Thanks for every one, and I will call some of you for indivual discussion. I am making a deceission to keep a house OR let it go.
After 45 months non payment I applied for Loan modification, and after 3 months Trial period I got an offer from bank. At the time of missing first payment My loan amount was 415K, Taxes 8000, IR 6.75,Insurance 2000/year.
Home equity 35K
Now bank offer me with
a new loan amount of 600K (and said it can be increase depends on when I will accept offer)
Term 30 Years
IR first 5 years 2.5, next 5 years 3.0 rest of life 3.85
Min payment 3300.00. did not mention it is including taxes and ins (i am supposing it)
My house needs 30-50K repair at this point
Average house value in my town similar to my house 370-400K,
I can pay monthly mortgage , but I am paying 650 for a house while I can buy a house in 370K.. I think there is no major set back I will be able to make a 10% down in a year
Q1, may i able to get a loan when I am ready, so I can let this house to go?
Q2, If I am not able to get a loan with in a year then do I have to keep the house
Q3, DO I need some one (attorney, I don't have good experience for loan modification attorney, I did all by my self ) to negotiate with bank to set a new loan on market value ( and amount owed will be a part of BK).
I am assuming that if I let the house to go, it will be a part of BK, and bank will sell at market value. so he can set a loan amount to me a new market value.
Thanks all of you