Posted on: 25th Oct, 2007 02:59 pm
my husband and are in a tough spot.we bought our home in 2004 with an adjustable rate to hit 2006, we were told to refinance in 2006 before rate went up.upon request for refinance we were told there was a 3yr pre paid penalty of 3000.00.soooo we waited until this year and everyone is saying we cant help because we were behind before the adj rate hit.
it is so nerve wrenching we were ok last yr but couldnt because of the pre paid penalty.we were only behind 1 time and i talked to the mort company and we were approved for hardship clause and were set to make up the payment by paying extra we did that maybe 1 mth and the adj rate hit and couldnt pay all that high amt .every where we turn we get the same old we cant help.
it is so nerve wrenching we were ok last yr but couldnt because of the pre paid penalty.we were only behind 1 time and i talked to the mort company and we were approved for hardship clause and were set to make up the payment by paying extra we did that maybe 1 mth and the adj rate hit and couldnt pay all that high amt .every where we turn we get the same old we cant help.
Mrs. Intimidator,
Welcome to the forums.
It is unfortunate to hear, because many people are in your same situation. If you would provide some additional info maybe I can help you.
What is you current mortgage amount?
Do you know how much your home is worth?
What is your income and job history like?
Is the mortgage current now?
How many times has it been late? Was it late more than 1 month in a row?
What is your current rate? What lender?
Do you pay your other bills on time?
I will probably have some additional questions but this will serve as a good start. Let me know if you need clarification on anything.
Thanks
Welcome to the forums.
It is unfortunate to hear, because many people are in your same situation. If you would provide some additional info maybe I can help you.
What is you current mortgage amount?
Do you know how much your home is worth?
What is your income and job history like?
Is the mortgage current now?
How many times has it been late? Was it late more than 1 month in a row?
What is your current rate? What lender?
Do you pay your other bills on time?
I will probably have some additional questions but this will serve as a good start. Let me know if you need clarification on anything.
Thanks
What is you current mortgage amount? 84000.00
Do you know how much your home is worth? 88000.00 a yr ago when appraised.
What is your income and job history like? 42000.00-44 for husband and myself bout 25000.00 both been in jobs 2 to 2 1/2 yrs pv employment 5yrs and 7 all long term spouse in same 22 yrs ,all jobs to better income and employment advance opp.
Is the mortgage current now? no
How many times has it been late? Was it late more than 1 month in a row?
yes more than once and yes more than 1mth,however when more than a mth after the adj rate hit.The 1st time daughter was hospitalized and explanation given to mort co. and they agreed we qualified for hardship
What is your current rate? What lender? 13.62 homecomings financial
Do you pay your other bills on time? yes,well at least my husband does,we divorced earlier this yr and remarried in july and I have had some problems.We were trying to refinance in his name only for fear of my credit history.
I will probably have some additional questions but this will serve as a good start. Let me know if you need clarification on anything.
Do you know how much your home is worth? 88000.00 a yr ago when appraised.
What is your income and job history like? 42000.00-44 for husband and myself bout 25000.00 both been in jobs 2 to 2 1/2 yrs pv employment 5yrs and 7 all long term spouse in same 22 yrs ,all jobs to better income and employment advance opp.
Is the mortgage current now? no
How many times has it been late? Was it late more than 1 month in a row?
yes more than once and yes more than 1mth,however when more than a mth after the adj rate hit.The 1st time daughter was hospitalized and explanation given to mort co. and they agreed we qualified for hardship
What is your current rate? What lender? 13.62 homecomings financial
Do you pay your other bills on time? yes,well at least my husband does,we divorced earlier this yr and remarried in july and I have had some problems.We were trying to refinance in his name only for fear of my credit history.
I will probably have some additional questions but this will serve as a good start. Let me know if you need clarification on anything.
How far behind is the mortgage currently? How much?
The only way I can think of to help is an FHA secure loan. I think you had to have been current up until the rate adjustment. I am not an expert with the new loan offering though. I have not tried to close any FHA secure loans yet so I don't know the specifics.
The only way I can think of to help is an FHA secure loan. I think you had to have been current up until the rate adjustment. I am not an expert with the new loan offering though. I have not tried to close any FHA secure loans yet so I don't know the specifics.