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I owed $403000 (1st mortgage 294000,2nd HELOC for $109000).MY home value now $230000(80% under)?

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April 09 2009 - Liberty City
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Hello Michael.The situation is both loans are "toxic" with variable interes.I am starting the bankrupty process due my hardship was i bought some investment properties and now are in foreclosure.I can continue with this houses due real estate crisis and now my mortgage represent the 50% of my monthly income.My lawyer told me he can remove the second loan from the property but I need modify the first one if I want continue with the house.We have stedy job with good income and I think I can apply in the Obamas plans.The only problem is my mortgage  lender(Aurora loan services)until now don't want a modificacion.My lender was Lehman brother and they are cover by Fannie mae.I am trying to save my home but if I don't modify my loan I will include my home in the bankrupty.
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April 16 2009
Can you afford your payments? if not you cauld modify the loan. You should never pay any upfront fee for application or processing. We take and process the modification application with no upfront cost you must have some financial hardship that prevented you from being able to make your payments. Medical expenses, Unemployment, mortgage rate adjustment, Divorce, Credit card rate increase, Wage garnishment, child support, IRS, etc. Our Guarantee ---if we can't help, we don't get paid. Why would anybody pay a fee upfront or deal with a company that has no oversight or formal closing, or less than 24 years in housing counseling business, not combined years, but straight years? Our business is helping Families like yours own and retain their home.
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April 15 2009
 
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I owed $403000 (1st mortgage 294000,2nd HELOC for $109000).MY home value now $230000(80% under)?
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April 16 2009 | 2 answers
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