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Have you tried modifying your mortgage under HARP? I did that for my father who is slightly underwater on his home and its been great. His payment went from 1280 to 890 a month with something like a 2.3% interest rate which rises to a max 3% after some period of time (It's been a while since I did it). If you make two years(?) worth of payments on time they knock 5,000 of the principal of the loan for being a good boy. If you don't qualify for HARP your best bet is to just stop paying the mortgage. Your lender will either find some way to work with you OR they'll take 2+ years to have you legally removed from the property. Hopefully giving you enough time to get some cash together to go rent somewhere. Your credit will be pretty hosed if you take this option though.
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Aug 29, 2014 01:37
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| # ¿ May 22, 2024 06:28 |
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