Posted on: 26th Aug, 2009 11:48 am
Hello, I am currently working a reduced hours pay schedule. Essentially, I have taken a pay cut. I still put in the same amount of time but for less money. Unfortunately, my bills did not adjust downward. I am working with less to pay the same bills. Due to health, I can not work a second job, but the health issue does not dictate disability either. I am in the middle. I am my sole means of support. I am struggling to pay my mortgage. It has gotten so bad that one month I pay the mortgage, then the next month, I pay everytihing else. I need a loan mod badly.
Here is my sitch: FHA loan at 6.5% 30 yr fixed. The note was 2423 now is 2925 due to property tax impound increases. Uncanny? I think my mortgage company is trying to screw me.
I am wondering, since I have this now sever cashflow short fall and health issue, if I filed bankruptcy, will this (a) save my home and (b) get a lower mortgage payment?
Here is my sitch: FHA loan at 6.5% 30 yr fixed. The note was 2423 now is 2925 due to property tax impound increases. Uncanny? I think my mortgage company is trying to screw me.
I am wondering, since I have this now sever cashflow short fall and health issue, if I filed bankruptcy, will this (a) save my home and (b) get a lower mortgage payment?
filing bankruptcy will not be likely to solve your problem. the debt will continue, but you may have a shot at getting the loan modified. have you been in touch with mortgage company "that is trying to screw" you? that's the first step in doing a modification.
a lower payment? that's what you'd have to work out with them.
hate to ask, but i am curious - how is that they are trying to screw you? do you think they conspired with the taxing authority to ensure that your taxes would go up that much? on the other hand, were they negligent in not properly calculating the monthly amount needed to pay the taxes?
even with the bankruptcy, if you go that route - the debt still needs to be paid, so it may not save your home in the long run.
a lower payment? that's what you'd have to work out with them.
hate to ask, but i am curious - how is that they are trying to screw you? do you think they conspired with the taxing authority to ensure that your taxes would go up that much? on the other hand, were they negligent in not properly calculating the monthly amount needed to pay the taxes?
even with the bankruptcy, if you go that route - the debt still needs to be paid, so it may not save your home in the long run.
let me restate that last sentence: it will not save your home in the long run; that'll take the modification process.
Sorry to hear about your current situation. Good news is its happening to hundreds of other home owners out there.. I know that doesnt sound so good right? But banks are aware of this and trust me they want nothing more then to keep you in your loan and to keep paying them interest. Call your lender and keep calling them! I had a co-worker call his lender for 8 months straight; everyday on the way to work he would call them on his 45 minute drive in. Final after almost a year not only did they lower his rate but they also reduced his principal balance. If you dont think you can manage this by yourself call a mortgage professional or call a Modification company, but as the other person said a bankruptcy will not save your home!
N. Peter
Voyage Home Loans
N. Peter
Voyage Home Loans
