So.. upside down.. underwater... whatever...

[BrandiDaryl]

So from reports, I'm hearing that if you're upside down... you're going to be able to do a loan mod?

Is countrywide doing this already?

Will credit score play a factor?

 

I bought a year and a half ago... paid $223k... Tried to get a pool last year and had an appraisal of 189k come in.. then when I asked them if they could only pull comparable builders in their appraisal.. it boosted to 212k. Right now I owe 218k.. I have 110 monthly in PMI....

 

And get this, the county appraised me at 240k.. so I'm getting a HUGE jump in mortgage cost as a result of this...

 

So I'm sure in a year.. the home value has fallen even more.. considering there are homes with 500 sq ft more than mine... selling for approximating 225k right now...

 

I imagine there's been like a 15-20% drop in value...

 

So I am upside down.. but probably only by 15-20k... maybe a little more...

 

Do you guys think I will qualify for whatever is coming out today?

[radi8]

The stuff that came out today might allow you to refinance if you are no more than 110% of appraised value with the loan. Other than that- it's based on inability to pay, not loss in value.

 

Can you fight the property valuation for property tax assessment and get your taxes lowered?

[orangecrush]

Does the new plan only help those who foreclosure has not been filed against? Or does it help out people who are in foreclosure also? Those who have been trying to get mods or help from uncooperative lenders, who filed foreclosure anyway.