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Disabled and divorcing....

Can a person who wants to keep their home but is getting a divorce, leaving only $809 monthly with a $412 house pmnt still keep the house and qualify for HAMP??  If so, where would i begin?  I've been here 10 yrs with no late or missed payments....even after I had to go on disability.  I've shown great fiscal responsibility and that I want to remain here, but I am afraid if I tell them I am losing my spouses income they may take my home.  Can they do that?  I would like to qalify for HAMP but do not know where to begin!  Thank you for any advice!
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February 21 2011 - Estill Springs
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Profile picture for the_country_hick
As long as the payment is made they do NOT want your house.
There are 2 issues with divorce.
1 The name on the deed needs to be removed.
2 The name on the mortgage needs to be removed.

The first is easy. The second can only happen with a refinance. Most loan modifications fail. You can try just do not expect to much. If you get a trial period of paying less than is owed save the rest. The bank could demand you catch up immediately at the end of the trial period.

I would try finding the local disability support service near you. They may have some programs that could help you. You may also want to go to cityt hall/town office and ask about low income support services. Your senators office can also help.

If you are not now you need to look into food stamps and other programs at the local dept. of human services.

Being blunt, you may not be able to afford to keep the house as things sit now. However, if you could take in a boarder it might solve some of your financial problems. It is not the perfect solution but could be your best bet financially. The problem is not just the mortgage payment, taxes, and insurance. It is little things like roofs, furnaces, and so on. When those repairs come up your income is not likely to allow those repairs. There are low income housing programs (repairs, heat etc.) available. One might be of help to you.
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February 22 2011
 
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