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Can I modify my line of credit? the value of my house is 80k less than what I owe?

I owe 280k to my first mortgage and 100k to line of credit the value of my house as of today is 300k how do I work this out? 
  • April 01 2009 - Duarte
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Answers (5)

Best Answer

Gem,

It's doubtful you can on the 2nd.  However, I suggest you contact your lender and speak with them.

As for your first mortgage, you are at a 93% loan to value.  Depending on your rate, it might be a good idea to refi your first to a lower rate (if you qualify) before your value goes even lower.  Just a thought.

Good Luck.
  • April 01 2009
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You must modify te first mortgage before anything can be done with 2nd.  I suggest you seek the advice of a housing counselor.  Click here or call 866-395-2803.  Their real estate profressionals can answer your questions with no obligation.

  • April 02 2009
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What does one thing have to do with the other? If your home was worth 500k would it be ok then? Your home is upside down because you thought it was an ATM and it turned out to be a slot machine. Why do you think they are going to modify your loan when this is money you put directly into your pocket? The easiest way to modify your line of credit is to pay it off, then you won't be upside down anymore.
  • April 01 2009
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You don't necessarily need a Loan Mod Company Gem.   Contact your lender first and speak with them.
  • April 01 2009
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it all depends in the lender you have for that line of credit, if you are late on the payments, or if its a fixed stand alone second or adjastable, but most of the lenders are trying to help people that are in a hardship the best thing to do is to either call your lender or a loan modification company

P.S do your homework when you are chosing a loan modification co
  • April 01 2009
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