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Modification

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lyn21

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Hello Guys!
I'd like to ask for your opinion..
Heres the situation.
I lost my job 5 months ago. So now i am receiving unemployment. 2522 a month
My first mortgage is 328k i pay 1059.17centsk a month. interest 3.879 %
2nd Mortgage 78,895k Payment is 730 a month , Interest I guess is 6.0 %
My Expenses is almost 1500 a month.  Now my lender wont modify my payment so i can better pay it off.  ooops and property tax of 230 dollars.and 200 dollars of HOA. SO guys tell me how can i live and survive.

Whats the best way to handle this.. I only have 1020 left over after paying bills excluding the 1st and second mortgage. Am i really just screwed?

Any advice please.

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November 01 - Chula Vista
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Christine Hynes, "LoanModSpecialist"

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In general if you have any disposable income left over you will be denied and you said you have $1,020.  So that means DENIED.  Most people who try their own modifications don't understand what is really required to actually qualify for one and this is a prime example.

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November 02
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lyn21

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i owed 407k
market 142k
they didnt give me a reason, just they call n told me i dont qualify for the program. yes i am looking for a job. no room mate that i know whos interested so far.

any idea what to do?

thank you so much guys.. u are making me feel better. just by listening n replying. thank u thank u to all
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November 01
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wetdawgs

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A whole bunch of questions:

What is the reason the lender is giving you for not being willing to modify?   You have a superb interest rate on your first mortgage and the second is not bad.

What is the current fair market value of the property?

Are you screwed?   I would consider getting a roommate or putting the house on the market at this point if you can't make the payments and don't have sufficient assets to cover expenses while you continue your job search.



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November 01
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lyn21

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Thank You for replying...
My first morgtgage is 1k and 2nd Mortgage 730 dollars.
thats total of 1730 dollars just on payment. plus 200 HOA and property tax 230 thats extra 430 dollars.

expenses: food, utilities insurance. total off  1075.

Total sources  of income is 2520
im just  trying to fill you u exactly.
Thank YOu again
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November 01
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loansbytracy

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Did your lender give you a reason as to why they won't modify you?  Sometimes if you show to much money left after expenses paid they feel as though you can afford the current payment - that sounds like what happened... They will sometimes approve a modification if you're only showing between $200-300 left after expenses, but it just depends on your lender - everyone of them are different... Hope this helps!
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November 01
 

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