| Equity Deficit, What Now?
Hello
I bought a home 3 years ago on a Pay Option Arm. I am also A Realtor who has experienced a huge decline in my sales due to the Oregon Housing market decline. My home has gone down in value, my equity 90K equity has virtually disappeared, my paymentds have gone up over $1,000 per month and I now owe approximately 100K more than I can sell my home for in the current market. I owe approximately $450K and homes exactly like mine are selling for $350K and below. I am looking for a market adjustment and loan modification to get an affordable payment.
How can I best approach Countrywide (B of A) to get assistance, especially with the Presidents Housing Stimulus unveiled today?
I am a good student and fast learner and very pro-active. I look forward to your excellent help!
Jim |