Posted on: 15th Aug, 2009 04:24 pm
greetings to all:
My balance on townhome is 295,000.000. However I am 2 months in arrears. I have been living here since 1995 and I am a retiree on a fixed income. I have an ARM which I have been paying mostly the minimum payment because of illness. However, I want to keep my home and live it out here. What are my options? My home is worth right now about 221,000. Should I just wait it out or try to get a loan modification? I am desperate. I cant sleep at nites. Its just terrible.
tks.
Gilbert
My balance on townhome is 295,000.000. However I am 2 months in arrears. I have been living here since 1995 and I am a retiree on a fixed income. I have an ARM which I have been paying mostly the minimum payment because of illness. However, I want to keep my home and live it out here. What are my options? My home is worth right now about 221,000. Should I just wait it out or try to get a loan modification? I am desperate. I cant sleep at nites. Its just terrible.
tks.
Gilbert
gelise10
Your want to first contact the bank for loan modification to see how much they can help.
Good luck and feel free to ask
Your want to first contact the bank for loan modification to see how much they can help.
Good luck and feel free to ask
Hi gelise!
Welcome to forums!
As you are upside down on your mortgage and as you have been making minimum payments, you should immediately contact your lender and apply for a loan modification. If your lender accepts this option, then you would be able to save the property. If you do not contact the lender now, there are chances that he may start the foreclosure procedure against your property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you are upside down on your mortgage and as you have been making minimum payments, you should immediately contact your lender and apply for a loan modification. If your lender accepts this option, then you would be able to save the property. If you do not contact the lender now, there are chances that he may start the foreclosure procedure against your property.
Feel free to ask if you've further queries.
Sussane