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I did not get any quotes on my loan request (ZR-PKWCNFK). Can someone help me figure out why?

How do we get help; my wife and I have taken a big hit financially over the last year and there is no help out there for us.  My wife lost $20k annually when her office was sold over night, 1 week before our wedding, with no prior warning.  Then she had an extended stay, 10 weeks, in the hospital after my son was born so we went without the main salary for over two months; we had to deplete our savings and just over the last few months our financial situation has gone down hill and we can't catch up.  We are even in a debt management program but they are useless and our creditors keep denying the payments and changing the amount by a literally $1.

We were told then that we were not eligible because we were not behind on our bills but now that we are behind no lenders want to take the risk; what are we to do now?  I know we are not the right demographic but how does a lower middle class white family with 2 kids get a lone to help them from foreclosing?  If we were to get a refinance with the amount requested we would be fine with no problems; our debt would be paid off and have a gross salary, between the two of us, of $4800 a month.  Why can't anyone see that?  So my question is what can we do to keep from going into foreclosure?
  • November 09 2009 - Holly Springs
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Answers (3)

I am sorry but I meant to refer to the American Recovery and Reinvestment Act of 2009.  It is the Act that defined the Making Home More Affordable Program that your Lender should support.
  • November 09 2009
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Underwriters are risk averse.  They are less likely to provide you with a refinance to avoid foreclosure.  You already have a loan that will keep you from foreclosure and it is your current mortgage.  You should contact your current lender and explain your hardship.  According to the Home Affordable Mortgage Act you should qualify for Modification, but you need to contact your current lender.

I don't quite understand how your creditors are denying payments, you need to make arrangements to pay them what you can afford until the debts are satisfied. 

  • November 09 2009
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First of all, I'm sorry no one answered your question.  Sadly, the banks are telling many folks..."if you're not behind, we assume you can pay your current mortgage."

Without having and in depth conversation, my first reaction is to sell even if it's a short sale.  It will not damage your credit severely like a foreclosure can.

You've spoken to your current lender?  They will not do a modification, right?  Did I get that right?

Feel free to contact me directly if you'd like a local lender contact to see if he has any options. 
  • November 09 2009
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