Posted on: 24th Jun, 2009 07:26 pm
What help is there for homeowners struggling to stay in their home but making payments late since July (but before the 30 day reporting). We have exhausted our savings and trying to eat and pay our bills and mortagage. I "ve made several attempts to contact the lender CW now BOA. What they are telling me is I can skip a payment but this will put me further in the whole as we are trying to reduce our monthly mortgage payments. I started contacting my lender in May 08 when we starting using our savings to pay our mortage because loss of incone. What help is there for homeowner in our situation that do not qualify under Obamas plan or refinancing options?
wtpowell3
Welcoem to the forum
You still may be able qulify for the modification as logn as you can show that youcan make payments after the modification.
First you need to write a hardship letter to your lender explaing your situation and try to see if that works.
You can find the sample hardship letter on this forum
http://www.mortgagefit.com/problems/hardship-letter.html
Good luck and feel free to ask
Welcoem to the forum
You still may be able qulify for the modification as logn as you can show that youcan make payments after the modification.
First you need to write a hardship letter to your lender explaing your situation and try to see if that works.
You can find the sample hardship letter on this forum
http://www.mortgagefit.com/problems/hardship-letter.html
Good luck and feel free to ask
hi wtpowell,
there are not too many options for home owners in your situation. if there is equity in the property, you can refinance in your name to a lower rate and keep your house. if your house has depreciated in value, you can still qualify for a refinance or a modification under obama's plans. if these plans do not work for you, you can request your lender to modify your loan. if none of these options work, the only option would be to either short sell the house or do a deed in lieu with the lender.
there are not too many options for home owners in your situation. if there is equity in the property, you can refinance in your name to a lower rate and keep your house. if your house has depreciated in value, you can still qualify for a refinance or a modification under obama's plans. if these plans do not work for you, you can request your lender to modify your loan. if none of these options work, the only option would be to either short sell the house or do a deed in lieu with the lender.