Ok, I like many others recently out of BK got into a subprime loan. I have an 80/20 with 0% down. My first is like 7.25% and the second is around 10%. The ARM will reset this august.
I am going to do my best to refi, but I'm concerned my house value has stayed the same or fallen slightly. To give you an idea, I live in a cookie cutter development. Purchased house for $177,000. 2 identical houses are currently listed in the high $160s range, so I'm a little paranoid.
Anyway, I would like to get a loan modification if a refi doesn't happen. I have not been late on any mortgage payments. So what do I do? Just call their loss mitigation and ask for it? Any strategy to this?
I am going to do my best to refi, but I'm concerned my house value has stayed the same or fallen slightly. To give you an idea, I live in a cookie cutter development. Purchased house for $177,000. 2 identical houses are currently listed in the high $160s range, so I'm a little paranoid.
Anyway, I would like to get a loan modification if a refi doesn't happen. I have not been late on any mortgage payments. So what do I do? Just call their loss mitigation and ask for it? Any strategy to this?
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