Posted on: 16th Jul, 2009 09:42 am
My husband had a heart attack after we purchased our home. He is on permanete disability. Our income was cut in half with the same bills. We went bakrupt 7 years ago. Due to our debt to income we have been turned down 3# times for a Loan Modification. We have tried to sell the house, but we had been paying the lowest payment and the house price has gone up to more than the house is worth. We are unable to make the Mortgage payments any longer. We don't know what to do. No one wants to purchase the house on a Short sale, we cannot get a Loan Modification, do we go bankrupt again, can we do a deed in Liew of Foreclosure,? What are the ramifications for these two last choices. Will our credit ever be good again? Will we be able to finance a home ever again. Please help us out, we do not know what to do. We have not received any Foreclosure Notice yet, but we also have not made the payment in coming up on 4 months. Thank you, R Watson
To R Watson,
My first question to you would be: Did you try and do the loan modification directly with the bank? You may need to consult an attorney or mortgage expert, so it's a nice start that you're seeking advice on this messageboard bc there are certainly a good number of mortgage experts here. The main point is, it is inherently difficult for homeowners to negotiate directly with the lender.
We may need to hear more details about why you were turned down for a loan modification, considering your husband's disability and the late mortgage payments. I can give you more advice regarding your situation after we run the numbers in the front and back end DTI ratio. If you're interested, you can reach us at 888-826-0615.
If you don't feel comfortable calling us, then please try to talk to a mortgage expert and attorney, and also, please be very careful speaking with other loan modification agencies bc unfortunately, a large number of companies will try to scam you.
Best of luck
My first question to you would be: Did you try and do the loan modification directly with the bank? You may need to consult an attorney or mortgage expert, so it's a nice start that you're seeking advice on this messageboard bc there are certainly a good number of mortgage experts here. The main point is, it is inherently difficult for homeowners to negotiate directly with the lender.
We may need to hear more details about why you were turned down for a loan modification, considering your husband's disability and the late mortgage payments. I can give you more advice regarding your situation after we run the numbers in the front and back end DTI ratio. If you're interested, you can reach us at 888-826-0615.
If you don't feel comfortable calling us, then please try to talk to a mortgage expert and attorney, and also, please be very careful speaking with other loan modification agencies bc unfortunately, a large number of companies will try to scam you.
Best of luck
we went to an attorney we could not get approved due to debt to our current income. i just wanted to know what are the ramifications between in returning the deed or going chapter 7 bankrucy. how long before we would be able to refinance another home thank you tina
hi tina
a chapter 7 bankruptcy would badly effect your credit report. it will remain on the credit report for next 8-10 years. however, if you go for a deed in lieu, you will be able to get a mortgage for a new property within 3-4 years. however, it will remain on your credit report for next 7 years.
thanks.
a chapter 7 bankruptcy would badly effect your credit report. it will remain on the credit report for next 8-10 years. however, if you go for a deed in lieu, you will be able to get a mortgage for a new property within 3-4 years. however, it will remain on your credit report for next 7 years.
thanks.