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I have a house in joshua tree,ca with a line of equity Im

I have a house in...
I have a house in joshua tree,ca with a line of equity I'm paying on and I do want to keep this house but houses like it in this neighborhood are selling now for less than one half of my equity loan; is there any thing I can do to lower this loan?? I am on a low fixed income and am 70 years old. Thanks so much.
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5/24/2013
RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 28,698
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help solve your problem.

Good afternoon. I certainly understand the situation and your concern. Since there is no equity in the home, you are unable to refinance the loan with your lender or a new one. However, it may be possible, if you are facing a hardship and can convince the lender of such, to ask for a loan modification. Often times, the loan normally needs to be behind or in default but there are situations where a lender may be willing to modify the loan. As such, you can contact the loss mitigation department of your lender and speak with them about the modification process and how you can apply. This would be the only way at this time, to try and lower the loan, which would likely result in a reduced interest rate.

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Customer reply replied 4 years ago

Hi thanks, how many months can I get behind before they could take my house on an equity line of credit like this? Thanks

If you read the terms and conditions of your equity line of credit, it should say. Often times, there is a clause that says they need to provide you with a notice to default, before proceeding to foreclose. It could be as little as 30 days before they start or even longer, there is no way of knowing. Even if you were behind, there is no guarantee they would modify the loan, so it is never good to assume it will happen ,if the loan goes into default. In addition, your income needs to be able to support the loan payments. If for some reason it does not based upon the debt to income ratio, you may not qualify.
RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 28,698
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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