Profile picture for Cobrand Demo3

XYZ Brokerage

Email: jeff@xyzbrokerage.com

Phone: (206) 555-1234

Website: www.xyzbrokerage.com

Back to Results

Tools

Partner Tools


owe more than property worth

Profile picture for laggant
Contributions: 1
in way upside down
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 11 - Stockton
RSS

Answers (2)

Profile picture for socal_engr
Contributions: 835
Zillow All-Star

Since November 2009

? "must reduce the payment" ?

My understanding was that the servicer would have to determine how to get the payments to the 31% level...and then they could decide if it was worth the effort on their part (i.e., would it require principal forgiveness, would the terms end up just delaying the inevitable, etc.).

This has been the basis of many posts/discussion on "eligible" vice "entitled".
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 12
Profile picture for Nicholas Hayes
Mortgage Lender

Lender rating

5.0/5.0

View ratings and reviews

Contributions: 100
Zillow All-Star

Since July 2009

If your loan is owned by Fannie and Freddie you can refi up to 125% of the houses value through their recent initiatives.  

If your loan is fannie mae or freddie mac owned and you owe more than 125% of your houses worth you may qualify for assistance in other ways.  

Under the new programs that took effect in April your current servicer  must reduce the payment so the total monthly housing expenses including taxes and insurance don't exceed more than 31% of your gross household income.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 11
 

Have a question? Ask it here.

What's this?
Close

By starting a discussion, you can expect more of an interactive, back-and-forth experience where the conversation can go in many different directions.

Or start a discussion

 
Top Lenders
Ratings
Subscribe via RSS
  1. 5.0/5.0

    57 reviews
  2. 4.9/5.0

    42 reviews
  3. 4.9/5.0

    38 reviews
  4. 4.8/5.0

    50 reviews
  5. 4.7/5.0

    65 reviews
Related Questions
Question owe more than property worth
  • Latest answer by socal_engr
  • August 12
Need a Mortgage?

Zillow Mortgage Marketplace

  • Competitive rates
  • Accurate, custom quotes
  • Thousands of lenders

... and, it's free and anonymous

Get instant mortgage quotes
Estimated purchase price Current mortgage balance Desired loan amount
98104

Learn about Zillow Mortgage Marketplace

Zillow Poll:
Suggested by Chip Streater
What is most important to you about a mortgage?
Be A Good Neighbor

Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy

pageName