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>150% LTV...What are the options

My LTV is above 150%.  What should I do?
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June 01 2010 - South Juanita
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Answers (4)

In reviewing your question, a couple of questions come to mind:

1. How did you conclude that your LTV is over 150%?
2. In order to better understand the options...what is your goal?  Are you attempting to lower your payments on your mortgage, or are you merely trying to get to a lower LTV?

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June 01 2010
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As a Juanita resident, I'm astonished at your LTV.   I don't know of any neighborhoods that have dropped 33%, if you bought at the absolute peak with a 0% loan.   I guess I need to investigate further.

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June 01 2010
Prefex, you have very difficult, complicated, and personal decisions to make on this:
1.  Keep paying.
2.  Ask your current lender for a loan modification, for what it's worth.
3.  Short sale.
4.  Foreclosure.

Keep in mind that 2-4 are all detrimental to your credit as you will not be paying back your lender "as agreed."  Each may also have a myriad of potential legal  and tax implications that you really need to understand.

You can get a lot of generic information by doing a Google search on each of those terms but in the end you'll best be served by talking to your own attorney and CPA.

Good luck and hang in there!
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June 01 2010
Stay put, keep paying the mortgage and try to be responsible if you can. If you can't afford that sell it short but make sure you won't stay on the hook for the deficiency or stop making your payments and have them foreclose on it, you'll be in the house for at least for another year. How important is your credit? Decisions...., decisions..., ask me specifics if you want!
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June 01 2010
 
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>150% LTV...What are the options
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Latest answer by OelrichTeam
June 01 2010 | 4 answers
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