Profile picture for user7080426

We need some help. We are having difficulties making our large mortgage payment each month. help

Is there any place out there that will help us?
  • May 09 2012 - Beaverton
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Answers (11)

I can help you...  But I first need to know what state you're in.
  • May 09 2012
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Have you looked into refinancing or a modification with your existing lender?  Feel free to call me if you have questions.
  • May 09 2012
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If you have managed to avoid going over 30 days late in the recent months you may be able to refinance into a lower payment depending on your circumstances. Otherwise I would seek help via a modification through your current lender. 

Check out these sites as well:

http://www.hopenow.com/ 

http://www.knowyouroptions.com/ 

http://www.freddiemac.com/avoidforeclosure/alternatives_to_foreclosure.html
  • May 09 2012
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Profile picture for wetdawgs
What sort of help are you interested in?   Lower percentage interest?   Selling your home?  

Is your home current above water or do you owe more than you could sell it for on the open market?

  • May 09 2012
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There's a lot you can do, far too much to explain in a Zillow post. First, find out if you can refi through HARP. Your lender will tell you immediately.

If your lender participates in HAFA, your options range from a loan modification bringing your monthly payment to 31% of your income through term extension, interest rate reduction and even principal reduction, to short sale. If your loan is owned by Fannie Mae or Freddie Mac, it's not HAFA eligible, but both Freddie and Fannie have their own HAFA-like programs.

[website link removed by Zillow, due to self promotion.  Please refer to our Good Neighbor Policy for details.]

You could also Google "is my mortgage owner by Fannie Mae" or "...Freddie Mac."

As scary as it all seems right now, the sooner you get on this, the better, and you will find you are able to exert some control over your fate. Open Door CC and Clear Point are both HUD-certified agencies who have free foreclosure avoidance assistance, too.
  • May 10 2012
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Profile picture for sunnyview
You might want to check out the government website Making Home Affordable. They have programs listed including HARP, HAMP and the state of Oregon also has a website on foreclosure options that might help you.
  • May 10 2012
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Hi,

Depending on your current situation you may have several options.

If your current on your payments but owe more than your home is worth you may be able to do a short refinance.  Of course you have to be current on your payments and this depending on current lender.

If your late your options could potentially be:

1) Loan Mod  generally the lenders goal is to get you to 31% of your gross income.   

2) you need to find out your net present value this is important info.

Do not write a check to cover your mortgage payments to anyone besides your lender.

Do not work with an attorney unless they are licensed and work in the same state as either your home or where you live. 

If you have received a notice of default you may want to have an attorney review it.  We have found most notices of default our clients received are incorrect and could possible cancel the sale. 






  • May 10 2012
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  • June 05 2012
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I may be able to help you Jim [phone number deleted by Zillow  moderator. Please see our Good Neighbor Policy]
  • June 07 2012
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  • June 09 2012
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Finding the best deal is a very complicated process. I believe the most important step in your refinance process is to start by researching the loan officer and what others have to say about them. This way you can start to see if the person you are talking to comes recommended or if anyone has made complaints. A lack of information or reviews could be a bad sign.

In addition you should compare what the lender is offering to you versus what you are seeing on the internet. Rates do change and most advertisements are only that. However if the rate is the same or there is a justification for the higher rate you are being offered then you know the loan officer you are working with is at least in the ball park.

Once you have determined the credibility of both the loan officer and the quote you are receiving you will know whether you need to find someone new or begin negotiating with your current lending option.

Unfortunately the information you have provided does not give enough information for a lender to give you exact advise. In order to determine the exact pricing and whether you are receiving the best and accurate information, a lender will need all of the following.

1) Credit Score
2) Property Type
3) Loan Program
4) Property location and value

5) loan Amount

With that being said you may be able to find better pricing on either option depending on the lender. Some lenders have very different programs such as conventional loans that go to 90-95% loan to value with no monthly mortgage insurance.First thing you need to do is start working with the best loan officer for the job, and get as much information as possible specific to your situation.

I would be more than happy to put you in touch with an expert in your area that specializes in this loan type, and has a history of competitive rates
  • September 14 2012
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