Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
How do you go about requesting a principal reduction?
Apparently, our house is worth $15k less than what we owe. The value has gone down $30k in the last 5 yrs. I realize it could be worse but this really sucks. I've been reading about principal reduction programs but I'm unsure of how to go about this. Would it affect our credit?
Some of the requirements state your payment must be more than 31% of your income which, ours isn't. Another requirement on another program said the loan to value needed to be 115%. Ours is 113%.
Our mortgage has been sold twice. Once just a few months ago. I read something else that said if it's been sold the lender is more likely to reduce.
Re: How do you go about requesting a principal reduction?
Welcome to the nest
Are you referring to the settlement of the lawsuit by the state attorneys general against the big banks for all the robosigning and such?
The settlement will only help the tiniest fraction of American homeowners and will barely offer any aid. I'm not trying to be unkind when I say that the likelihood of you, or realistically anyone, a) qualifying for and b) completing the process before the year 2118 is extremely remote. The deal was a media show.
And do count your blessings. A $30k loss in value with only a $15k net loss in value is a really and truly a blessing. So many of us on the board are underwater MUCH more than that. $15k is easy to get out from under...$115k, that's another story.
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Thinking of doing cosmetic updates to a dated home? These were our costs.