Home Buying in Painesville>Question Details

Kaceyinohio, Home Buyer in Painesville, OH

What if the houses surrounding the house I bought in 08 have sold for way less than they are worth, can my mortgage be brought down based upon that?

Asked by Kaceyinohio, Painesville, OH Wed Feb 16, 2011

since the value of my house is now much lower than when purchased.

Help the community by answering this question:


Hi Kacey in ohio,
I don't think your mortgage can be brought down, unless there is some sort of hardship, so enjoy the house you're going to be there a long time. Good Luck
1 vote Thank Flag Link Tue Apr 12, 2011
Many home owners are upside down in their mortgage. It's frustrating seeing neighbors sell their home for less. Values have risen since though, so it may be a good time to reevaluate your home's current worth. If you are having a problem paying your mortgage, you can apply for a mortgage modification through your lender. If you can prove that you aren't able to pay your mortgage, they may be able to reduce your interest rate and possibly give you a percentage bonus toward your principal each year for timely payments.
Web Reference: http://www.YouShouldOwn.com
0 votes Thank Flag Link Sun Oct 27, 2013
Unfortunately, no. At this point, you could not refinance your mortgage at all, because your home is probably worth less than the current balance of your mortgage.
0 votes Thank Flag Link Tue Apr 12, 2011
You are asking that some body (tax payers ?) to accept the loss in value for you ? wishful thinking in my opinion but the politically correct answer is: you need to contact (long list here) for mortgage modification. And after spending a big chunk of changes and time then the answer came back is still NO.
0 votes Thank Flag Link Wed Feb 16, 2011
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