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I have a 5 year adjustable fixed loan on my ...

I have a 5 year adjustable fixed loan on my townhouse in So. CA. My mortage is at 278,800. dollars at 5.75%. The problem is my home is now only worth approxiimately 157,000. as the crash really hurt our area. I am fairly sure my loan matures next year without actually looking it up. Now, I really do not know what to do. I am current on all payments but I was put on total disability from a car accident and I am not sure I can handle the higher amount when it comes due. Any help would be greatly appreciated.


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It could take as long as 20 years for the value of your townhouse to rebound.  I, personally, would walk on the loan and start over elsewhere.  Call your lender first, and ask for a new loan balance (forgiving $121,000.00) of $157,000.00 and a fixed rate of 6%.  If your lender refuses, tell your lender you are turning the townhouse back over to them.  Good luck.
Posted 2009-11-03T19:36:59Z
LakeArcher was invited by Yedda to answer this question.

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17 answers
6 helpful answers

It could take as long as 20 years for the value of your townhouse to rebound.  I, personally, would walk on the loan and start over elsewhere.  Call your lender first, and ask for a new loan balance (forgiving $121,000.00) of $157,000.00 and a fixed rate of 6%.  If your lender refuses, tell your lender you are turning the townhouse back over to them.  Good luck.
Posted 2009-11-03T19:37:03Z
LakeArcher was invited by Yedda to answer this question.

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Hi there,

You should try for debt consolidation loan, it can help you take the help of your financial adviser. Don't worry about the worth of your house because it will take time but definitely rebound. You should go to  IVA (Individual Voluntary Agreement) they will help you.
Posted 2009-11-11T11:59:16Z
Thomson Joseph was invited by Yedda to answer this question.

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20 years is excessive but who knows right now. I actually think 10 years.

positives you got are tax write-offs.

but you should really get your loan modified by a respected company or attorney.

I just red that 3 more loan mod attorneys turned in their bar license in CA.  woops!!

 

 
Posted 2009-11-12T19:44:33Z
windowbugg was invited by Yedda to answer this question.

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You have legal rights that most people are unaware of.  Our HPG program is a very unique program in that we ask the lender to produce the original note, audit recording of title and forensic audit.  We offer a 10% minimum principal reduction guarantee or 100% of your money back.  We do all of the up front work at no cost to you to see if you qualify for our program based on violations found.  We do "not" do loan modification which is typically just a 2-5 year bandaid.  We do a "total mortgage reset" of your loan which includes a principal reduction, lower interest rate and new 30 year term.  If you are interested in learning more please call David at 877-288-3272.
Posted 2009-11-17T17:40:50Z
HomeownerProtectionGroup was invited by Yedda to answer this question.

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