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I learned that the housing value in Las Vegas will fall further down to 15% more before the year ends.
I also learned that there is a law pending in US Congress that among others negative credit ratings will be "forgiven" retroactive to the start of the housing bubble burst, expected to be acted on within a month or so.
I also learned that there is money already in the mortgage bank part of the stimulus Nevada got a biggest(?) and largest(?) amount, that anybody who purchased house in the last 6 years will be eligible for loan modification which means reduction in the interest rate down to 4.25% and reduction of the principal amount owed and or reduction of the current monthly mortgage payment - just an example from current $1900 down to $1200 saving of $700 (as the street guy says - "money in the bank", specific case.
My equity is about 35% already. I made a chuck of cash down payment, personally I want to stay in the house I sunk in $8,000 landscape and other home improvements.
The Bander Law Firm from Los Angeles, CA sponsored the seminar www.banderlaw.com, $8,500.00 ($3500 upfront and the $5000 balance payable monthly). They group together bankruptcy attorneys, litigation lawyers, real estate lawyers and open an office exclusive here in Durango Dr to handle hundreds of cases.
John, you are right there are loan modification software (the Modification Made Simple sells for $79) do it yourself filling the blanks and plenty of sample forms including the Hardship Letter. It has been frustrating talking to my mortgage company how they treat "small people" I think you know what I mean.
Aware of the other routes to reduce interest rate and current payment is the direct "refinancing process" - I was offered reduction to $1400 monthly and to 4.50% on the interest with closing and other cost to a tune of $8,500.00
Then there is the flybynight pseudo "groups" "corporations" and other "liquidators" "loan predator terminators" and other high sounding names trying to offer to the public for quick money.
As early as August 2008 I received couple of flyers with "US Government" logo and symbols to entice the public again. Scarry!
Up to this point there is no decision yet which way to go - one thing is sure the interest rate went up the other day to 4.8something.
Thank you John and for the others who emailed me - its comforting.
Leonidas
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