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Struggling & upsidedown

Profile picture for ALB123ALB
80/20 loan, 230,000 owed, current value 90,000 to 130,000..........getting deeper in debt every weeklenders difficult or impossible to work with............would like total payments or less of 900/ month.............found many nicer homes for 80,000.
What's the best way to lower my payment or get into another less expensive place?
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July 03 2009 - North Mountain
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Profile picture for wetdawgs
There are a number of possibilities, including loan modifications, short sale, or  foreclosure.   Study up on the options to see which you qualify for.

Be aware, of course, that if you short sell or foreclose, you can't turn around and purchase a house for $80k the next day.

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July 03 2009
Profile picture for Mr Caveat
your "best" option, if by "best" you mean the one that will bring you the least amount of financial harm is to walk away, rent for 3 years and buy again.

home prices will not rebound, you will be underwater for decades, even if your payment amortizes.

mort mods, are a terrible option because they essentially lower the payment temporarily without addressing the main issue of the home's value... in fact in many cases principal will go up.

short sales and forclosures will result in the loss of your home, but financially it still makes more sense than trying to make it for another 3 years, then being foreclosed on later and having to start over then.
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July 03 2009
Profile picture for Palmdale Mortgage
Tell your wealthy aunt to buy you one of those $80,000 homes and put your over priced home up for sale.
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July 03 2009
Profile picture for hotazchili
Talk to your lender and ask them to either extend the length of your loan to 35 or 40 years or re-finance it at the current value.  There are many lenders that will work with you because they do not want your house back either, especially if it is upside down by that much.
Good Luck!
Fran
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July 03 2009
 
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