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what are my options?

i bought my condo at the peak of the market in jan. 2006 for 212,500.  zillow puts the current value at 146,500.  am i stuck with my current interest-only arm 80/20 loan, or do i have options before the balloon payment in 2013? i am not behind in my payments, and my credit score is over 800
  • March 12 2009 - North Cheyenne
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Answers (6)

I would not worry about what zillow puts your home value at.

I would  recommend you to modify your  ARM only loan because

1.) Your not paying your full balance, with a refi or loan modification you can be on track to pay off your home with how ever long your loan is for.
2.) You can take advantage of today's lower interest rates.
3.) Avoid that balloon payment before its too late.

  • November 30 2010
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If your servicer is a Making Home Affordable Participant (in contract with the federal government) and your PITI is more that 31% of your gross income than I would suggest submitting a RMA through your bank.

Options;

1. "Ask" for a modification from your servicer. If your Principal, Interest, Taxes, Insurance (PITI) is more than 31% of your gross income than I suggest having getting a loan analysis done that "Proves" that you are eligible for HAMP and then send it in with your request. 

1. (a) I have the ability to determine your Net Present Value and provide you with an industry standard analytics that you can provide to your lender for a very reasonable price. The report is two fold, 1. You know that your eligible and 2. Your bank knows that you know that your eligible. Very powerful information. I can also advise you on your financials BEFORE you submit to your lender.

2. File a lawsuit for predatory lending (a forensic audit for 795.00 would determine if you have a case)

3. Strategic Default 

4. Bankruptcy 

5. Keep making the payments

6. Sign the Deed over to someone that you don't like.
  • November 13 2010
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a media created event????? yep sure! maybe the tsunami in thailand was a media created event!!!!
  • March 13 2009
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Part of the homeowner retention plan is specifically for people with your types of loans who now cant refinance because the home is now worth less than what they own.
The government stim. package has monitary insentives for just this exact sisuation.
Their incouraging investors to even modify loans to up to 125% of current market value.
so get on the phone with your bank it will take awhile these people just drag it all out . but be persistant you will come out ok.
with your score you can do way way better.
any problems just email me mvator1@aol.com
also gregorio is right in saying the media has created this problem but now it's yours. so good luck you'll do fine if you start making the calls.

  • March 13 2009
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And .. pay off the second as fast as you can!
  • March 12 2009
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My advice is to not sweat it like most people are doing. The "value" of your home is just on paper. Make your payments, be responsible as you have been with your 800 credit score and re-evaluate when it's closer to actually having to make a decision.

Turn off the TV and Live your life! This is most likely a media created, non substantial issue for you to worry about right now.

  • March 12 2009
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