Posted on: 16th Apr, 2010 10:45 am
Hi Anthony - its been a while - not sure if you will even remember me at this point as its been several yrs since I last refinanced but I was wondering if I qualify for any of the new lending programs available to homeowners experiencing financial difficulty.
For the past 6 yrs I have been on social security disability due to a medical problem and unable to work. To supplement my $24K SSDI income to pay my mortgage and taxes I have been exercising and selling employee stock options awarded to me by my former employer during my employment with them prior to my illness and although I had intended that to be used for retirement purposes it is almost depleted at this point.
I have managed to stay current and have never been late with PNC, and I believe my mortgage rate is around 5 7/8% with a principal bal of $195K.
I know I should probably just sell my home and relocate to a more affordable area down south but its hard to leave family and friends behind and go somewhere unfamiliar with no ties or connections.
I have tried reading up on the new programs out there but find it a bit confusing to be honest in terms of figuring out if I qualify or not and would appreciate some guidance on this.
Thank you.
For the past 6 yrs I have been on social security disability due to a medical problem and unable to work. To supplement my $24K SSDI income to pay my mortgage and taxes I have been exercising and selling employee stock options awarded to me by my former employer during my employment with them prior to my illness and although I had intended that to be used for retirement purposes it is almost depleted at this point.
I have managed to stay current and have never been late with PNC, and I believe my mortgage rate is around 5 7/8% with a principal bal of $195K.
I know I should probably just sell my home and relocate to a more affordable area down south but its hard to leave family and friends behind and go somewhere unfamiliar with no ties or connections.
I have tried reading up on the new programs out there but find it a bit confusing to be honest in terms of figuring out if I qualify or not and would appreciate some guidance on this.
Thank you.
You want to know if you qualify for any of the new mortgage programs? What programs and for what purcpose.
You are at 5.875% and not much reason to refinance to lower payments.
If you are asking if you qualify for a loan modification, you may with the decreased income. You would need to calll ypour lender and ask.
You are at 5.875% and not much reason to refinance to lower payments.
If you are asking if you qualify for a loan modification, you may with the decreased income. You would need to calll ypour lender and ask.
Hi,
You can try for loan modification as it is the best option for people who are facing problems related to mortgage payments or certain foreclosure in future. It will restructure your existing mortgage loan into a new one which is affordable to you and fit your budget. But for that you need to get in touch with your lender. Wish you all the best and get well soon.
You can try for loan modification as it is the best option for people who are facing problems related to mortgage payments or certain foreclosure in future. It will restructure your existing mortgage loan into a new one which is affordable to you and fit your budget. But for that you need to get in touch with your lender. Wish you all the best and get well soon.
