Posted on: 23rd Apr, 2011 06:15 pm
my ex husband and i bought our home 4 years ago (may 2007) right before the housing market crashed. we bought the house for $110,000 with a 30 year fixed mortgage and refinanced a year later to be in a 15 year, and 5.75 interest. we decided to make it the house we wanted and did some remodeling, ie new kitchen. about 10k.
we got a divorce about a year ago and i ended up with the house because at the time i made more than he did, i lost my job shortly after the divorce and tried to refinance and couldn’t, since i was so new at my job. i just tried to refinance last week, and everything was looking great until the appraisal came back... 89,000, i still owe $95,000 so i can’t refinance and get him off the loan and more importantly i can't lower my payments. i really can’t afford to continue my payments. i haven’t been late on the mortgage yet, i have done everything i can to make it on time so that i would be able to refinance. its coming down to pay the mortgage or my other bills such as gas/utilities, which are all late right now... is a deed in lieu right for me?
we got a divorce about a year ago and i ended up with the house because at the time i made more than he did, i lost my job shortly after the divorce and tried to refinance and couldn’t, since i was so new at my job. i just tried to refinance last week, and everything was looking great until the appraisal came back... 89,000, i still owe $95,000 so i can’t refinance and get him off the loan and more importantly i can't lower my payments. i really can’t afford to continue my payments. i haven’t been late on the mortgage yet, i have done everything i can to make it on time so that i would be able to refinance. its coming down to pay the mortgage or my other bills such as gas/utilities, which are all late right now... is a deed in lieu right for me?
Welcome jesslquintanilla,
If you want to save the property, then you can apply for a loan modification. You can go for a deed in lieu of foreclosure in order to get rid of the property. However, in both the cases, you need to be delinquent on your mortgage payments.
If you want to save the property, then you can apply for a loan modification. You can go for a deed in lieu of foreclosure in order to get rid of the property. However, in both the cases, you need to be delinquent on your mortgage payments.
Did you contact the company who is servicing your loan? It is possible you may qualify for the Home Affordable Refinance program that is designed for people who are current on their mortgage payments and have not been more than 30 days late on any payment over the last year.
Your loan will need to be owned or guaranteed by either Fannie Mae or Freddie Mac and you will need to show you are capable of handling the new monthly payment.
So contact your loan servicer (the company sending you your monthly statements) and see whether or not you qualify. You can also do a Google search for "home affordable refinance program" and you will see a government site you can go to for more information.
Your loan will need to be owned or guaranteed by either Fannie Mae or Freddie Mac and you will need to show you are capable of handling the new monthly payment.
So contact your loan servicer (the company sending you your monthly statements) and see whether or not you qualify. You can also do a Google search for "home affordable refinance program" and you will see a government site you can go to for more information.
