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Answers (2)
- Christine Hynes, "LoanModSpecialist"
- Contributions:543
Our Attorneys would have to have you complete a full application and evaluate your situation, which they do for free, the evaluation part.
- michael seligman, "mjseligman"
- Contributions:214
Bankruptcy is best discussed with an attorney and it's a good idea to discuss this option with a GOOD attorney who will usually meet with you for free in order to determine if you are a good candidate and what to expect.
Many programs for modification have changed, even over the last few weeks. Also participation in HAMP and/or other programs has more to do with the investor (Fannie, Freddie, FHA, etc) on your loan than your bank (servicing agent), CITI. Most solutions revolve around calculated household income (not just borrower income). PLUS since you are so far behind, it is very important to understand where you are with regard to foreclosure activity and if necessary you may benefit from an attorney to protect you here as well. At this point, if you cannot get into a HAMP workout, you may want to ask about a special forbearance which will allow you to maintain until there is more sustainable consistent income. Best of lu
Many programs for modification have changed, even over the last few weeks. Also participation in HAMP and/or other programs has more to do with the investor (Fannie, Freddie, FHA, etc) on your loan than your bank (servicing agent), CITI. Most solutions revolve around calculated household income (not just borrower income). PLUS since you are so far behind, it is very important to understand where you are with regard to foreclosure activity and if necessary you may benefit from an attorney to protect you here as well. At this point, if you cannot get into a HAMP workout, you may want to ask about a special forbearance which will allow you to maintain until there is more sustainable consistent income. Best of lu
Re: HAMP. Government affordability program to prevent foreclosure on my home. Questions.
Zillow,
I am in the process of filing for modification on my home Mortgage. Initial discussions with my primary loan holder Citi Mtg have begun. I have a principal bal of 90K, loan modification for another 15k, and a second mtg of 12k. Total owed 117K. House is worth appx 110-120K. Paid 107k in 1998. Deliquent almost a year (harp not an option for that reason i believe). Both wife and I laid of in 10/10/08. She is working now appx 750.00 wk. I am finishing degree and collecting unemployment ; 390 week. Have appx 20 weeks left (hopefully) than back on the job market. Our credit is poor. Major medical and other bills. Are considering bankruptcy but want to reaffirm the house and nothing else basically. Any thoughts on viablilty of us getting approved??? I am filling out the paperwork this week. Please advise any thoughts, opinions and/or advice. Thanks for this wonderful format for mortgage advice. Bill D. Osceola, IN
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