Posted on: 07th Jan, 2008 12:30 am
My mortgages payments will adjusting this march and cannot afford the adjustment. I have not missed any payments and I already contacted my lender to ask for the 5 year freeze but they don't offer it. Also tried a loan modification but they said i havent missed any payments yet. They can only modified my loans if I missed any payments. The house is upside down(i owe more than the house worth). I already contacted several lenders but NO LUCK, because of the house value... ANy ideas>>short sale??
2/28, 100% financing with same lenader
2/28, 100% financing with same lenader
Hi Gawalter,
Welcome to the forum.
It is good that you have a talk with your lender regarding your problem of mortgage payments. Now I think Short Sale will be the best option to choose in your situaion.
Short Sale will not have huge negative effects like DIL or foreclosure. It will drop your credit score for 50 to 80 points.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
It is good that you have a talk with your lender regarding your problem of mortgage payments. Now I think Short Sale will be the best option to choose in your situaion.
Short Sale will not have huge negative effects like DIL or foreclosure. It will drop your credit score for 50 to 80 points.
Feel free to ask if you have any further questions.
Best of luck,
Larry
hi gawalter,
welcome to the forums.
you said you are upside down on the loan. but you haven't yet missed a payment. so how come you are upside down? or is it that you may be behind on payments within a month or so?
chase is not willing to do loan modification simply because you have not yet missed a payment. so, what you can do is, talk to them and explain that you are likely to have financial problems. and, if they don't agree then you can think of refinancing into a lower rate, possibly with a different lender if chase doesn't agree to work with you.
short sale is something that you can try out if you cannot refinance. check out the effects of short sale .
thanks
welcome to the forums.
you said you are upside down on the loan. but you haven't yet missed a payment. so how come you are upside down? or is it that you may be behind on payments within a month or so?
chase is not willing to do loan modification simply because you have not yet missed a payment. so, what you can do is, talk to them and explain that you are likely to have financial problems. and, if they don't agree then you can think of refinancing into a lower rate, possibly with a different lender if chase doesn't agree to work with you.
short sale is something that you can try out if you cannot refinance. check out the effects of short sale .
thanks
Time to call a broker!
I have a rental property that I signed up for three years ago when there was a minimum payment I could make at a 1.25% rate so my payment would be very low. The rate was based on 5.875% the rate I was actually paying so the difference was being tacked onto the principal every month which has now put me even more upside down. This low introductory rate is now up and I am not going to be able to afford this new rate. What should I do?
Loan is for 174000, appraisal not much more than 170000.00 payment every month=772 including taxes (about 110/month)
HELP!
Loan is for 174000, appraisal not much more than 170000.00 payment every month=772 including taxes (about 110/month)
HELP!
Hi Chrissy,
Welcome to forums.
I can understand it will be tough for you to keep up with the loan payments. So, whay don't you refinancfe the existing loan. IT seems to be a pay option ARM. Have you talked to the lender about doing a refinance?
Thanks
Welcome to forums.
I can understand it will be tough for you to keep up with the loan payments. So, whay don't you refinancfe the existing loan. IT seems to be a pay option ARM. Have you talked to the lender about doing a refinance?
Thanks
this is an odd situation, chrissy. you mention that the property is a rental, yet your payment of $772 per month is impossible for you to handle. is the tenant no longer there? did you give your tenant such a deal that the rent payment is that much less than the mortgage payment?
jameshogg makes a point - have you discussed refinancing the option arm with your lender?
forgive me for asking, but did you read your promissory note when you took your mortgage originally? did you not make any plans for how you were going to make payments when the adjustment came?
unlike jameshogg, i honestly dont understand how it is tough for you to make the monthly payments. can you elaborate, for the sake of someone else who may have a similar dilemma?
jameshogg makes a point - have you discussed refinancing the option arm with your lender?
forgive me for asking, but did you read your promissory note when you took your mortgage originally? did you not make any plans for how you were going to make payments when the adjustment came?
unlike jameshogg, i honestly dont understand how it is tough for you to make the monthly payments. can you elaborate, for the sake of someone else who may have a similar dilemma?
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