Adjust/Renegotiate mortgage on property that is worth 100K less than I bought it for.
November 16, 2011 7:14 PM Subscribe
My house is worth $100K less than I bought it for. I have trouble making payments. Is there anything i can do?
posted by digividal to home & garden (26 answers total) 12 users marked this as a favorite
Through a couple of assessments I have learned that my house is worth about $100K less than what I paid for it. At the time I bought it, we actually did a pretty good deal but right now, the area has gotten a lot less attractive and there have a been a lot of vacant houses around.
I tried to call my bank and talk to them about it and possibly doing an adjustment, and they said the investor who know owns my house does not participate in any of those programs.
They also said I have no right and no way of finding out, and they are "not allowed" to tell me who now allegedly owns my house.
They said if I had any trouble paying they would put the house into collections.
Does anyone have any advice for what I can do? I cant sell the house. I cant move into someplace new and still pay a 100K mortgage. What are the repercussions for defaulting
on the house? I assume my credit will be destroyed. Are there any government programs or any legal way to help out? Anyway I can encourage the owner who I am not allowed to know who is to agree to adjust it? Obviously if I stop paying and they evict me, they will have to sell the house and a considerable loss anyways and all the legal fees of evicting etc. It does not seem rational to me to not allow it to be adjusted. I cant refinance because there is not enough value in the home.