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Refinance Underwater Mortgage
Mortgage Underwater – Need Help?
We built a home in 2008. For the land and the construction, we financed 648K (we put 20%+ down). One conventional Mortgage for 416K and a second for 232K. Since then my husband has lost his job (although working P/T now) and I’ve had to take a cut in pay.
I had an appraisal done and the home is now worth 550K. We have no equity so we can’t refinance.
We are not behind on the mortgage payments yet and are trying to pay it all on time but I’m afraid I can only hang on for another couple months.
Any suggestions?
You should immediately contact your mortgage lenders about your current financial situation.
You are looking to contact the Loss Mitigation or Workout Department to explain your current financial situation.
Both your lenders might have a program that will allow you to keep your house. This might mean adding a few payments to the end of the loan, but it would be relieve for the present.
Each lender might have a different program so it is difficult to tell what type of relieve you will be able to get from your two lenders.
They do not know that your financial situation has changed, you have to call them and let them know.
You might be offered Loan modification by your lenders. If you take your time you can complete the modification package from your lenders. If you can not or don’t want to then you might hire a loan modification company to do this for you. These companies charge for their services.
I hope this has been of some use to you, good luck
“FIGHT ON”
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