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Answers (8)
Hi BM, I don't know if this still applies, but I may be able to help you with a no doc/zero down funding program. If you're interested, shoot me an email at [email removed by Zillow moderator] Cheers.
Nyang'ara Omwega
Nyang'ara Omwega
- AZMortgages
- Contributions:32
- Pat Lord, "patlordagent"
- Contributions:283
The banks (Lien holders) do not want house back! As you call ask for the loss mitigation department. They should try to negotiate a lower rate for you. It is taking some banks longer to catch on that negotiations means no foreclosure. I tell my clients, if they don't get a reasonible reduction to keep calling until you get a manager who understands loss. I have had clients go from$2800 per month to $1000 a month for six months. Others, have been switched from30 year amoritization to 40 years. Let the bank know what you can pay ... your payment may need to hurt for them to approve.
- Daniel Lundeberg, "dlundeberg"
- Contributions:24
I would recommend seeing if there is any refinancing option that will allow you to pay off any other debts that you may have. If you can't afford the current mortgage payment, then you should try and lower your overall monthly expenses by grouping other debts into your home loan. Otherwise, you shoud try and contact your current lender. Maybe if you can explain the situation, you will have an opportunity to modify your current loan. The only downside to a loan modification is that many lenders will require you to be late to even be considered. They will prefer to see if you can manage the payments on your own before they settle for a loan modification.
- Bentley Advisors
- Contributions:294
I guess one option would be to find someone to partner w/ you and buy his/her share of the home. If there's enough equity and you qualify you could do a cashout refi to pay him/her off. If you can no longer afford the pymts, here's a great resource for avoiding foreclosure - http://www.hud.gov/foreclosure/index.cfm. Good luck.
- John Clayton, "jonsd2000"
- Contributions:2
are you looking to refinance? Let me know and I can give you some advice. E-mail me anytime!
- fhaloansspecialist
- Contributions:4
You need to talk with the loss mitigation department at your lender - See what your options are. Many lenders will lower the interest for a time period when it is a situation where someone is leaving the residence as in a divorce situation - If you keep the first 12 payments on time, they will normally allow this to be your new payment.
- Barry Dalton, "Barry Dalton"
- Contributions:492
Buy some Roses and call off the divorce!
Sorry-
Have great credit but need a break on pymts or loose house. Wa mu won't help? Any thoughts?
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