Potenial Walker Help...North Las Vegas, Nevada - Loan Modification Forum

leaselv · 09-13-2009, 08:33 AM

Scenario:

Currently own a home originally purchased for $389K, currently owe $390K, 1st = $350, 2nd = $40K, $2000 mortgage, Have Countrywide 4 option arm loan expiring 6-11 or 115% of loan value (whichever first) Been making only interest only payments since inception of loan (12-05) Current value of home 170K Married and make approximately 11K per month, 780 credit score, business owner, owe less than 5K on credit (including wife) have approx 50K in savings, 75K in profit sharing. We have no hardships, banks want to see our financial s, still building same floor plan in existing neighborhood. I am worried my rent will increase here soon to a 400K loan...Don't want to pay more for something that will never recover to (equity) considering walking...Thanks for any help...God Bless!

wlang · 09-13-2009, 11:41 AM

i am kind of in the same situation we can afford but need to move and way upside down. if you show your financials they are not going to give you a modification or even a short sale. i believe that walking away will be the best in the long run it will take 15 years to get back to breaking even and only 7 years of foreclosure on your credit, you will be better off in the long run with a foreclosure. this is just my opinion.

09-13-2009, 08:33 AM	#1 (permalink)
leaselv Junior Member Join Date: May 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Potenial Walker Help...North Las Vegas, Nevada Scenario: Currently own a home originally purchased for $389K, currently owe $390K, 1st = $350, 2nd = $40K, $2000 mortgage, Have Countrywide 4 option arm loan expiring 6-11 or 115% of loan value (whichever first) Been making only interest only payments since inception of loan (12-05) Current value of home 170K Married and make approximately 11K per month, 780 credit score, business owner, owe less than 5K on credit (including wife) have approx 50K in savings, 75K in profit sharing. We have no hardships, banks want to see our financial s, still building same floor plan in existing neighborhood. I am worried my rent will increase here soon to a 400K loan...Don't want to pay more for something that will never recover to (equity) considering walking...Thanks for any help...God Bless!

09-13-2009, 11:41 AM	#2 (permalink)
wlang Junior Member Join Date: Sep 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Potenial Walker Help...North Las Vegas, Nevada i am kind of in the same situation we can afford but need to move and way upside down. if you show your financials they are not going to give you a modification or even a short sale. i believe that walking away will be the best in the long run it will take 15 years to get back to breaking even and only 7 years of foreclosure on your credit, you will be better off in the long run with a foreclosure. this is just my opinion.

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