Posted on: 19th Aug, 2008 09:23 pm
hi, i live in the state of colorado, we are experiencing lots of foreclosures. my husband lost his job but we were able to negotiate with the mortgage company; they but some of the late payments in the rear of the loan and distribute the others on the monthly loan payments, they also moved my adjustable arm up making it impossible to make the payments. we were able to make one payment and we are now facing foreclosure again. i believe that the banks are at fault we were up front explaining that my husband was unemployed they could have adjust our payments for 6 months until my husband got a job. no instead they created more problems. helping someone that is already having difficulties by raising the mortgage rate is not going to help at all. now we are schedule for a foreclosure in a few weeks we are looking at doing a short-sale not knowing again if this is a good solution. we would love to continue staying in our home and we are hoping that an investor will purchase our home and let us rent it back until we are able to get another loan. the company we are using for the short sale is done deal and they told us that we have a 20% chance that an investor would rent the house back to us. please let me know which route we can go, we would love to refinance to a lesser rate but i bet that would be impossible due to all the late payments. the president nor congress can help with the foreclosure problems because they do not understand it not one of them i bet has experience the hardship of losing a job and having to use your 401k or any savings you have to make ends meet. my husband and i never thought that we would be in a situation like this in older age. thanks :(
Hi,
Welcome to the forums.
Did you accept a loan modification offer from the mortgage company? What happens in loan modification is that, the lender adds missed payments to the existing balance as a result of which your monthly payments go up. By the way, if you have bee in trouble making payments and have informed the lender, how did he increase the rate? He could have then and there suggested a workout plan.
How old are you? I'm asking this because if you're 62 and above, you can qualify for a reverse mortgage and use it to pay off the existing mortgage. And you don't have to worry about payments on a reverse mortgage. Such a loan doesn't need you to pay on a monthly basis. Know more on reverse mortgages .
Take Care
Welcome to the forums.
Did you accept a loan modification offer from the mortgage company? What happens in loan modification is that, the lender adds missed payments to the existing balance as a result of which your monthly payments go up. By the way, if you have bee in trouble making payments and have informed the lender, how did he increase the rate? He could have then and there suggested a workout plan.
How old are you? I'm asking this because if you're 62 and above, you can qualify for a reverse mortgage and use it to pay off the existing mortgage. And you don't have to worry about payments on a reverse mortgage. Such a loan doesn't need you to pay on a monthly basis. Know more on reverse mortgages .
Take Care
Another option would be the FHA Secure Plan which was created to help folks whose mtg pymt went up b/c of an ARM. To qualify you must not have been late on the loan until AFTER the loan started adjusting. If that is the case, and if your current loan is not FHA, then you are a potential candidate.
The main thing is that your husband needs to replace his job quickly, because that would be a deal breaker. THere are no stated income loans out there anymore, and FHA has always been a full doc loan.
Ideally his new job will be in the same line of work, and full time versus part time. Depending on your debt ratio, he may not "need" to make the same money he was.
I would recommend that you get together with a good lender that can tell you what income you will need to qualify. THat way you know the minimum he could accept from his new job so that you could get back on track. After you get your home secured, he could look for work that was more suitable.
Hope this helps, and good luck to you.
Kim
The main thing is that your husband needs to replace his job quickly, because that would be a deal breaker. THere are no stated income loans out there anymore, and FHA has always been a full doc loan.
Ideally his new job will be in the same line of work, and full time versus part time. Depending on your debt ratio, he may not "need" to make the same money he was.
I would recommend that you get together with a good lender that can tell you what income you will need to qualify. THat way you know the minimum he could accept from his new job so that you could get back on track. After you get your home secured, he could look for work that was more suitable.
Hope this helps, and good luck to you.
Kim
