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jb5111957@ya…, Home Buyer in Saint Louis, MO

what can i do if my principal balance is $142,372 & my house is worth $120,000?

Asked by jb5111957@yahoo.com, Saint Louis, MO Sun May 20, 2012

interest rate is 3.00000%

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If you are looking to refinance and the mortage is owned by fannie mae http://www.fanniemae.com/loanlookup/ or freddie mac https://ww3.freddiemac.com/corporate/ you may qualify for two new programs: Home Affordable Refinance Program (HARP) or the Home Affordable Modification Program (HAMP).
0 votes Thank Flag Link Sun May 20, 2012
Unless you can bring between the balance that is owed the bank and what you can sell it for to the bank, your options are to do a short sale or a deed in lieu (provided the bank will let you) or let it go into foreclosure if you are trying to move. All of these options (other than bringing the difference to the closing table) will affect your credit. If you don't need to move, then your best option may be to sit tight and wait but it will be several years before the market is expected to be back to where it was (and no one has a crystal ball to tell you if that will be in 5 years, 10 years or longer). Renting is an option that some people are exploring as well.

You can work with an investment company that buys the home from you, but that still affects your credit and is essentially a short sale

Please let me know if I can provide any other assistance
0 votes Thank Flag Link Sun May 20, 2012
That depends on what you're looking to do? If you want to stay there, nothing is required. If you need to move, your options are doing a short sale, or selling to a company that removes your name from the title and takes over the property. I can help with either of those two options if you are interested. Michael@hermannlondon.com (e-mail me).
0 votes Thank Flag Link Sun May 20, 2012
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