Whats the best thing to do for my apartment, i have a high 1st and 2nd morgage when i bought the property,

Question

my problem is property value didnt moved, so im stock with my arm,lenders declined me because of the LTV loan to value, what should i do, i just want my monthly to go down. i dont know why my lenders cant help me, i never missed a payment,never been late,rightnow my work is so slow, so ill probably ending up forclosing my apartment, pls. any advise?

Answer 1

Talk to a manager to see if they will reduce the loan balance or change the payment terms. You may need to prove to them that your income has reduced and you may not be able to keep up the payments anymore - that is the last thing a mortgage company wants to hear right now. Keep calling and even write letters by snal mail, email and by fax. Also, document everything.

Many people throw their arms up and start thinking about their home being foreclosed on - contact a real estate agent. It is possible that you may be able to sell your home. If the loan is upside down, meaning you owe more than its worth - the mortgage company may be willing to do a short sale.

Whatever you do, try to avoid a foreclosure - you don't want that on your credit.