Posted on: 19th Oct, 2010 01:32 pm
Our mortgage has increased again $60/month just this year, due to tax increases, homeowners insurance increased, and we now have to pay in to a "reserve" account. We were having troubles scrambling up the money to pay our mortgage before the increase and we are certain that we are going to start with late payments. Our house isn't worth within $20,000 of what we owe so we can't sell (an pay a realtor) we don't qualify for a modification. What other options do we have, or is a short sell the best we can do?
Thanks!!
Thanks!!
Hi amanda,
If you're facing hardship in paying off your mortgage payments, you can always apply for a loan modification with your lender. If the loan modification process does not go through, then you can apply for a short sale with your lender and try to sell off the property.
Thanks
If you're facing hardship in paying off your mortgage payments, you can always apply for a loan modification with your lender. If the loan modification process does not go through, then you can apply for a short sale with your lender and try to sell off the property.
Thanks
Thank you James, I am going to start there. I don't fit into the guidlines to qualify but I think it will be worth a shot before going straight into a short sale.