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Old 03-02-2009, 03:17 PM
1 posts, read 2,002 times
Reputation: 10


[FONT=Arial]- [/FONT][FONT=Arial]Purchased a 2 bedroom condo for $150,000 in South Florida in 2006 (lowest price we could find at the time) [/FONT]
[FONT=Arial]- [/FONT][FONT=Arial]The value of the condo today is probably $80,000-$90,000[/FONT]
[FONT=Arial]- [/FONT][FONT=Arial]I got a 30 yr fixed rate mortgage at 6.2% and put nothing down[/FONT]
[FONT=Arial]- [/FONT][FONT=Arial]I have never missed a mortgage payment and sometimes pay more than the minimum – My credit is excellent[/FONT]
[FONT=Arial]- [/FONT][FONT=Arial]As of today, the principal is down to $144,000[/FONT]
[FONT=Arial]- [/FONT][FONT=Arial]I have no credit card debt. I have a small $2,500 loan against my TSP (Gov’s 401k), and I pay $300 month for vehicle[/FONT]
[FONT=Arial]- [/FONT][FONT=Arial]My gross income is approximately $70,000 a year[/FONT]
[FONT=Arial]- [/FONT][FONT=Arial]The problem is, the $70,000 a year is based on two full time jobs - ($50,000 on one and $20,000 on the other)[/FONT]
[FONT=Arial]- [/FONT][FONT=Arial]I am getting burned out and would like to see if I could work just the one, higher paying job[/FONT]
[FONT=Arial]- [/FONT][FONT=Arial]If I drop one job, it would become extremely difficult to make the mortgage payments and maintenance fees[/FONT]
[FONT=Arial]- [/FONT][FONT=Arial]Am I in any way a candidate for a modification that would reduce the principal of the loan? [/FONT]
[FONT=Arial]- [/FONT][FONT=Arial]If so, can this be down via the President’s new plan, or is it absolutely necessary to pay an attorney?[/FONT]
[FONT=Arial]Any advice or suggestions are greatly appreciated. Thank you. [/FONT]

Last edited by GringoGig; 03-02-2009 at 03:23 PM.. Reason: correct title
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Old 08-31-2009, 07:16 AM
1 posts, read 1,768 times
Reputation: 10
Default Principal Reduction or Short-Pay Refinance


I'm basically in exactly the same boat.

Excellent credit, never missed a payment. Early on I was paying 2-3 hundred a month extra towards principal. Of course I stopped that about a year ago.

Bought for $200k, still owe $168k now according to taxes it's worth $55, realistically probably $70-90k

I make about $65k per year.

Did you find any solutions or a good company to work with?
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Old 08-31-2009, 07:45 AM
983 posts, read 3,485,304 times
Reputation: 357
Go to mortgage or real estate forum. You will get more advice from there.
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