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Chickeewaawaa
Guest
0.10 Dollars($)
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 Posted: Wed Apr 09, 2008 3:29 pm Post subject: Mortgage Adjusts up and up and up! |
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I am in a panic. I was sold a mortgage that I was told would adjust every 2 years. My mistake - after 2 years, it actually adjusts every 6 months. I can't make $1400 payments per month. I am a single woman who works hard, Monday through Friday and just can't make it. The market in Florida has hit bottom and my home is no longer worth what it was 2 years ago when I got the mortgage, so it won't even appraise for the balance of the mortgage ($147k), so refinancing is out. I contacted my mortgage company and they advised that I write a hardship letter with my financials and they would let me know in 30 to 45 days if they will "modify" the terms. I of course did this, but my question is how realistic is this? I am in dire straights. I have also taken a second job and still can't make the payments. Please! Anyone have any ideas or options that I don't know about???? Thanks so much.
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 larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
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| Posted: Wed Apr 09, 2008 10:22 pm Post subject: |
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Hi Chickeewaawaa,
Welcome to the forum.
Mortgage modification is one of the popular ways to avoid foreclosure. You have done a good job by contacting your mortgage company. Now as you have already sent a hardship letter, the rates and terms of the mortgage modification should be affordable.
Best of luck,
Larry |
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Niicss
Joined: 03 Oct 2005
Posts: 1047
156.15 Dollars($)
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| Posted: Thu Apr 10, 2008 2:58 am Post subject: |
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Welcome Chickeewaawaa,
The mortgage company has right suggestion. You can get back on track through mortgage modification.
It is helpful for the delinquent borrowers to avoid foreclosure. This mortgage modification will allow you to catch up the missed payments and make your monthly mortgage payments affordable.
Let me know if you have any more queries. |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
135.15 Dollars($)
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| Posted: Thu Apr 10, 2008 5:03 am Post subject: |
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Hi,
Welcome to Mortgagefit discussion board.
Mortgage modification is a change of the rate and terms of the loan contract approved by the mortgage company and the borrower. The mortgage company doesn’t do it on its own. The borrowers request this to reduce the monthly payment burden.
Sometimes the borrowers, who don’t need a loan modification, seek this loan modification. So to avoid this situation the mortgage company needs documentation from the borrower that the borrower cannot afford the present contact or the increased rate that is pending in the ARM. So the borrower must accept this burden.
Sometime the borrower has to be patient as and have to call them back again and again to make it happen so that they can avoid foreclosure.
Do let me know if you have any other questions.
Thanks
Blue |
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