I bought a house in 2006 for 470000 and its worth 300000?

Hermila
i`ve been calling mortgage company to inquire about the housing rescue bill, where i can refinance my house to the current market value, but it`s seems that there`s no program available yet. I`m struggling right now with my payment and it`s my only hope to avoid foreclosure and ruin my credit.

Abram
Your in a pickle. I'm assuming that you expected to cash in on this investment in 2 years and make a bunch of money right. Well I'm sorry but your screwed, even with the housing rescue bill the credit companies are still going to know that you haven't payed. Why? because the whole reason that this housing disaster started was because of the lack of information on the people who were getting the loans in the first place. I'm sorry, but you never should have been given this loan. So no, this isn't really your fault, it would have happened regardless, but your still going to pay for it. If I were you I would find a good spot for my money and put it there. Invest in real estate in florida, that way when you do eventually have to declare bankruptcy you won't loose everything, in florida banks can't foreclose on a house if the title is in your name, meaning no mortgages. So buy a shack in florida and declare bankruptcy. Play the game man, do what everyone else is doing, if enough people are "forced" to declare bankruptcy then the government is going to bail them out. Either way this country is about to take a monumental step toward socialism, especially if this housing rescue bill is passed. Is this a good thing, I don't know, depends on who you are. I'm currently studying my *** of in college, and guess what? I'll likely not see the fruits of my labor because of your dumb generation, thanks a bunch man.

Athena
You will not be able to refinance with another bank.If I were you, I would call your current lender and see if they would be willing to "recast" the loan to fit your payment needs. I am not sure if this will happen, but it is worth a shot and won't cost anything to try. Your lender has a solid interest in this loan and your ability to pay this back without defaulting. Believe me, I am sure the bank does not want you to walk away! I would tell them they need to do a "recast" at the same interest rate or you may have to walk from the house and possibly declare bankruptcy. True or not, this will get their attention - guaranteed. They do not want you to declare bankruptcy as they will be left with a $300k house with a $470k loan balance.Check out the link below to find out more. Best wishes.

Fidel
Are you behind on you payment?Foreclosurelight Loss Mitigation LLC helps people in danger of foreclosure. They will negotiate with your lender to get you into a program you can afford. Here is their contact info Here is their link and phone # http://www.foreclosurelight.com/ or call 866-921-8836They wont redo your loan just because the value has fallen though.

Raye
You are not alone. Many folks have done the same thing. The hard part is if you aren't late with your payments, your lender won't even talk with you. So you are caught between a rock and a hard place. You may have to miss a payment to get their attention, then ask to talk with the lost mitigation department. There is no guarantee they will help you no matter what you do.

Kenyatta
look on yahoo groups for groups that do 1099 OID's. this is the best way to get out of your mess. it is perfectly legal. very interesting. i can also give you info. to get you to a level of understanding. free. then these groups can help.you can also contact me off of answers...

Judy
If you aren't planning to try to sell it soon, it doesn't really matter what the current market value is. How does its lower market value mean that you are struggling with your payment? Good luck anyway.

Gladys
Hi, that becomes available on October 1st. It's a new FHA program. Call a broker that does FHA loans. Your lender is not in a position to help.Good Luck!

Dwight
You should have rented an apartment.Well maybe in the next 5 years or so the real estate market will come back and it will increase in value.

Fermina
The bank doesn't want your house back. Call them. They want to work with you.

Edmundo
I, m reading your number as 470000 and 300000. I, m confuse ! looks like you pay more than what, s it worth ?

Klara
why would you pay more for a house than it's worth. didn't you have it checked out first?