Posted on: 17th Oct, 2010 08:51 pm
I lost my job this past June but found a temporary one that ends the end of this week 10-21-10. I will go back on unemployment but have been offered a one day a week job @ 400/day. I have an ARM mtg that adjusts yearly @ 3.375 with a bal of $323,000 and an equity loan of $44,000@3.75. I bought the house @$440,000 and it's value now is $325,000-340,000approx. What can I do to stay in my house? I also have $1175.00 in monthy rental income from paid off condo. I will file for social security in December for Feb 2011.
Welcome dhdobson,
You should contact your lender and inform him about your financial situation and request for a loan modification. If the lender accepts your request, you'll be able to save the property and stay in it. Moreover, you'll get a better payment plan to pay off your mortgage dues.
You should contact your lender and inform him about your financial situation and request for a loan modification. If the lender accepts your request, you'll be able to save the property and stay in it. Moreover, you'll get a better payment plan to pay off your mortgage dues.
Hi dhdobson,
Welcome to mortgage fit,
Apart from adonis's request I would like to just add few thing to this discussion..........
Try to get a good job (search until you get a good one)
because financial independence is directly related to your income and debt ratio.If your income is stopped by marginally great amount then surely you have to again wait for lot more time in order to get free from your all financial obligations aka financial independence is delayed.
Feel free to ask any further query if you have.
DIpa
Welcome to mortgage fit,
Apart from adonis's request I would like to just add few thing to this discussion..........
Try to get a good job (search until you get a good one)
because financial independence is directly related to your income and debt ratio.If your income is stopped by marginally great amount then surely you have to again wait for lot more time in order to get free from your all financial obligations aka financial independence is delayed.
Feel free to ask any further query if you have.
DIpa
If I get a"good" job I can afford the house payments and won't need the loan midification. I have tried to get a job and the market is saturated with my profession. What are mortgage dues???
Hi Dorothy!
Welcome to forums!
Mortgage dues are the balance amount that you will have to pay off to the lender.
Sussane
Welcome to forums!
Mortgage dues are the balance amount that you will have to pay off to the lender.
Sussane