ok if your lender isn't willing to refinance your loan into a fixed rate. Since you have great credit, therefore it will be worth checking out your options with some other lenders as well. What you can do is, seek no obligation free loan consultation on probable mortgage options with the lenders in this community. Hopefully they'll be able to provide you with a solution as they have been doing for others like you. _________________ Procrastination is the enemy of your financial sucess
mikesworld9
