Posted on: 29th Nov, 2009 04:31 pm
I have a mortgage. I am 6 months behind on it. I want to stay in my home. My Mortgage payments are 1296.66. I only bring home $2,59 2.32 per month. I know that if my mortgage was $750.00 per month including insurance, I could make my mortgage payments on time consistently. I would even add 10 more years on to the mortgage if I could make that happen. Is there any mortgage company who would work with me and handle my situation? I have not had a pay raise for the last two years and I understand that next year we will not be looking at a raise either.
Your best option at this point is to get with your current servicer and see if they will do a loan modification for you.
To Chipwilmer,
A loan modification will indeed be an appropriate option in your situation. Your lender can either reduce the interest rate on the mortgage or can extend the term of the loan so as to make your monthly mortgage payments affordable. However, you must have a certain amount of income in order to qualify for a loan modification. There are other factors as well which will be taken into account while approving the modification. You're already behind on your mortgage payments and your credit has been hit. You should talk to the lender regarding the modification without any delay. You can also write them a hardship letter explaining why you urgently need a modification.
A loan modification will indeed be an appropriate option in your situation. Your lender can either reduce the interest rate on the mortgage or can extend the term of the loan so as to make your monthly mortgage payments affordable. However, you must have a certain amount of income in order to qualify for a loan modification. There are other factors as well which will be taken into account while approving the modification. You're already behind on your mortgage payments and your credit has been hit. You should talk to the lender regarding the modification without any delay. You can also write them a hardship letter explaining why you urgently need a modification.