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Answers (8)
- Mark Ostrye, "MarkOstrye"
- Contributions:4
[promotion deleted by Zillow moderator. Please see our Good Neighbor Policy]
- dvorahkane
- Contributions:1
Yes, there is only one solution that I feel would help you.
With all do respect, a loan mod is not going to do it and will only get you in a deeper mess. - Just google or search around for other homeowners that have done it. The aftermath is quite frightening.
Also, I assume your have a Jumbo loan since it is not with Freddie or Fannie.
If you are wanting to stay in your home and you are current on payments or just a few months late, [self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy]
Hope this helps,
Dvorah
With all do respect, a loan mod is not going to do it and will only get you in a deeper mess. - Just google or search around for other homeowners that have done it. The aftermath is quite frightening.
Also, I assume your have a Jumbo loan since it is not with Freddie or Fannie.
If you are wanting to stay in your home and you are current on payments or just a few months late, [self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy]
Hope this helps,
Dvorah
- sunnyview
- Contributions:25139
I would talk to your current lender and ask about any programs that they offer. You might also ask if you are eligible for an FHA Streamline. I read that you do not need an appraisal for the streamline so you might be able to refinance if your loan qualifies. A good lender could tell you all your options.
- Robert Whitelaw, "RebelBroker"
- Contributions:71
This depends on your lender. If your loan is through Bank of America, they are aggressively working with short sales in many areas across the country. I have not heard the same about the other big banks, but the tide seems to be turning towards banks doing short sales in a smarter way.
I would suggest calling your bank and letting them know your situation.
Hope that helps,
Robert
I would suggest calling your bank and letting them know your situation.
Hope that helps,
Robert
- blaison samuel, "eastbayprofessional"
- Contributions:49
Are you trying to keep the house or wants to sell the underwater house. You have both options even if your loan is not fannie or freddie, so it depends on you what you want - If you want to keep the house then you can contact the lender directly (no need to pay anyone for that service) to modify your loan which will be comfortable for your every month and if you want to sell then short sale might be best option if you qualify. I hope this will help you. Let us know if you have any other questions or need any further help.
- David Stein, "Military Loan Expert"
- Contributions:315
VA loans can help if you are a veteran
- Sandy Kay, "Sandykayhomes"
- Contributions:29
Yes of course
There are many answers here.
1. Most banks have identified single negotiators and are interested in keeping people in their homes
2. it starts with an agent - bank negotiation to find out what the bank will offer the homeowner
3. in some cases banks will pay the homeowner up to 30K to move rather and grant a short sale
4. a lot depends upon whether you have already defaulted on the loan
see my clients article at http://sandykayhomes.com/blog/success-story-for-loan-modificatio
Glad to help people
[content removed by Zillow due to self promotion]
There are many answers here.
1. Most banks have identified single negotiators and are interested in keeping people in their homes
2. it starts with an agent - bank negotiation to find out what the bank will offer the homeowner
3. in some cases banks will pay the homeowner up to 30K to move rather and grant a short sale
4. a lot depends upon whether you have already defaulted on the loan
see my clients article at http://sandykayhomes.com/blog/success-story-for-loan-modificatio
Glad to help people
[content removed by Zillow due to self promotion]
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
Only if you have a VA or FHA loan. Obama is trying to push a new FHA program through that would allow your scenario for a new FHA loan, but it isn't expected to get through Congress.
are there any programs for home owners who are underwater, but do not have freddie or fannie loans?
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