Posted on: 11th Jan, 2010 08:37 am
Two years ago I lost my job after 18 years. No unemployment, the job gave me the equivalent in a package and that's already gone. Husband is a realtor, unsteady income. Wants to keep the house, which is in my name solely. How can I get from under the promissory note? I have no income, no job. Am looking but am told I'm overqualified (plus there is the age factor, 59 1/2 years old).
I pulled money from Pension to pay mortgage but suffered heavy penalties. Can't do that anymore. Tried selling things; people are not buying. Help! Seems that short sale is an answer??!!
I pulled money from Pension to pay mortgage but suffered heavy penalties. Can't do that anymore. Tried selling things; people are not buying. Help! Seems that short sale is an answer??!!
hi guest,
to remove name from the mortgage note, your husband will have to refinance the loan in his name. but since his income is not stable, he would not be able to qualify for the refinance. the age factor will also be taken into consideration. if you want to keep the house, you can request your lender for a loan modification. it can reduce your monthly mortgage payments and help you stay current on the loan. however, if this option does not work, you can try and short sell the property or do a deed in lieu of foreclosure.
to remove name from the mortgage note, your husband will have to refinance the loan in his name. but since his income is not stable, he would not be able to qualify for the refinance. the age factor will also be taken into consideration. if you want to keep the house, you can request your lender for a loan modification. it can reduce your monthly mortgage payments and help you stay current on the loan. however, if this option does not work, you can try and short sell the property or do a deed in lieu of foreclosure.
Thanks for the informed response. We had the loan modified however, still can't afford the mortgage. I will investigate the information you gave me and see if I can get away unscathed.
you need to answer " Are you in a position to continue with mortgage?"
Inspite of modification & withdrawal from pension fund, if you are facing difficulties, you need to rethink
Inspite of modification & withdrawal from pension fund, if you are facing difficulties, you need to rethink