Financing in 97222>Question Details

Islandboy, Home Buyer in Milwaukie, OR

Do I have to loose my perfect credit rating just to get help with my mortgage?

Asked by Islandboy, Milwaukie, OR Tue Aug 17, 2010

I lost my job in '08 and am on SSDI now, I am 1mo.shy of being 62, I get $1,604.00 from SSDI and my wife gets about $1,500.00 bring home /mo. from her job, I have a first and second, for a total of $1860.00 payment each mo. Taxes and ins are separate. my County FMV is about $225,000.00 I owe about $248,000.00. We just want to break even with the mortgage, before we sell, and I fear that will not be for another 2 yrs. or so. What can I do???

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Rebecca Martinez’s answer
My professional advice is to contact a REALTOR® that is familiar with the Milwaukie area. A REALTOR® can provide you with a CMA (Comparative Market Analysis). A REALTOR® can also provide you with a competent understanding of the market, and property comparables in your immediate area. Experience has taught me that real estate market prices do not always mirror the county's assessed market value. Your property might be valued at a certain price, but the market price that the public is willing to pay might be different. Properties and homes in Milwaukie, Oregon have steadily gained appreciation you might be sitting on more equity than you think. For more information contact me at 503-880-HOME or visit
0 votes Thank Flag Link Thu Nov 29, 2012
Dear Islandboy,

Have you considered a Reverse Mortgage?

You'll need to have some equity and everyone on title must be at least 62 years of age to qualify. I recommend you call a Realtor to complete a market analysis to see if you have equity to pursue a Reverse Mortgage. The County FMV isn't a reliable source to determine value but I would be happy to help with no obligation and no fee on your part. I specialize in the 97222 area and own property in the Hector Campbell district.

If you don't have equity you can talk to your lender to see if you qualify for a HARP refinance which may lower your payments. You can check out this website for more info on HARP:…

THE WORST THING YOU CAN DO RIGHT NOW is to avoid your lender. Call them and let them know what's going on and see if they can help especially if you are behind on payments. I've seen some AMESOME loan modifications that have helped keep people on their feet and in their homes!

We are in a great SELLER's market because there are so few homes on the market. You might be AMAZED at all your options but first: let's see what the value of your home "truly" is!

Best wishes,
Monamarie McCreary, SFR
Principal Broker
M&M Real Estate Solutions, Inc - YOUR WAY HOME!
0 votes Thank Flag Link Fri May 15, 2015
I live and work in Milwaukie, OR-would be happy to evaluate your home for current market value, please contact me if you'd like and I'll see how I can help. Prices in Milwaukie have been going up for some time now!
Carol Williams, Knipe Realty
0 votes Thank Flag Link Wed Jun 25, 2014
Oh my are in the same predicament as so many other people. Have you checked with your lender on the first to see if they will do a modification to make the payments less so that you can stay there? I do not know how much help they will be. You can't re-finance right now if your home isn't worth as much as you owe. I hope the lender will work with you...otherwise they will suggest a short sell. Which will do exactly what you dont want...
0 votes Thank Flag Link Tue Aug 17, 2010
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