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ssphoenix
Joined: 10 Aug 2008
Posts: 10
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| Posted: Sun Feb 22, 2009 12:53 am Post subject: refinancing - is there an option? |
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I've purchased my home about 2 years ago at $230,000. I just received the property assesment at $123,000 the other day and I was woundering my options. I am not currently in a default but the future doesn't look to promising. My employer already asked many of us to get a paycut to stay employed. I've contacted my lander already in hoping to refinance but didn't get anywhere. I am only looking of a fair deal.
Thanks for any info |
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clarkajenkins
Joined: 08 Apr 2009
Posts: 1
Location: Cincinnati Ohio
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| Posted: Wed Apr 08, 2009 7:20 pm Post subject: |
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| Your situation is all too familiar. Ohio, Florida, and Michigan are getting hit extremely hard as well. Your only optiion is to either contact your lender and request a loan modification, or simply to just wait this crisis out. Your value should return but most experts believe we haven't even hit bottom yet! |
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annette.jones
Joined: 27 Apr 2009
Posts: 4
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| Posted: Mon Apr 27, 2009 7:09 pm Post subject: |
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| Well even if you take a pay cut but have your job, you can definitely go in for a loan modification. In fact the pay cut will technically help you in showing difficulty to your bank in repaying your mortgage at the current rates. Banks normally look for a genuine cause for loan modification. Plus as long as you still have your job, banks will be much more open for a modification. |
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