Hi bayareamommy,
Quote:
We're confused about wether to even try. It seems like being $200k upside down is not worth the trouble. Plus, the modified loan (IF we get approved) is an interest only loan for 5 years only...to me, it just seems like rubish. And since our loan is not going to be reduced, we will be paying for a home that is not even worth what we owe! Plus, the area in which we live is one of the worst areas in the states that took the biggest hit (central valley...in California). To top it off, my husband would have to commute (almost 2 hours each way!) because the pay in the valley is pennies!
So with all of this in mind, we're confused and lost as to what to do  . Part of us says ...try to save our home because what are the chances of us owning anything later in the future? And part of us says...hell no, not worth the commute, just start fresh and see what happens!
What would you do if you were in our shoes? |
There is a chance to get your loan modified and remain in the property. The process will be difficult and take much time as well but the key is just to be consistent and stay on top of your case like white on rice. Every lender is completely overwhelmed with modificaiton requests so its important that you follow up at least once or twice a week. As far as being upside down that is not going to change as lenders are not offering principle reductions. I have seen maybe 4 in the past 2 years...
Have you started the process yet?