Asked 11/24/2008 02:08 pm CT (Sparks, NV)
I own a single family home with a mortgage balance of approx $175K on a 6.25% FHA 30-yr fixed. The home's market value has declined steadily and is now worth approx $140K. I am not behind on any payments yet, and my credit is excellent with a current FICO of 768. I'm expecting a 20% reduction in work hours - and thus a 20% reduction in income - effective 1/1/09. This loss of job hours will inevitably result in falling behind on the mortgage payments at their current level. Will I likely be more successful in approaching the mortgage company for a loan modification for 1) a substantially lower interest rate on the current balance (propose approx 3%); or 2) reducing the balance to the realistic market value; or 3) some other measure or combination of the above?
Asked 04/02/2007 03:22 am CT (Billerica, MA)
I am renting a single family home. The owner lives in another state and has decided that he can no longer carry the mortgage as he is charging me less rent than he pays out monthly on the property. He says to stop paying him rent as he is going into foreclosure and will negotiate with the mortgage holder (holders?) to try and sell short and get me into the ownership of this house. I have zero money down but could pay closing and have an excellent credit rating/history and both my wife and I have scores from the mid to high 700's.
Should I bail out or try to fing the mortgage holder (how?) to negotiate a deal?
The main concern you need to ask yourselves is this: Are we happy living in this home ...
[ Total Answers: 1 ]
Asked 01/03/2007 12:02 pm CT (Rochester Hills, MI)
I have a 30 year jumbo loan for residential single family property for approx $446,000. The principle payment is around $3,000 mth (without taxes and insurance). The interest rate is 10%. How can I reduce my payment down to approx $1500 mthly.
For some reason my screen name is not showing in my posts, I show up as "unknown". Please contact m...
[ Total Answers: 5 ]
Asked 09/01/2006 02:37 pm CT (menomonee falls, WI)
I am trying to refinance my home, its a n/o/o home that i am renting out. The mortgage broker i am going thru sent it to New Century and they cut the appraisal. They needed pictures of the work done inside and 2 extra comps in the area which we got, BUT this apprasial company charged me 550 bucks for an appraisal on a single family home. The lender now needs a cost approach since its a rental unit and now the apprasial company is telling me it will be 700 bucks for this apprasial after i already paid 550, now they want an additional 150 bucks? Is that legal to charge that for a single family non owner occupied appraisal?
Thanks for help,
did a little looking, the Wisconsin (sorry for my misspelling above!) real estate appraisers board w...
[ Total Answers: 2 ]