What's my next best steps?

Dud? Joined: 19 Apr 2010 Posts: 1

Hello all,

I have two mortgages totaling $578 on a Bay Area property I live in -- a duplex with a rental unit. Zillow puts it at $567 currently but who really knows? I wouldn't be surprised if an appraisal comes up at least that high because it's a desirable Victorian with an unusually large yard.

Both mortgages are interest-only ARMs tied to LIBOR and thus payments are currently dirt cheap, but can only start going up later this year. Because it's currently cheap to live in, we're fine for now -- better than if we were renting. But in another year or two, and especially once principal gets added to the payments, we're going to be in big trouble. Should I wait it out until we simply can't afford payments or take action now? If the latter, what should I try to do?

Thanks!!

Dyn-o-mite! Joined: 01 Jul 2008 Posts: 390

I've been referring people to this guy and he has achieved fabulous results. He doesn't charge anything unless and until he secures a loan modification to which you agree.

You can also do-it-yourself and he'll guide you through it.

If you want Dan to do the work...go here.

http://www.homeretentiongroup.com/About_Us.html

If you want to DIY...go here.

http://loanmodman.com/forum/index.php

Posted: Fri Sep 03, 2010 6:33 am

Hi,

You take a help of real estate agents, they are best one to sought your problems and they will also guide you what to do next.

All the Best!!!!!!