I am a real estate broker associate in La Quinta, California. We are still seeing alot of home owners that owe way more than their home is worth. They want lower house payments to keep their home.
Here are some options -
1. Call the bank to do a loan modification.
2. A short sale is another option, but then you have to move out of your home and probably cannot buy another home for at least 3 years.
3. Foreclosure is another option.
No one wants to lose their home, but in these times many people have nooption. Through no fault of their own it is necessary for many people.
LORI BOWERS
http://www.desertareahousingmarket.com
The Lori Bowers Group
A boutique Real Estate Office, with a full service team to serve all your Real Estate Needs
La Quinta, Palm Desert, Indio, Rancho Mirage, Coachella , Indian Wells and the surrounding Palm Springs Area.
78065 Main St., Suite 107
Old Town La Quinta
La Quinta, CA 92253
Phone: (760)777-8788 • Fax: (760)771-5355
LORI BOWERS is La Quinta's real estate specialist!
Hi Lori, If the current home loan is a Fannie Mae or Freddie Mac loan, then the home owners can do a DU Refi Plus or Freddie Mac Open Access where they don't have to pay mortgage insurance if they currently aren't paying it even if the loan to value is over 80%. These programs are part of the Making Home Affordable Program. Rates are great on these too.