Posted on: 17th Jun, 2010 01:27 pm
I have a big problem. I have great credit and I have never been late on a mortgage payment but I can barely afford to buy food for my family. I was told that I can't get a modification because I am not behind on my mortgage and I can't refi because my house didn't appraise for enough. If I sell and rent then I will most likely still have a loan for my house because I won't get enough $ for it so financially I will be in the same situation. Is there any help out there for someone like me who just needs a little break?
Check to see if you qualify for the DU Refi Plus program. Your current loan must be a Fannie Mae loan and your LTV can be up to 125%
your best option my friend is to do a short sale. that means you list it for sale in your area, and request for a short sale approval with your mortgage company. now if you don't sell it with in about 60 days, then you can ask for a deed in lieu of foreclosure(that is when you give the property back). either way your credit will suffer minimally, and you will get rid of something that you can not afford. try that and let me know how it works out for you.
