I bought house 156000 $. now its value is 140000 $. My income decrease from 3000 to 2000 . whai i do

I try loan modification and after 1 year they denied. now i need to pay my morgage co. 8000$. where can i get this Money.

  • January 14 2010 - Spring
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Answers (8)

It sounds like you have not been successful with whatever free services you have used or even trying it yourself.  It is time to get professional help and just pay the fee to a good loan mod attorney.  They are much less than $8000 and the good ones will evaluate your case up front for free and won't take it on unless they think they can get your mod successfully negotiated.
  • March 09 2010
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You might try NewStartRelief.com
they have Loan Mods starting at only $995, have a 98% success rate, and also offer Short Sale services if the mod happens to not work out. I'm on as an Real Estate Professional affiliate and have been very pleased with their staff and results.

Best!

dw
  • March 08 2010
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I'm not sure exactly how much you actually owe, but if you have equity - you owe $8200 but can sell it for $140,000 - don't let the bank take it. Sell it before they do that. If there is any money to get out of this situation, make sure you get it and not the bank.
  • January 15 2010
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7200 on 2nd morgage and 1000 for 1st loan.
  • January 15 2010
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Besides the unfortunate results in your attempt to get a Loan Modification, there are still options. First I would ask for a forbearance for 3-6 months to get yourself back on your feet. These are much more easily granted than Loan Modifications. 

During this time period, you can go down the road of 'Challenging the Mortgage.' This process is working very well form many people in Pre-Foreclosure and Foreclosure, all the way up to the Sheriff Sale Date! If you do not know how to proceed, you would be well advised to ask a mortgage professional that has dealt with the Administrative Level Mortgage Challenge. This process, done correctly can help you obtain a Free & Clear title within 6 months.
  • January 15 2010
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Try to resubmit your modification, as it sounds like you are doing it yourself.  the HUD website can help.  If you keep getting discouraged and don't have time there are plenty of places to go to get help from a professional but you will need to pay.  Our Attorneys are excellent if you need help and are very competitive.

You also have an option to short sale or foreclose depending on what your financial goals are.   There are options, so don't give up as the process is time consuming and take energy.
  • January 15 2010
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If it's your home, you sound like a great candidate for a workout.... Not sure why you were denied but you should see if you can reapply.  Best of Luck.
  • January 15 2010
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How much do you owe on your loan?

  • January 14 2010
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