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Home has lost value, can I get lower payments?

Is there a way to reduce the size of my payments considering my home has lost value since I purchased it back in 2005. I still have $510,000 outstanding on the loan, but the property which used to be valued at $630,000 depreciated to $323,000. What can I do? Currently locked into a 6.25% 30-year fixed. by eric.s_556_719 from Menlo Park, California. Nov 7th 2011 Reply


Matthew Rundle (MatthewRundle)
#538 ranked lender in California - 8 contributions

Hi Eric. Your two options are to call your lender and see if you can modify the loan or to call a realtor and look at the option of a short sale. I have a good referral source for a realtor in the Menlo Park area. Eric, I wish I had better news for you. Feel free to call me direct at (909) 630-2029 or e-mail me at matt.rundle@westinmortgage.com. Thanks Eric. Matthew.

Nov 7th 2011
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Dr. Shab Kavandi (skavandi)
#472 ranked lender in California - 53 contributions

There is a new program in the market you may be qualified for it! Even though you are upside down with the value of your house you can reduce the rate to the lower level! To qulify for it you need to have a job and you need to be current with your mortgage payment! I need more info to check it out and see if you can qulify! So please call me when you get a chance!My number: 714-639-6694My best,Shab

Nov 7th 2011
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Brian Dawson (brian.dawson)
#40 ranked lender in Ohio - 104 contributions

Starting November 15th the "Making Homes Affordable Program" with eliminate all loan to value restrictions. I would be more than happy to evaluate your situation and give a free no cost no obligation quote as to what your options are. Brian Dawson866-790-4489- EXT 4207

Nov 8th 2011
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

There are several options available to you including Loan Modification, however, whether you qualify or not is solely based on your household income... If you make too much, then a loan mod will not work. My question is... do you want to lower your payment because your home isn't worth it any more, or do you want to lower your payment because your struggling?? There are other programs on the horizon as stated by other posts that will enable you to refinance at today's lower interest rates.. this could give you some relief, but the program details have not been published as of yet (due out November 15th), so the best advise I can give you is to contact a local mortgage broker, not a bank, and tell him your interested in the restructured HARP loan program. WilliamAcres.com

Nov 8th 2011
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Cory Ure (coryure)
#46 ranked lender in Utah - 50 contributions

When HARP 2.0 get rolled-out in a couple of months it may be what you need. As long as you have a Conventional loan product (no Option ARM's or subprime), have been current on payments for the past 6 months and your loan is owned by Fannie Mae or Freddie Mac, you should be able to "streamline" refinance under the new program since LTV limits have been lifted and an appraisal will not be needed in most instances. You may want to touch base with our Agoura Hills office at 818-338-6852 about this program. We're all waiting on guidelines from Fannie Mae and Freddie Mac right now.

Nov 8th 2011
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Joshua Coombs (joshua)
#51 ranked lender in Washington - 6 contributions

As a few here have said, the new HARP program may be your best option. If you're current on your payments, your home is ownded by fannie or freddie, and the value restictions are indeed removed, then you should be able to significantly lower your payments.You can find out if Fannie or Freddie owns the mortgage here-http://www.fanniemae.com/loanlookup/https://ww3.freddiemac.com/corporate/If not, then a short sale is something to consider.

Nov 8th 2011
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Crestico Funding (CresticoFunding)
#317 ranked lender in California - 340 contributions

Eric, There is a new refinance program that HUD is working on and it could help you regardless of how upside down you are as long as you have maintainted your mortgage history. for more information please feel free to call or email directly. thank you

Nov 9th 2011
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