Question by InvestorM: What should I do about my condo which is under water big time regarding the mortgage?
Due to foreclosures in my condominium complex, the price of my place went from around $ 245,000 to $ 118,000 in the past 2 years or so. My mortgage is around $ 185,000. My interest rate is 5.76%. I had refinanced it when it was valued at around $ 245,000. What can I do about this? What should I do about this?
Answer by gardenoflia
Get a loan modification. If the lender won’t work with you, join pre-paid legal and get one of their lawyers to write a letter to the lender. Or join me in FHTM and make enough money to pay it, and be able to refi at 4.2%
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