Looking for options... - Loan Modification Forum

uc_surfer · 10-24-2008, 12:20 AM

Hello,

This forum seem to have a lot of knowledgeable members. I hope someone can help us figure out what to do.

My brother and I purchased a home in 2005 in Northern California (Alameda County) with two (80/20) ARM mortgages (ALS and Citi). The rates are fixed until 2010.

In 2007, the company I work for relocated my job to another state where I moved to and subsequently purchased a new home for myself.

My brother currently lives in the property in NorCal with his spouse and kids.

We have never missed a payment in the NorCal property but are worried about what would happen when the rates reset in less than two years. Our total mortgage is $500k but the home is now worth $350k.

Can anyone offer any suggestions on what our possible options are? My brother would prefer to somehow stay in the property.

Dan Bailey · 10-24-2008, 04:11 AM

UC Surfer, glad you found the forum! Have you contacted the lenders yet? On the home page there is a section called "Homeowners toolbox" with alot of information on how to start the process of trying to get a modification.
*** or Moe will be by as soon as they can to give you some advice/direction.
Hang in there and good luck!

10-24-2008, 12:20 AM	#1 (permalink)
uc_surfer Junior Member Join Date: Oct 2008 Posts: 1 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Looking for options... Hello, This forum seem to have a lot of knowledgeable members. I hope someone can help us figure out what to do. My brother and I purchased a home in 2005 in Northern California (Alameda County) with two (80/20) ARM mortgages (ALS and Citi). The rates are fixed until 2010. In 2007, the company I work for relocated my job to another state where I moved to and subsequently purchased a new home for myself. My brother currently lives in the property in NorCal with his spouse and kids. We have never missed a payment in the NorCal property but are worried about what would happen when the rates reset in less than two years. Our total mortgage is $500k but the home is now worth $350k. Can anyone offer any suggestions on what our possible options are? My brother would prefer to somehow stay in the property.

10-24-2008, 04:11 AM	#2 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Looking for options... UC Surfer, glad you found the forum! Have you contacted the lenders yet? On the home page there is a section called "Homeowners toolbox" with alot of information on how to start the process of trying to get a modification. * or Moe will be by as soon as they can to give you some advice/direction. Hang in there and good luck! __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.**

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