My property dropped, but not that drastically. They sent a broker out to my house to take pictures and she had to provide them with a value of how much the house is worth. I provided her with recent sold homes and current sale listings as well. I told her what I think the house is worth, but not sure if she took that into consideration. She wasn't able to give me the value.
I owe $720K on my first and $110K on my HELOC. The last exact home sold at $700K. So, I am assuming that $700K was the value that the broker used.
I just got my 1st to modify to a fixed rate of 2%!!! Just sent in the loan mod documents!!! NACA asked for a principal reduction, but was not offered when the offer came back from
CW. We are happy with the 2%!!!!!!!