Thank you all for your comments. I’m pretty sure the mod was done within the same loan, and a new loan was not drawn up. And, besides, we have no assets, save for couple of old cars and a government pension.
We’re about $65k underwater. We bought our house in Sept 2007, a small 2bd/1ba house in Mira Mesa, for $327k through BofA + ACORN first time buyer program. We owe $315k on it, and it’s now worth about $250k. We had a 2nd child, so now the house feels too small, but we’re stuck. It seems like if we stay, we’d have to wait at least 5-7 years, if not more, for the market to recover to a point where we can sell. Walking away might make sense, but we’re not sure of the consequences. We like home ownership, and would like to eventually be able to buy again.
