Posted on: 03rd Aug, 2009 10:32 am
our mortgage company was hfc but will no longer refinance our loan which is at 7.4. we need to lower the payment of $1258. a month. i have become unemployed and am now on early social security plus my husbands pension and social security. iam trying to avoid bankrupcy on my credit cards.
Hi Guest,
As you are unemployed right now, the lender will not give you a refinance. You can apply for a loan modification but I guess, lender won't agree to it as you won't be able to show your income.
In my opinion, you should try to sell off the property through a deed in lieu of foreclosure. If the lender accepts this request of yours, you won't be liable for the deficient amount resulting from the sale of the property. You can try renting out a property for few years and then look out for a mortgage.
Take care.
As you are unemployed right now, the lender will not give you a refinance. You can apply for a loan modification but I guess, lender won't agree to it as you won't be able to show your income.
In my opinion, you should try to sell off the property through a deed in lieu of foreclosure. If the lender accepts this request of yours, you won't be liable for the deficient amount resulting from the sale of the property. You can try renting out a property for few years and then look out for a mortgage.
Take care.
Guest,
In my opinion you should go for foreclosure as it will be one of the best alternative to you because i do not think you will be requiring any kind of loan in future.
so ...
keep in touch....
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In my opinion you should go for foreclosure as it will be one of the best alternative to you because i do not think you will be requiring any kind of loan in future.
so ...
keep in touch....
:arrow: :arrow: :arrow: