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Answers (3)
- Linda Balco, "Linda at REMAX"
- Contributions:371
I would suggest you contact your lender&ask them about payment options that might work for you. Do this before you get into trouble. Most banks don't want to see you fall behind & appreciate it when you are up front and honest about problems like this.
Another option is put this home on the market for sale and move into something that will cost you less per month. Renting is another option.
Another option is put this home on the market for sale and move into something that will cost you less per month. Renting is another option.
If you want to keep the home see if you can do a loan modification to lower your payments or reduce the debt amount.
Otherwise I reccomend a short sale - check out www.shortsalesdoneeasy.com
Otherwise I reccomend a short sale - check out www.shortsalesdoneeasy.com
- Bentley Advisors
- Contributions:294
Just because the value has gone down doesn't mean you'll start to fall behind on pymts. If you're about to fall behind due to financial hardship, you're right to think ahead. I don't know any of the details, but you could pull cash out of the 2nd home and put it into your primary if there's enough equity. If that works, you could then refi the primary to lower pymts. If not, contact your existing lender and explain your hardship to see how they might help. Here's a good resource for avoiding foreclosure: http://www.hud.gov/foreclosure/index.cfm. Lenders are very slowly coming around to assisting those current on pymts but "at risk" of default.
I'm in a ARM that is pinching my budget and we're upside down in the house equity. What can we do?
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