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evren_ugu · Joined: 18 Apr 2009 Posts: 4 3.68 Dollars($)

She purchased the house two years ago.. for 330K with 80/20 loan with no down. Her rate is 7%. Her credit score is close to 800. had no financial problems what so ever.
However the property is located in Troy Michigan and depreciated in value by 100K. And we can not take advantage of this new goverment program. 105 loan/value deal does not mean much when your property loses value by 40%.There has to be a way out. please help..

jenkin7 · Posted: Sun Apr 19, 2009 11:18 pm Post subject:

Hi evren_ugu,

There is not much you can do when your property value has depreciated due to the current market condition. But your credit score of 800 is quite impressive and so is the fact that you have not had any financial problem of any sort in the past. I think you can seek a no-obligation free consultation with the lenders in this community. They have their own set of eligibility requirements. If you qualify as per their requirements, they will contact you and offer you a free mortgage quote.

gmakerley · Posted: Mon Apr 20, 2009 7:02 am Post subject:

one way out is to continue to make mortgage payments and watch the balance decline and continue to hope for an improvement in the value. eventually, the property will be worth more than the balance of the loan.

Company	Loan Type	APR	Est. Pmt.
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I a mtrying to refi my wifes mortgage but no luck