Financing in Chesterfield>Question Details

Johnny Newlin, Other/Just Looking in Chesterfield, MI

I was noticed all the condos in my area are priced $40,000.00 less than I owe on my loan is there any suggestions that I could ask my mortgage

Asked by Johnny Newlin, Chesterfield, MI Mon Mar 8, 2010

company to reduce what I owe?

Help the community by answering this question:

Answers

4
Mr. Newlin,

I agree you should first go the free route, and ask a Realtor® to prepare a CMA (comparative market analysis) to see if your loan balance really is out of the ball park. If you feel you might be getting conflicting answers, paying for an appraisal might be in your best interests. If you determine you'll have to sell for less than loan value, you will want to determine if you might have a hardship (loss of job, etc.) & contact your mortgage company about a home loan modification (there are guidelines regarding how long you have to live in the home after this process). Another alternative is a short sale which a good Realtor® can help you with.

Good luck to you!

Alicia Clark
Keller Williams Realty
0 votes Thank Flag Link Tue Mar 9, 2010
Mr. Newlin,

I agree you should first go the free route, and ask a Realtor® to prepare a CMA (comparative market analysis) to see if your loan balance really is out of the ball park. If you feel you might be getting conflicting answers, paying for an appraisal might be in your best interests. If you determine you'll have to sell for less than loan value, you will want to determine if you might have a hardship (loss of job, etc.) & contact your mortgage company about a home loan modification (there are guidelines regarding how long you have to live in the home after this process). Another alternative is a short sale which a good Realtor® can help you with.

Good luck to you!

Alicia Clark
Keller Williams Realty
0 votes Thank Flag Link Tue Mar 9, 2010
If you have a qualifying hardship you may be able to consider a loan modification or a short sale. If you don't qualify, buy just aren't happy about being underwater, then they're not going to be interested.
0 votes Thank Flag Link Mon Mar 8, 2010
You need approach your lender determine what your options are

However are you comparing "apples to apples"

Sq. ft, room count and etc. Many homes owners make huge mistakes when they don't understand all particulars involved when comparing properties which may not be a like

Lender would do a appraisal cost be approx. $400

More than likely they won't reduce balance owed

ARE you looking to sale the property? If so short sale is an option.

Lynn911
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Mar 8, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer