is there any FHA or lender program for him to reduce payments or better option for him?
My friend have home in Valencia he bought for 6030000 in 2008 April and now the value is 450000 and he cannot afford the payments, is there any FHA or lender program for him to reduce payments or better option for him?
He will need to contact his lender and ask about a loan modification, just because the value goes down isnt a right to get your mortgage reduced, he needs to show a financial need and the ability to pay something. Refinancing into an fha loan will not help him get his loan amount reduced. If he can show a financial need then he may qualify for a short sale to sell the property at todays market price. good luck
Madevry,
Have your friend talk with the lender to see if they will negotiate the payment with him. If he can't get help with that, then the best bet is to short sale it and get into a property he can afford. Let me know if there is anything I can do to help.
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