Property “Under Water” (you owe more than it’s valued)?

I helped a friend yesterday who owes $388,000 on a property that the Tax Assessor has valued at $278,000. What to do? And unfortunately his interest rate is 9.99%.

But an Appraisal came back at $325,000 and Fortunately there’s a mortgage program that will support a loan up to 125% of the Appraised value. Lucky guy!

If you need help?

Mike Hurney
GMAC Mortgage | Mortgage Loan Officer
NMLS# 43341
PO Box 307, 118 Pleasant St, #5, Marblehead, MA 01945
Mobile: 781-248-6907 E-Fax 866-793-1367
[email protected]
www.GMACM.net/Mike.Hurney

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