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Answers (3)
- Adrienne Realiza, "ARealiza"
- Contributions:13
Speak directly to your mortgage company and see if you can refinance into a better loan which offers a lower rate and possibly interest only loan. If you don't qualify for a refi let them know you need a modification. Be ready to prove your hardship.
- Naima Sumner, "Dallas Ft. Worth PRO"
- Contributions:2847
You can speak to your existing mortgage company about doing a loan modification. If it is Bank of America and they approve you, they can give you an interest rate as low as 2% for the next 7 years. You would have to prove hardship though and not make too much money.
If they turn you down and you need to get rid of the house, then you can consider doing a short sale. This would need an approval from your lender too.
Another idea is for you to protest the taxes if the tax assessed value is higher than the market value of your house. Have a local Realtor give you comparables. Most of us provide this as a free service.
Good luck,
Naima
If they turn you down and you need to get rid of the house, then you can consider doing a short sale. This would need an approval from your lender too.
Another idea is for you to protest the taxes if the tax assessed value is higher than the market value of your house. Have a local Realtor give you comparables. Most of us provide this as a free service.
Good luck,
Naima
- Chris Hutchinson, "chutchi1"
- Contributions:16
If you owned the property since 2006 it will depend on what the current value of the property is now but you still have 5 years of equity paid into it and mortgage rates have dropped since then. I would say give your mortgage broker a call and refi it to get you a lower payment. Otherwise the only thing you can do is sell the home.
I have a mortgage lender that can help you give me a call if you are serious and I will give you his number.
Chris Hutchinson
Realtor
The Chris Hutchinson Team
[edited by moderator, please do not post your contact information, http://www.zillow.com/howto/GoodNeighborPolicy.htm]
Who should I turn to for re-financing advice on an existing mortage but investment property?
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