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Answers (4)
- Jamie Alves, "JamieAlves"
- Contributions:2
Yes you can. It's called a loan modification. The problem is many, many borrowers are not ever successful at obtaining a loan modification. According to CNN Money, Bank of America is the leading loan modification lender YTD and they have only done 77,000 loan modifications in 2010. That is a VERY small number of Americans that are finding success. If the payments are over bearing there is always the option of doing a short sale. My team specializes in short sales and can help sellers that are finding themselves in distress. We are hired by you, and paid for by your lenders. We get your authorization to directly work with your lender to negotiate a settlement prior to a foreclosure. Some folks start out doing a loan modification and then realize they are getting no where and they end up doing a short sale. Either way for the most part requires you to be behind in your mortage payments. Contact me if I can be of further assistance.
Jamie
Jamie
- Lewis Poretz, "High Quality Advice"
- Contributions:219
Contact your existing lender.
If you tell us who the lender is you may get more guidance from this post. Some investors modify more loans than others. Some even claim to offer principle reductions. I have heard of some people hanging in so far upside down because they feel the government will create a new "plan" to help them out... Don't hold your breath.
If you tell us who the lender is you may get more guidance from this post. Some investors modify more loans than others. Some even claim to offer principle reductions. I have heard of some people hanging in so far upside down because they feel the government will create a new "plan" to help them out... Don't hold your breath.
- nena2001
- Contributions:2
What if my loan is not owned my Freddie Mac or Fannie Mae what else can i do?
- paul weinzimmer, "FHAPAUL"
- Contributions:128
Check these 2 websites to see if your loan if owned my Freddie Mac or Fannie Mae
Fannie Mae
Freddie Mac
If it is, contact one of the Zillow Mortgage Marketplace lenders and someone can get you into specialty programs that will let you refinance down into the 4% range even if the appraised value is less than you owe.
Hope this helps
Paul
Fannie Mae
Freddie Mac
If it is, contact one of the Zillow Mortgage Marketplace lenders and someone can get you into specialty programs that will let you refinance down into the 4% range even if the appraised value is less than you owe.
Hope this helps
Paul
What can i do if the value of my house is worth less what i purchase for.
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