|
|
|
Bought a house here in Las Vegas in July 20, 2006 and moved in January 2007. Interest rate is 6.250 percent on a 30 years fixed mortgage. Now the value of the similar/same houses in the neighborhood has gone down to less than 40-50 percent in the same community. My friends and neighbors have left or simply walked away from their houses - of course after emptying all the appliances, wall units, cabinets, sink, bulbs in short anything that they can carry out - stop paying the monthly mortgage and without waiting for the bank to foreclose them.
Some I know simply stop paying for four months or more until the bank was forced to lower their current payment - say to 3 years then will revert to the old contract. Those who took the ARM type of mortgage were the first to declare bankruptcy.
We both are retired, so far we are bless - we are very current in our mortgage never been late or miss and we are on the positive side of our finances/budget. We have not dip into our savings unlike some unfortunate families are already "double dipping" into their personal savings and worst for others they are deep into credit card debts - we have no CC debts or any other forms of obligations but we have current bills like everybody else for month to month subsistence, no car payments either.
If you are the one in this situation would you go for bankruptcy?, foreclosure?, mortgage litigation? or loan modification?
The mortgage litigation and loan modification are similar except one hire an attorney to represent you in the former while the loan modifications are handled by lay people, some even say that you can do it yourself. I am guessing here.
Do you know anybody who can do the job - either attorney or mortgage people whom you can trust that we can consult.
Anybody else who is/are in the same/similar situation above?
You can email me privately if you prefer, please we need your inputs and your recommendations - names, phone numbers or addresses.
Thank you very much.
Leonidas
|
|