Were can I get help with lowing my house payments, before I file for bankruptcy.1600 1st 800 2nd mo. /

Asked by Bill, Arizona Sun Jun 29, 2008

250,000 and 53,000 loans on home. Home value dropped.
What should I do? I'm up to date on my payments.

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Vicky Chrisn…, , 20176
Sun Jun 29, 2008
If you're upside down, then talk to the mortgage companies about loan modifications. Unless you've had a change in circumstances that has made this less affordable, I don't think they are doing modifications. Read the referenced blog posts on short sales - some of this info might be helpful to you, too.
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Lisa Farmer, Agent, Flowery Branch, GA
Sun Jun 29, 2008
I would suggest you contact the mortgage companies for your first and second mortgages. Most companies now have entire departments devoted to loan modifications. Be sure you are speaking to someone in the loan modification department and just explain your situation. If they think they can help you., they will likely ask you to fill out a financial statement and provide proof of your income. You may also need to write a letter explaining why you need the modification. You should expect this process to take 60 - 90 days and they may or may not grant your request.
I hope this helps!
Lisa Farmer
Keller Williams Lanier Partners
Gainesville, GA
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