Zillow Advice: Refinance - Struggling & upsidedown

Talk to your lender and ask ...

Sat, 04 Jul 2009 05:55:00 GMT

Talk to your lender and ask them to either extend the length of your loan to 35 or 40 years or re-finance it at the current value. There are many lenders that will work with you because they do not want your house back either, especially if it is upside down by that much.
Good Luck!
Fran

Tell your wealthy aunt to ...

Sat, 04 Jul 2009 05:50:00 GMT

Tell your wealthy aunt to buy you one of those $80,000 homes and put your over priced home up for sale.

your "best" option, if by ...

Fri, 03 Jul 2009 21:39:00 GMT

your "best" option, if by "best" you mean the one that will bring you the least amount of financial harm is to walk away, rent for 3 years and buy again.

home prices will not rebound, you will be underwater for decades, even if your payment amortizes.

mort mods, are a terrible option because they essentially lower the payment temporarily without addressing the main issue of the home's value... in fact in many cases principal will go up.

short sales and forclosures will result in the loss of your home, but financially it still makes more sense than trying to make it for another 3 years, then being foreclosed on later and having to start over then.

There are a number of possibilities, ...

Fri, 03 Jul 2009 20:00:00 GMT

There are a number of possibilities, including loan modifications, short sale, or foreclosure. Study up on the options to see which you qualify for.

Be aware, of course, that if you short sell or foreclose, you can't turn around and purchase a house for $80k the next day.