mortgage rate going up soon help?
ROY A asked:
not only is my rate adjusting soon i just found out that my condo is worth less then what i owe i will not be able to make the payments after it changes cant sell because i owe more then it worth is there anything i can do to safe my condo so it doesnt go into default i think it crazy that my condo was just valued at 85,000 last year and now its not more then 74,000 i owe about 82,000 im so screwed please help
Ana
not only is my rate adjusting soon i just found out that my condo is worth less then what i owe i will not be able to make the payments after it changes cant sell because i owe more then it worth is there anything i can do to safe my condo so it doesnt go into default i think it crazy that my condo was just valued at 85,000 last year and now its not more then 74,000 i owe about 82,000 im so screwed please help
Ana
Tags: Mortgage Help, Mortgage Rate
April 10th, 2009 at 8:50 am
Allen
sell it, pay of the remaining debt as soon as you can and learn from the mistake. Problems attacked hard and quick bring you forwards, if you let them linger, they control you.
April 13th, 2009 at 8:20 pm
Kurt
You have two choices: struggle to make the new payments or try to sell it NOW, as the previous poster said, even if you walk away with a net loss. If you sit and do nothing until the lender forecloses, you’ll be in worse shape.
April 15th, 2009 at 6:32 pm
Joann
Talk to your mortgage lender. See if they are willing to talk about renegotiating your rate.
April 15th, 2009 at 9:16 pm
Benjamin
Take a look at this video by an expert:
April 18th, 2009 at 7:12 am
Emily
I suggest you call your lender and ask about either keeping your current rate or renegotiating the terms. Many lenders are becoming more flexible about this as foreclosures continue to come in.
Could you rent your condo?
April 19th, 2009 at 6:15 am
Craig
You’re in good company. This is happening a LOT! I bought my house 4 years ago. Refinanced 2 year ago and they offered me a variable loan. I told them they were CRAZY. I got a fixed. My house is now worth less than I owe on it -in fact less than what I bought it for four years ago, but at least I can afford the payment.