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Answers (3)
- Juliet Constantine, "Short2SaleAgent"
- Contributions:26
The first thing to do, if you want to keep your home, is to do a loan modification. There is no guarantee that they will reduce principal. The first thing that the banks will look at your income to determine if you are within 31% of your gross income. If you are not, then they will lower your interest rate to get you within that range. If they can, then they will not reduce principal.
The second option is to do a short sale. As mention before, you will need to be in hardship.
The second option is to do a short sale. As mention before, you will need to be in hardship.
- Michelle Cecchini, "Michelle Cecchini"
- Contributions:221
If you are having a hardship then I would consider a potential short sale. This way you can sell and your Realtor can negotiate with your lender to accept a lower amount forthe sale of your home.
- fasa0602
- Contributions:4
I would suggest a loan modification. Where the 173K is reduced by interest
and principal. The reduced principal is only to be collected when you sell
your home. The interest is usually set at 2% for 5 years then incresed by
1 % over the next 4-5 years til it meets the going rate.
and principal. The reduced principal is only to be collected when you sell
your home. The interest is usually set at 2% for 5 years then incresed by
1 % over the next 4-5 years til it meets the going rate.
I owe 173000 on an FHA loan. I am upside down $40000. how can i recoop?sell? refi?
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