12 months ago
SACRAMENTO, CA - Thanks to the slumping housing market, millions of Americans are facing a frightening problem. They now owe more on their home than it's worth. Some call it being "upside down" or "underwater."
If you find yourself in this situation, it may be time to talk to a loan modification company or a real estate attorney.
Michele Dillingham of Vitek Mortgage joined us Live Online Thursday. She says lenders are more willing now to consider loan modifications. Such modifications may involve adjusting loans by reducing the principal owed, extending terms of the loan, or reducing the interest rate, or a combination of these options.
Dillingham suggests attending an upcoming Foreclosure Workshop that includes free sessions with lenders. The seminar, sponsored by the Sacramento Housing and Redevelopment Agency will be held Thursday, Nov. 20 from 2-8 p.m. at the Pannell Meadowview Community Center at 2450 Meadowview Road in Sacramento.
Dillingham also recommended getting information from the federal government foreclosure prevention Web site as well as the state's own foreclosure prevention site.
News10/KXTV
