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325 owed on a 271K value house

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satsopvalleyorgantics Joined: 21 Sep 2010 Posts: 1 1.31 Dollars($)	Posted: Tue Sep 21, 2010 9:12 pm    Post subject: 325 owed on a 271K value house Like 0 Dislike 0 I have a home in rural western washington that I own 284K and have 25K in an home equity line of credit owed. I have in interest only (6.25) ARM loan set to change in august 2011. I need advice. The home is valued at maybe 171 to 286 per Zillow.com. Should I ask for a modification? should I walk away? I feel trapped! My payments are 1800K a month and I am not meeting my revolving credit card/auto loan debt. I bring home 5200 per month and my mortage is 1800.
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Wed Sep 22, 2010 1:49 am    Post subject: Like 0 Dislike 0 Hi satsopvalleyorgantics, If you want to save the property, you will have to contact your lender and apply for a loan modification. The lender will check out your financial situation and let you know whether or not your loan will be modified. If you want to get rid of the property, then you need to contact the lender and apply for a deed in lieu of foreclosure. This will help you in selling off the property. Thanks, Jerry

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