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Answers (20)
- Mark Ostrye, "MarkOstrye"
- Contributions:4
[promotion deleted by Zillow moderator. Please see our Good Neighbor Policy]
- wetdawgs
- Contributions:26853
It showed up in your feed because someone chose to respond almost a year after it was asked!
- Eric Hempler, "erichempler"
- Contributions:83
Why did this question show up in my feed? It's from last year.
- Mary Hanson, "MJHanson"
- Contributions:6
Try to work with your mortgage company again, to see if they have a new program that will work for you while your home is on the market as a short sale.
- Pasadenan
- Contributions:21466
It has been almost 6 MONTHS since this was asked! Agents would be well advised to be more timely in their responses! Does it take you 9 months to return a phone call, and 10 months to answer a question on a listing, and 2 years for you to close escrow???
Why would anyone want an agent that is so slow at addressing issues?
Don't you think it likely would have been resolved by now, or that they might already be in the foreclosure process?
Besides, what information did you provide that wasn't already posted in the thread?
Is this what the National Association of Regurgitation taught you to do?
Why would anyone want an agent that is so slow at addressing issues?
Don't you think it likely would have been resolved by now, or that they might already be in the foreclosure process?
Besides, what information did you provide that wasn't already posted in the thread?
Is this what the National Association of Regurgitation taught you to do?
- Cathy Carruth, "Cathy Carruth"
- Contributions:27
If your payments are higher than you can afford, it is advisable to do a Short Sale of your home thus avoiding foreclosure and improving your credit for the future. Unfortunately, you would need to look for another place to live, but if you can't afford the payments, it seems unlikely that you will have a favorable end result with your bank. I do work with an attorney that would give you good legal sound advice at no cost to you to short sale your home. Hope this helps.
- Jeff Johnson, "Jeff AJohnson"
- Contributions:12
It would be well advised to start the short sale process. If the new payment sstructure that you are into is still above your comfort zone then a short sale will help.
- Ryan Eck, "Ryan Eck"
- Contributions:15
Sounds like you need to live and stay in your house... thus a short-sale probably won't work because you will still need to live somewhere. I agree with MikeEmery, seek local advice so you can make an informed decision. Legal advice would be best but I know it can be costly. If you stop making payments your credit score will drop dramatically and thus you won't qualify for a new home loan. You really need to determine if you want to stay in your home or start renting. If you want to stay in the home then you should seek out any government aid or services in your state. If you settle to renting then you should consider withholding your mortgage payments. This will force your lender to either assist you and re-negoiate your terms or allow you to sell for short. A real estate agent could assist you in the later.
- Meryl Neiman, "meryl neiman"
- Contributions:47
I would echo the suggestion to seek legal advice and consider whether bankruptcy might be an option. Many people are alarmed to hear the word bankruptcy, but it really is just a way to protect you from creditors under certain circumstances and it may help you save your home.
- wetdawgs
- Contributions:26853
@Jonathan: according to the rules on the FHA short refinance, the borrower cannot have missed payments, and the OP mentioned missing several payments.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Excellent link Michael. TU.
Happy funding, Rudi
Happy funding, Rudi
- FirstChoiceLoanServ
- Contributions:3
Try FHA Short refinance program
If a borrower owes more than the property is currently worth, the bank must agree to reduce the loan balance by at least 10% so that the new loan is no more than 97.75% of the home's current value.
The program is designed for borrowers who are current on their loans and owe more than their properties are worth.
Borrowers are refinancing into FHA-backed loans and must be able to meet all traditional underwriting guidelines (including a minimum credit score of 500 and an income that can support the current loan payments).
If you have two mortgages, the combined mortgage debt on the first and second mortgages must be no greater than 115% of the property's current value.
The second-lien holder must agree to the refinance, and if the combined loan to value exceeds 115%, either the first- or second-lien holder (or both) will need to reduce the loan balance further.
Hope this helps!
[Deleted for self promotion]
- Bob Elliot, "Bob Elliot"
- Contributions:27
Check out Making Home Affordable HAFA government program: http://makinghomeaffordable.gov/hafa.html , Minnesota home Ownership Center http://www.hocmn.org and http://www.lawhelpmn.org/.
Hope this helps.
Hope this helps.
- Team Jernell, "TEAMJERNELL"
- Contributions:4
You may want to look at short sale as an option.
- Lewis Poretz, "High Quality Advice"
- Contributions:219
Millions are in the same situation as you.
If at all possible seek legal advice. Other than that you have a few choices.
+ Strategically choose not to make any more mortgage payments and save the money riding out the foreclosure process and remaining in the home until you get tossed.
+ Try again to apply for a loan modification. Loan servicers appetite to work with consumers changes often. Call your lender.
+ Hire an agent who could handle a short sale for you.
+ Hang on anyway you can in hopes of a new stimulus from the government to stop foreclosures... Many believe it is closer than people think.
If at all possible seek legal advice. Other than that you have a few choices.
+ Strategically choose not to make any more mortgage payments and save the money riding out the foreclosure process and remaining in the home until you get tossed.
+ Try again to apply for a loan modification. Loan servicers appetite to work with consumers changes often. Call your lender.
+ Hire an agent who could handle a short sale for you.
+ Hang on anyway you can in hopes of a new stimulus from the government to stop foreclosures... Many believe it is closer than people think.
- Madhu Kalra, "Neighborhood_expert"
- Contributions:7
Consider talking to an attorney and explore your option regarding chapter 13 bankruptcy. If you have regular income and have some excess income. You may be eligible to file chapter 13 bankruptcy, which will allow ou to keep the home and cure the 3 months defaulted mortgage payments over extended period of time.
2ndly you can consider short sale.
It depends, if you want to keep the home or sell the home.
2ndly you can consider short sale.
It depends, if you want to keep the home or sell the home.
- Aaron Dickinson, "Aaron Dickinson"
- Contributions:146
Do as Mike suggested or also try the Minnesota Home Ownership Center. www.hocmn.org. The are also a non profit housing counseling organization.
A short sale may or may not be the best option for you - these organizations will give you a fair view of your options.
A short sale may or may not be the best option for you - these organizations will give you a fair view of your options.
- Jim Shaffer Sells Houses, "Jim Shaffer"
- Contributions:22
I would suggest starting the short sale process tomorrow. Your first call should be to your mortgage company, your second call should be to your Realtor. You have time, and beware of anything that sounds to good to be true or costs you money up front. Best of luck, and know that you are not alone in this position. -Jim Shaffer
- Metro Indy Expert.
- Contributions:197
You may be a candidate for a short sale. Call and find an agent who has done short sales(CDPE certification) and put your home on the market asap.
- Michael Emery, "MikeEmery"
- Contributions:7298
Call the number at the link below. This is a program operated by the state of Minnesota. They can direct you to an organization that can give you advice.
There are real estate agents that will offer to do a short sale for you, but you need to be better informed before making ANY decision.
http://www.dontborrowtrou ... rg/01.htm
612.312.2020
There are real estate agents that will offer to do a short sale for you, but you need to be better informed before making ANY decision.
http://www.dontborrowtrou ... rg/01.htm
612.312.2020
We are upside down on our loan, mortgage company will not help. what should we do?
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