Market Conditions in Tucson>Question Details

Norma, Other/Just Looking in Tucson, AZ

my brother a mexican citizen; bought a house in Tucson AZ (his primary home in Mexico) he bought

Asked by Norma, Tucson, AZ Mon Jan 5, 2009

house for 190,000; now worth 150000 or less... we do not know how to go about it. they gave him an adjustablle after two years (ther first two years were fixed rate) - the payment almost doubled. HELP! He doesnt not want to loose it; any feedback will be greatly appreciated.. thank you

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Answers

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The first thing for him to do is to speak with his lender and see if he can get the loan modified to a better interest rate and term. Depending upon his credit and record of payment; there may be several ways to get the lender to help him. The last thing the lender wants to do is foreclose and have to deal with maintaining and selling the house.

Have him give me a call and I'll be glad to help him.

Howard Roth, CRS, e-pro, GRI
HowardRoth@remax.net
520-370-1530 or 800-595-1771
0 votes Thank Flag Link Mon Jan 5, 2009
Hi Norma, this is an unfortunate situation that is becoming quite common. There are a couple of things he can do which I think would be better discussed privately. Please feel free to call or email me at your convenience, my cell is 520-204-2008 and email is vikaspawa@hotmail.com.

Don't worry, there are some good options available ok?

-Vikas
0 votes Thank Flag Link Mon Jan 5, 2009
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