Posted on: 20th Jul, 2010 05:59 pm
FairMkt value of our home is $235,000. 7.43% rate. Home Affordability says we do not qualify as we have never been late on our pmts. Our debt to income ratio is beyond what we can handle. Our mortgage pmt has increased, as our escrow has more than tripled since building the home 3 yrs ago. We have exhausted our 401K plans to keep up with the payments. What can we do? This is a FreddieMac Mortgage.
Hi luvinlife,
It is true that lenders will help you with an option only if you're delinquent on your mortgage payments. If your mortgage payments are current, then the lender would be of the opinion that you're able to pay off the dues. Thus, he won't approve any hardship program which will help you save the home. I would suggest you to write a hardship letter to lender and inform him about your financial situation. May be after going through the letter, he may agree to offer you a loan modification.
Thanks
It is true that lenders will help you with an option only if you're delinquent on your mortgage payments. If your mortgage payments are current, then the lender would be of the opinion that you're able to pay off the dues. Thus, he won't approve any hardship program which will help you save the home. I would suggest you to write a hardship letter to lender and inform him about your financial situation. May be after going through the letter, he may agree to offer you a loan modification.
Thanks