How do I go about trying to get my property value reassessed? Is it the same thing as a loan modification?
I am paying way to much for my home that dropped about $250,000 in value and will consider letting it go if nothing changes. Also, what are the chances that my mortgage company will help me?
What is Loan Modification
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LAO! Lender help us? Are you kidding. As for your question, a lender can do loan modifications, don’t know if they will for you. They don’t care that the market values have declined to the point of all of us being upside down in the loan. If you have income and can make the payments, I suggest you do. This market will come back, but it will be a few years.
A property value reassessment is done by your town. If you win the appeal it will lower your real estate taxes and nothing else. As far as the balance of your mortgage it is what you contracted. How much you borrowed has nothing to do with dropping home values.
NO they are NOT the same.
A loan modification is a modification of the terms of your loan.
Reassessment is valuation by government/county, generally for real estate tax purposes. RE taxes are reassessed biennially, triennially or quadrennially.
It has nothing to do with how much you owe the bank on your home how much its value has dropped. You agreed to pay the bank $X and the drop in value has NO effect on your promises to pay and your legal obligation to do so.
Some of the new bailout laws may apply to your situation. Talk to your lender, read the news.