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my mortgage is upside down by about 150k. It needs some work. should I sell or hold on I am in NYC

  • September 16 2012 - Queens
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Answers (1)

Shawana, you need more information before you can determine what your best course of action is.
1.Try speaking with 2 or 3 local lenders to see what they have to offer in the way of refinance.
2. Also speak with 2 or 3 local real estate agents. Ask them to come to your home and show you what fair market value is currently. Also ask them if they have any recommendations once they understand your situation. 
3. Once you have the information you need, you'll be ready speak with your current lender to renegotiate your position. 
4. Make a decision based on your needs & goals. Could be stay with your present lender, refinance with a different lender, possible short sale if you need to move for a job relocation, or something else not readily apparent with the limited information we have here now. 
  • September 17 2012
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