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Candidate for possible Reduction of Principal?
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Posted 3/2/2009 5:36 PM (#1939)
Subject: Candidate for possible Reduction of Principal?
- Purchased a 2 bedroom condo for $150,000 in South Florida in 2006 (lowest price we could find at the time)
- The value of the condo today is probably $80,000-$90,000
- I got a 30 yr fixed rate mortgage at 6.2% and put nothing down
- I have never missed a mortgage payment and sometimes pay more than the minimum – My credit is excellent
- As of today, the principal is down to $144,000
- I have no credit card debt. I have a small $2,500 loan against my TSP (Gov’s 401k), and I pay $300 for auto
- My gross income is approximately $70,000 a year
- The problem is, the $70,000 a year is based on two full time jobs - ($50,000 on one and $20,000 on the other)
- I am getting burned out and would like to see if I could work just the one, higher paying job
- If I drop one job, it would become extremely difficult to make the mortgage payments and maintenance fees
- Am I in any way a candidate for a modification that would reduce the principal of the loan?
- If so, can this be down via the President’s new plan, or is it absolutely necessary to pay an attorney?
- Any advice or suggestions are greatly appreciated. Thank you.
Posted 7/9/2009 8:33 AM (#1992 - in reply to #1939)
Subject: RE: Candidate for possible Reduction of Principal?
Posts: 4
The fact that you've been current on your mortgages makes you eligible for the scheme. I suggest you also check out refinancing options.
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