Posted on: 27th Nov, 2009 02:43 pm
I HAVE A 5-YEAR ARM WHICH WILL COME TO TERM IN OCT 2012. MY BAL IS 300,000 NOW.IM JUST PAYING THE MIN PAYMENT, WHICH IS ALL I CAN AFFORD.I HAVE 2 DOGS.I LIVE IN A TOWNHOME.THE VALUE NOW IS 212,000.I CAN DELCARE BK7 IN 2011 TO GET OUT OF MY CCRD DEBT AND THIS HOUSE.RIGHT NOW,MY CREDIT IS SHOT TO HELL.IM THINKING OF MOVING OUT OF CALIF TO ANOTHER STATE BUT I DONT KNOW ANYONE IN OTHER STATES.IVE BEEN HERE SINCE 1995.I KNOW IN 2012 PAYMENT WILL SKYROCKET.SHUD I GET OUT AND GET A RENTAL?I LIVE ON A FIXED INCOME.I WILL BE GETTING SOCSEC IN FEB 2010.WHAT SHUD I DO? THANKS TO ALL. GILBERT
Hi Gelise-
My name is Melanie. The first thing is don't get down on yourself! There is help for you. Many people are in the same situation as you. The problem is that no one is educated on the new programs out there. The one thing that you can do is try to modify your loan. I don't know your whole history on your loan. However, I do know that the banks are willing to help. Don't give up and fight for your home!
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My name is Melanie. The first thing is don't get down on yourself! There is help for you. Many people are in the same situation as you. The problem is that no one is educated on the new programs out there. The one thing that you can do is try to modify your loan. I don't know your whole history on your loan. However, I do know that the banks are willing to help. Don't give up and fight for your home!
[Promotional text deleted as per forum rules]
To Gelise,
A loan modification could be a good option for you in case you want to keep the property. You can check out with your lender if you qualify for a loan modification. It can help you reduce your mortgage payments and stay current on the loan. But since the property is worth well below what is owed on it, do you want to keep it? In case you don't, you can try and short sell the property or go for a deed in lieu foreclosure. But in both the cases, your credit will be affected negatively.
A loan modification could be a good option for you in case you want to keep the property. You can check out with your lender if you qualify for a loan modification. It can help you reduce your mortgage payments and stay current on the loan. But since the property is worth well below what is owed on it, do you want to keep it? In case you don't, you can try and short sell the property or go for a deed in lieu foreclosure. But in both the cases, your credit will be affected negatively.