Posted on: 06th Feb, 2009 07:42 pm
We seem to be in this odd situation as far as our mortgage payments go: we've been making them. They're killing us, and we haven't been making other payments, but there seems to be no help or assistance programs for people who are about to sink into complete financial despair, yet haven't defaulted on their mortgages.
Back in 2004 my husband got approved for a loan that was way more than he could afford (he was going through a divorce). Then, in 2006, after we got married and had a baby right away, he (we) refinanced to get out-of-control credit card debt taken care of. Well that was way beyond our means, too. Plus it was an ARM, and it went mobile in August of 2008. So right now we're paying $2,300/mo while making $4,000/mo. And today my husband was told he'd getting a 20% pay cut as of next week. Meanwhile we're already two years behind in child-support payments, plus about to get a lien on our house for the $4,000 school tax that wasn't (of course) escrowed into the refi, and was due by December 31st of 2008.
We are at wit's end and really cannot find any kind of help! We're eager to sell but of course the current value is well below what we still owe on the house. The only programs I can find are for people who have already defaulted! What are our options? Do you have any suggestions? Oh, by the way, we've tried to 'work something out' with our current mortgage holder: my husband got the paperwork to them in the 1st week of December and has been calling every week since, only to be told that they're still reviewing the documents!
Back in 2004 my husband got approved for a loan that was way more than he could afford (he was going through a divorce). Then, in 2006, after we got married and had a baby right away, he (we) refinanced to get out-of-control credit card debt taken care of. Well that was way beyond our means, too. Plus it was an ARM, and it went mobile in August of 2008. So right now we're paying $2,300/mo while making $4,000/mo. And today my husband was told he'd getting a 20% pay cut as of next week. Meanwhile we're already two years behind in child-support payments, plus about to get a lien on our house for the $4,000 school tax that wasn't (of course) escrowed into the refi, and was due by December 31st of 2008.
We are at wit's end and really cannot find any kind of help! We're eager to sell but of course the current value is well below what we still owe on the house. The only programs I can find are for people who have already defaulted! What are our options? Do you have any suggestions? Oh, by the way, we've tried to 'work something out' with our current mortgage holder: my husband got the paperwork to them in the 1st week of December and has been calling every week since, only to be told that they're still reviewing the documents!
Well, they will still keep reviewing the docs unless you are off by 1 or 2 months. Try to make the payment on the last day for 1 or 2 months and if things did not get better, you can maybe miss 1 or 2 payments to see. Tell them abt your situation and see if they can expedite the situation. But, again, with the number of forclosures mounting up, banks has too many cases to deal with..