Posted on: 06th Mar, 2009 04:52 pm
my job is cutting back our hours we are working 32 hours a week its either eat and have electricity or pay the mortgage
Hi kamalla
Are you delinquent on your payments? If yes, then you can apply for a loan modification. In this process, the lender will give you a new repayment plan through which you will be able to pay off the debts. This will also help you in saving the property. However, if you can afford to sell off the property, then you can apply for a short sale or deed in lieu. However, both of these processes will effect your credit score.
If you are still current on your payments, then you can refinance the property. However, in order to do that, your property should have equity and you should have good credit score and income.
Thanks.
Are you delinquent on your payments? If yes, then you can apply for a loan modification. In this process, the lender will give you a new repayment plan through which you will be able to pay off the debts. This will also help you in saving the property. However, if you can afford to sell off the property, then you can apply for a short sale or deed in lieu. However, both of these processes will effect your credit score.
If you are still current on your payments, then you can refinance the property. However, in order to do that, your property should have equity and you should have good credit score and income.
Thanks.
the thing is i dont want the hassle of it anymore is there a way i can get out of it. i really dont care about my credit its shot from the ex wife. its out of reach when talking repairing it. im not delinquent. i just want out
Hi remy!
Welcome to forums!
If you are facing hardship in paying the mortgage dues, you can contact your lender and apply for a short sale or a deed in lieu. The lender will check you financial situation and see if you qualify for a short sale or a deed in lieu. If you qualify for anyone of these, the lender will let you know what steps you need to take.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If you are facing hardship in paying the mortgage dues, you can contact your lender and apply for a short sale or a deed in lieu. The lender will check you financial situation and see if you qualify for a short sale or a deed in lieu. If you qualify for anyone of these, the lender will let you know what steps you need to take.
Feel free to ask if you have further queries.
Sussane