Loan mod may be better than selling

Tactic gives owners time to recoup market value

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

DEAR BERNICE: I need some advice to know what to price my home at when we do sell. We got an appraisal on our property and it said we lost more than $100,000 in value. Is there any way to sell it for what we paid for it? My husband thinks if we refinance our home we could sell it for what we paid for it originally. Is that true? --Rachel D. DEAR RACHEL: The price you paid for your property has no bearing on what it is worth right now. A good analogy is the stock market. If I paid $100 for IBM stock and today it's selling at $60, I would have to settle for $60 a share if I wanted to sell today. Refinancing won't change this situation. If your appraisal came in low, lenders will refinance your property based upon the current appraised value only. The only way to sell the property for what you paid is to wait for the market to improve. In July, the Obama administration asked the nation's largest lenders to modify at least 500,000 loans by the end of 2009. If you are selling ...