Answers (5)
- Phil Zimbardi, "TOP END Properties"
- Contributions:324
With no income its highly unlikely you will be accepted for a loan mod, however, lenders typically want you to at least apply before moving onto a short sale. It sounds like you will need to sell your home via short sale. I would contact your lender and go through their Foreclosure Avoidance program.
- spct
- Contributions:3
@Wes Moody the most recent appraisal on the home was anywhere from 300,000-319,000. I will look into a short sale option, and see what I can get.
- spct
- Contributions:3
@wetdawgs Yes you are right that is what I meant to say. I figured if I took that route I could pay off credit cards of which will better my credit as i want them under 25% usage, and then maybe I could get accepted on a refinance, as ultimately I would like to keep the home, possible renting it out later in life as it has a bottom level kitchen,bedroom,full bath, and living room, and the upstairs. In the end making more then the Mortgage is as people are renting 1 bedroom apartments under 1000 feet in this area for 1600 + Utilities!! Unbelievable
- Wes Moody, "WesleyR.Moody"
- Contributions:4
That's quite a few questions! I can speak to the real estate question which is this: currently loan modification success rates are running about 15% industry wide- meaning, out of every 100 people asking for a loan mod, 15 are actually getting one. What you need to do is speak to a real estate professional that specializes in short sale to determine the value of your home vs what is owed on it. Once you have that your options- not just about the home- but your total financial picture will become much clearer.
So if you are looking for a place to begin, that would be it- find out the value of your home.
So if you are looking for a place to begin, that would be it- find out the value of your home.
- wetdawgs
- Contributions:39535
I'm sorry you are in this difficult situation.
I'm not sure I'm understanding the phrase "should I use a Loan Modification Plan allowing me 10 months with no mortgage". I've not heard of one that skips payments for 10 months.
I'm not sure I'm understanding the phrase "should I use a Loan Modification Plan allowing me 10 months with no mortgage". I've not heard of one that skips payments for 10 months.
Loan Modification Question!
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