Suggestions on best path under water house- rental too low-trial modification

[Hector Chavarria]

I got a property loan 400k, house value 390k

behind and currently on trial for house modification

rent in the area $2,600 a month 

looking for rental or exit strategy

Trial ends October

current monthly mortgage payment $3,300 v

Estimated new monthly payment after modification trial $3,029 

includes HOA, Tax and Insurance

Any advise will help.

[Ken M.]

Quote from @Hector Chavarria:

I got a property loan 400k, house value 390k

behind and currently on trial for house modification

rent in the area $2,600 a month 

looking for rental or exit strategy

Trial ends October

current monthly mortgage payment $3,300 v

Estimated new monthly payment after modification trial $3,029 

includes HOA, Tax and Insurance

Any advise will help.

That $300 modification is only useful if you have reason to keep the property for 10 years or more. Your new loan for be for 40 years, not 30 years. Otherwise, it is just foolishly throwing good money after bad. It will cost you 8% to 9% to sell at some point.

If you and the family live there, that's one thing. If it's an investment property, no way.