Posted on: 30th Jan, 2011 03:51 pm
hello.
i am current on my mortgage; getting a divorce; trying to refinance....the issues are:
1. my soon to be ex has not contributed to the mortgage payment for 2 years since he lost his job. his credit is not great now b/c of his unemployment status.
2. i have maintained the mortgage which is at a ridiculous 7.9% arm. the payment went up by $300 this past december b/c now principle is added to the interest.
3. i owe $260k; a desk appraisal came in at $220k. so essentially $40k underwater.
4. i have tried to work with the mortgage company on a loan modification but to no avail (b/c i haven't missed a payment).
5. i am not committed to the house.
6. my ex will not be in position to refinance b/c of his work status and credit.
7. i have looked into refinancing, but the issue seems to be that unless i can bring money to the closing table, lenders aren't interested.
so any advice on the next step? i am open to most anything that will keep me in good credit standing and/or reduce the payment to a level i can afford.
thank you for your time.
i am current on my mortgage; getting a divorce; trying to refinance....the issues are:
1. my soon to be ex has not contributed to the mortgage payment for 2 years since he lost his job. his credit is not great now b/c of his unemployment status.
2. i have maintained the mortgage which is at a ridiculous 7.9% arm. the payment went up by $300 this past december b/c now principle is added to the interest.
3. i owe $260k; a desk appraisal came in at $220k. so essentially $40k underwater.
4. i have tried to work with the mortgage company on a loan modification but to no avail (b/c i haven't missed a payment).
5. i am not committed to the house.
6. my ex will not be in position to refinance b/c of his work status and credit.
7. i have looked into refinancing, but the issue seems to be that unless i can bring money to the closing table, lenders aren't interested.
so any advice on the next step? i am open to most anything that will keep me in good credit standing and/or reduce the payment to a level i can afford.
thank you for your time.
hi asf,
if you want to save your credit, then you will have to refinance the mortgage by bringing extra money to the table. if you go for loan modification or sell off the property through a deed in lieu of foreclosure or short sale, then it will have a negative affect on your credit report and lower your scores.
thanks
if you want to save your credit, then you will have to refinance the mortgage by bringing extra money to the table. if you go for loan modification or sell off the property through a deed in lieu of foreclosure or short sale, then it will have a negative affect on your credit report and lower your scores.
thanks
Ask legal advice from a credible mortgage broker, they can really help you in deciding what particular step to take.
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Lots of issues and not many solutions, so let me try to offer a couple.
1. If you owe more on your house than it is worth, then refinancing is not an option. Loan modification would be the solution here if you were committed to the house.
2. If someone at your lender has told you they won't consider a loan modification because you are not behind on your payments, make sure you get that person's full name and make your next call to the Office of the President for your mortgage company. NONE of the government programs require you to be behind on your payments.
3. Submit a HAMP modification package you your lender. You can get the forms at Making Home Affordable. Even if they turn you down, the denial gives you an automatic HAFA short sale approval.
4. A HAFA approval is important because the lender agrees to forego all contingent liability you may have, i.e. deficiency judgment.
Good luck!
1. If you owe more on your house than it is worth, then refinancing is not an option. Loan modification would be the solution here if you were committed to the house.
2. If someone at your lender has told you they won't consider a loan modification because you are not behind on your payments, make sure you get that person's full name and make your next call to the Office of the President for your mortgage company. NONE of the government programs require you to be behind on your payments.
3. Submit a HAMP modification package you your lender. You can get the forms at Making Home Affordable. Even if they turn you down, the denial gives you an automatic HAFA short sale approval.
4. A HAFA approval is important because the lender agrees to forego all contingent liability you may have, i.e. deficiency judgment.
Good luck!