Mortgage Crisis

[Administrator]

I purchased a condo in July 2006 and planned to stay for less than 5 years. I'm looking at retiring in near future. Unfortunately, I've experienced health issues which has made swallowing the mortgage, HOA, and taxes too great of a burden to continue. My home is currently worth less than the loan amount so I cannot look at selling. I have a 30 year fixed loan at 6.25%. I am current so my lender won't talk to me in regards to modifying loan. They don't understand I am tapped out and close to default. I was offered a loan over the holiday weekend by a relative who knows I am in trouble. It was proposed so that I could perhaps pay down my loan principle and ride out the market. When I sell, I would pay them back. In this scenario, would I approach current lender to refinance OR restructure my current loan? Or should other mortgage brokers be contacted? I am most likely here for 2-3 years and do not want to pay out monies that I won't see back and that I don't have. Is paying down the principle the way to go given the decling value of the property? Thank you for sharing your feedback. When you are in this situation and looking at loan fees on top of what you currently are drowning in, you are indeed cautious and hesitant to trust. Thank you for your feedback! It is appreciated!


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(Source: mortgagefit.com)