Posted on: 14th Jun, 2010 12:35 pm
paid 172,000
down paymenty 40,000
principal amount 1115,000
type of loan arm
monthly payment principal, interest and taxes 850
age 60
income ssid 860/month
i can't afford to make the monthly payments since my child support payment has stopped due to son's age.
what are my best options (deed in lieu of forclosure, short sale, reverse mortgage)? bank won't let me refinance because of my low income. i am trying to get some extra work on the ticket to work program offered by social security but i am limitted in the amount i can earn or they will take away my disability payment.
down paymenty 40,000
principal amount 1115,000
type of loan arm
monthly payment principal, interest and taxes 850
age 60
income ssid 860/month
i can't afford to make the monthly payments since my child support payment has stopped due to son's age.
what are my best options (deed in lieu of forclosure, short sale, reverse mortgage)? bank won't let me refinance because of my low income. i am trying to get some extra work on the ticket to work program offered by social security but i am limitted in the amount i can earn or they will take away my disability payment.
Hi bigfox!
Welcome to forums!
It is true that if you don't have sufficient income, you won't be able to refinance your mortgage. Also, as you aren't 62 years of age, you won't be able to qualify for a reverse mortgage now.
If you want to get rid of the property, then in my opinion, deed in lieu of foreclosure would be a better option for you. This will not only help you in getting rid of the property but you would not be liable for paying off any deficient balance resulting from the sale.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is true that if you don't have sufficient income, you won't be able to refinance your mortgage. Also, as you aren't 62 years of age, you won't be able to qualify for a reverse mortgage now.
If you want to get rid of the property, then in my opinion, deed in lieu of foreclosure would be a better option for you. This will not only help you in getting rid of the property but you would not be liable for paying off any deficient balance resulting from the sale.
Feel free to ask if you've further queries.
Sussane