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Answers (6)
- John King, "John_King"
- Contributions:425
Lisaadele,
That is a HUGE question, and without much to go on.
At face value of the question, enjoy the roof over your head, and relax. The market will come back, faster in some places than others. As long as you don't "Have to Move", you'll be fine.
If you're rate is higher than you'd like, and think it's a good time to refinance, you're right. Call your mortgage broker or banker and discuss your options.
If you "Have to Move" due to a real hardship, not just a perceived one. There are options, including a Short Sale among others.
A shortsale will allow you to sell your home at todays market value, and hopefully your lender will not come after you for the difference. This does take a LOT of patience on your part, and work.
You'll have to produce a hardship letter, put your financial picture together along with documentation to prove the hardship, and get a GREAT Short Sale agent.
I would only use a listing agent that has a TRACK RECORD of CLOSING their short sale listings.
I think I am the greatest agent of ALL time, but even I refer my short sale owners to Listing Agents that consistently close shortsales. I know enough to know that they are a LOT of work, and require a capable agent with patience and loyalty to get them done. You are a person, not some agents guinea pig to practice their first short sale on.
If you do "Have to Sell", for heaven's sake don't put it off. When the late notices are arriving, and the Sheriff is at your door....it's too late. Be honest with your agent, and execute their instructions as quickly as possible.
Hope this helps!
That is a HUGE question, and without much to go on.
At face value of the question, enjoy the roof over your head, and relax. The market will come back, faster in some places than others. As long as you don't "Have to Move", you'll be fine.
If you're rate is higher than you'd like, and think it's a good time to refinance, you're right. Call your mortgage broker or banker and discuss your options.
If you "Have to Move" due to a real hardship, not just a perceived one. There are options, including a Short Sale among others.
A shortsale will allow you to sell your home at todays market value, and hopefully your lender will not come after you for the difference. This does take a LOT of patience on your part, and work.
You'll have to produce a hardship letter, put your financial picture together along with documentation to prove the hardship, and get a GREAT Short Sale agent.
I would only use a listing agent that has a TRACK RECORD of CLOSING their short sale listings.
I think I am the greatest agent of ALL time, but even I refer my short sale owners to Listing Agents that consistently close shortsales. I know enough to know that they are a LOT of work, and require a capable agent with patience and loyalty to get them done. You are a person, not some agents guinea pig to practice their first short sale on.
If you do "Have to Sell", for heaven's sake don't put it off. When the late notices are arriving, and the Sheriff is at your door....it's too late. Be honest with your agent, and execute their instructions as quickly as possible.
Hope this helps!
- OelrichTeam
- Contributions:0
Lisa,
How do you know how much your home is currently worth?
How do you know how much your home is currently worth?
- Faye Kashanchi, "Fkash"
- Contributions:4
If your employment and income situation has not changed, and you still can afford your mortgage payment, there is not much you can do about your principle balance. However if your rate is higher than current market rate and your mortgage is owned by Fannie Mae or Freddie Mac you can refinance into a lower rate regardless of value. Contact a loan originator to determine if it is owned by Fannie/Freddie and determine your qualification for a refinance.
If you no longer can afford your payments due to some kind of hardship you might be eligible for a loan modification. You can either contact your lender directly, or go through one of the companies who provide loan modification services. Let me know if I can be of further assistance and good luck.
- Carl Henker, "Carl Henker"
- Contributions:755
Make your payments and enjoy the roof over your head.
- Larry Jacobson, "Clearpoint"
- Contributions:1214
I'm confused by the question, are you wanting to refinance, sell, having difficulty paying? If the answer is no, then you just continue paying back the money you borrowed.
- wetdawgs
- Contributions:26854
It depends on what your current goals are. Do you need to move? Do you need to sell? Are you having income problems that have changed your status so it is harder to pay the mortgage? Is it just an "oh bother" type situation?
what do I do if I owe more on my mortgage than my home is now worth?
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