Re: low value home
Posted by NJDave on November 15, 2008 at 06:50:19:
In Reply to: low value home
Posted by JeremyG on November 14, 2008 at 17:34:50:
You don't have to do a thing.... real estate markets run in cycles. Wait it out and enjoy your home. Most loan modifications which reduce the loan's principal balance come with strings attached... meaning you'll be asked to "repay" the principal reduction when you refinance or sell.
But if you can't afford the terms of your mortgage loan, then you should pursue a "cramdown" loan modification.
Read "Fight Foreclosure! How to Cope with a mortgage you can't pay, Negotiate with your bank, and Save your home! Its on hundreds of library shelves, and well hidden in bookstores including Barnes and Noble, and full size Borders.
www.spoch.org
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