Profile picture for rdahlby

My mortgage is more than my house is worth. Is there anything I can do? I can't afford it

I bought my bungalow with a VA loan and realistically paid too much. 6 months after purchase, I lost my job. I've refinanced it, and was also approved for the Keeping Home affordable plan but am still not able to keep up. I don't know what to do. I can't even afford to buy groceries.
  • February 03 2014 - Battle Creek
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Answers (3)

Try the VA IRRRL program.  If that does not work for you contact a Real Estate attorney who specializes in short sales (we can recommend) and sell it.  Many short sale expenses are lender paid.  Get out from under and get on with your life.

Thank you for your service to our country!
  • February 03 2014
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Profile picture for wetdawgs
There are several options:

1.  See if you are qualified for a short sale and sell it.

2.  Rent out a couple of rooms to help afford the mortgage.

3.  Foreclose or do a deed in lieu of foreclosure.

Evaluate all options carefully for their impact on your financial life moving forward.   Good luck. 
  • February 03 2014
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You need to talk to a Loan Officer straight away. Have you missed any payments? What is your current rate? When did you last refinance?

VA loans have a program called IRRRL which is a streamline refinance for those with a Veterans loan. It is very simple and can be done with $0 out of pocket from you. 
  • February 03 2014
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