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refi for the value of the home....not what you borrowed originally

Profile picture for neidigh1924
can u tell me how i go about getting my home loan lowered to the value of the property?  my home is now selling for half what i bought it for 3 years ago.
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November 09 - Lighthouse Point
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Since January 2009

Lowering the balance is asking a lot.  If your loan is Fannie Mae or Freddie Mac, you can apply for the HAMP program, if it works, you can get your payment lowered.   I do not expect they will change your balance.

From what I have heard, balance reductions only happen when homes are in default.
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November 09
Profile picture for neidigh1924
i am barely making it..... i have cut my food budget, turned the a/c off and not using heat or gas just so i can make payments.  i do not want to ruin my credit.  it has taken me YEARS to get it where it is (excellent)
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November 09
Profile picture for shapiroamg
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The word is modification. Are you able to afford the payment?
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November 09
 

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Question refi for the value of the home....not what you borrowed originally
  • Latest answer by Justin Sheftell
  • November 09
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