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underwater on a real estate loan
Posted on 3/23/12 at 2:33 pm
Posted on 3/23/12 at 2:33 pm
by about 15k.
i'm ditching the property (not my primary residence).
can anything be done without a debt write-off?
i'm ditching the property (not my primary residence).
can anything be done without a debt write-off?
This post was edited on 3/23/12 at 2:34 pm
2
Posted on 3/23/12 at 2:45 pm to TortiousTiger
quote:Sorry to hear that TT.
underwater on a real estate loan
by about 15k
Couple of Q's:
(1) Have you looked into Home Affordable Refinance Program options?
(2) Is your loan is w/ Fannie/Freddie? If so there may be other options too.
(3) You know about the HUD-approved housing counselors hotline -- 888-995-HOPE (4673) for free advice in dealing w/ underwater mortgages?
Posted on 3/23/12 at 4:49 pm to TortiousTiger
I would echo what has been said above. See if you can get a HAMP modification or a private one through your lender. They probably won't reduce the principle since its not your primary residence, but maybe you can break even renting after a mod.
Whats the fair market value if you don't mind me asking? 15K doesn't sound terrible, unless you had a lot of equity in it.
Whats the fair market value if you don't mind me asking? 15K doesn't sound terrible, unless you had a lot of equity in it.
This post was edited on 3/23/12 at 4:51 pm
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