Upside Down Mortgage?Upside down mortgage is a situation when the home-owner owes more than the value
of the property.
As an example, if the home-owner has a loan for $500,000 and the value of the home is $300,000, the home-owner is upside down and has negative equity. Help for Upside Down Loans or Mortgage
If your mortgage is upside down, luckily, you are not the only one in this situation. Help is available in the form of a Principal Reduction Program which aims to eliminate the negative equity in the home and get the home-owner out of the upside down mortgage situation. In the above example, where the home-owner has a loan for $500,000 and the value of his home is $300,000, principal reduction will give him a new loan for an amount of $270,000. All the negative equity in the home will be wiped out. In order to see if you qualify for a principal reduction program, please out
the form for FREE
Consultation for Principal Reduction
Conventional refinancing cannot be obtained for an upside down loan. However, Principal Reduction addresses the negative equity in your home and will get you back in a situation where you have positive equity in your home. Upside down home-owners can be in two situations:
Loan Modification is not a good option in such a situation. Loan modification will attempt to lower the interest rate and the principal reduction may or may not happen Loan Modification will work in this scenario since Principal reduction qualification does look at the Debt/Income ratio If your Debt/Income ratio is too high and you have income coming in, a FREE Consultation for Debt Settlement will help you lower your unsecured debts for credit cards etc. If you are upside down on your mortgage and want to KEEP your
home, you can apply for FREE
Consultation for Principal Reduction
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