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white-liley
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0.10 Dollars($)
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Post subject: Mobile home in a park Michigan |
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| I have a mobile home in a park. I am unemployed (collecting unemployment) and can't afford the enormous interest rate( 12.5%) my mortgage company is charging. I have paid on time for 7.5 yrs. Now I can not. I make good faith payments but they have told me if I don't pay in full they are just going to take my home away. They say they will work with me in one breath and call me a deadbeat in the next. I am not sure what my options are at the moment. I am sole support for 2 kids and there doesn't seem to be much help for mobile home owners here in Michigan. We fall through the cracks. Any advise? |
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cliff3
Community Expert
Joined: 05 May 2008
Posts: 328
Location: Houston
75.44 Dollars($)
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Post subject: |
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Hello white-liley
So sorry to hear about your current mortgage issue.
You need to be sure to be speaking to someone within the Loss Mitigation department of your lender.
The person in that department will be able to check to see what workout options that you qualify for in order to keep your home.
Please let us know if you still have questions.
Good luck.
_________________
Cliff Pape
Market Analyst
www.home-buddies.com |
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Melody
Guest
0.10 Dollars($)
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Post subject: Upside-down and self-employed |
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My husband and I have been in our home for 10 years. Our original loan was secured the old-fashioned way, but then a customer of ours talked us into re-fi to pay off some bills w/ an option-arm. Right now we can only afford the minimum payments, which will eventually go away. Back in August when I did get 3 months behind, I talked to my lender and they were not willing to refi at all. I barely got the assistance I did because we are self-employed and don't show enough income to support the house's value. I understand lenders have been slapped and want to go back to 'safe' lending, but my rate is variable, I've got payments stacking-up on the back end and I'm pretty sure my house has lost at least $50,000 in value, if not more.
We don't want to keep this ARM but we have no idea what to do in order to get a refi. Paying ourselves the salary personally that would enable us to afford the current loan would bankrupt our business with the added payroll taxes, etc. we would have to pay. (Limited Liability Corporation)
What to do? My husband is considering trying to find an owner-financed house and then let this one go into foreclosure because we couldn't rent it for what the mortgage is and I doubt it would sell, short or otherwise. We have quite a few homes in the area that have been for sale over a year. |
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cliff3
Community Expert
Joined: 05 May 2008
Posts: 328
Location: Houston
75.44 Dollars($)
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Post subject: |
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Hello Melody,
I know that I am really repeating myself, but you truly need to be speaking to someone in the Loss Mitigation department of your lender. There are several different workout options that you may qualify for due to your income issues and the ARM. And you can always request to be put on a fixed rate as well.
Just letting your property go into foreclosure is never the first option. And not to mention how harmful it is to your credit.
Just keep in mind what I have already said about the new "Fannie Mae" workout option:
Let us know if we can try to help you with anything else.
Good luck.
_________________
Cliff Pape
Market Analyst
www.home-buddies.com |
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Melody
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0.10 Dollars($)
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Post subject: Upside-down |
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Thanks for the response. Basically, I did talk to the Loss Mitigation Department (at least I believe so) and they wouldn't work with me except get me on a plan to pay back the owed mortgage payments over 60 days, two payments. All the abatements and other things I applied for were rejected because of not showing income. Which sounds stupid to me, but what do I know?!
I guess since now my lender has once-again been bought-out (at least on the banking level) it's time to try again. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi melody,
I think you need to get out of this option ARM loan. It's been quite stressful for you to manage. You said you cannot show the income. Is it because you're involved in some business?
If the loss mitigation department isn't willing to co-operate with you, I think you need to do a refinance with some other lender.
Currently national average fixed rates are well within 5.5%. So, I think you'll be able to afford it. Of course a workout plan with the current lender would have been the best option. But if they don't won't to work with you, there's no other option than to consider a refinance.
What you can do is, consult a few lenders from this community as well. There are group of lenders who're part of this community. They have been helping people with a variety of loan programs. So, hopefully they may be able to help you out too. You can seek a no-obligation free mortgage consultation with them. This will help you understand what options you have for the refinance.
Thanks |
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need help/amswers
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0.10 Dollars($)
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Post subject: |
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| My mortgage company has denied a loan modification for my situation, what should be my next step? |
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Alessandro
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0.10 Dollars($)
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Post subject: |
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Hi
The reason why you were denied the modification could be that you could nor quite convince the lender of your difficulty in making payments through your Hardship letter. It may also be that your surplus left over in a month is shown to be too little or too much for them to approve a modification for you. You should take help from a lawyer or a loss mitigation expert wh has got a proven track record in the financial industry. |
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Ruben4
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0.10 Dollars($)
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Post subject: Foreclosure and Deed reformation |
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I just received the foreclosure package from the court. Before I engaged in the workout process to save my home, I noticed that in the foreclosure papers is a motion to Deed Reformation because "Inadvertently a scrivener's error resulted from mutual mistake, in the legal description of the property at the time of my closing". The questions is:
This situation can be a RESPA violation or any other Legal violation, that I can use to gain more time with the bank or the court for negotiations?
Please if you can help me with the answer. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Post subject: |
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Hi Ruben!
Welcome to forums!
I don't think this would come under a RESPA violation. So, you may not be able to gain more time on this ground from the court. However, you can contact your lender and check out if you could go for a loan modification or sell off your property through a short sale.
Feel free to ask if you have further queries.
Sussane |
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mtgfixit
Joined: 13 Apr 2009
Posts: 73
28.11 Dollars($)
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Great article Jessica, you have made this very clear for consumers!!!!!
_________________
Karla A. Sitko
Sr. Mortgage Banker
"Your Interest Is My Priority!"
www.LowerMyMortgageRateNow.com |
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Matt
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0.10 Dollars($)
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Post subject: housing situation |
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| NEW dilemna: my family wants to move but we cannot qualify for a 2nd mortgage as our first loan is higher than the market value. We are not in financial burden yet as our income is stable and our credit scores are great. Any suggestions on what we should do or are we stuck? Should we risk the talks of short sale, BK and foreclosure??? Another odd question is if we file BK do we still have to make payments on existing credit card debts and car loans? I love this forum, by the way! |
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adonis
Joined: 22 Oct 2005
Posts: 10250
Location: ALASKA
1043.57 Dollars($)
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Welcome Matt,
You have mentioned that your family wants to move out. In that case, you can try to sell off the property. But once you sell off the property, you'll have to clear off the mortgage dues immediately. If the credit card debts are fully discharged, then you'll not have to make payments on it.
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Procrastination is the enemy of your financial success |
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ddd
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Post subject: housing situation |
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Adonis,
What about if we can not sell the house? We are in the situation that we do not live there for almost 4 years. Until now we paid in-time. But we can not do it any more. There are a mortgage and credit line. What is the best option to go? Debt is more than a price now. Thanks. |
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ddd
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0.10 Dollars($)
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Post subject: Short sale |
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| And one more... who will pay house expensise (payments and property tax) if we are in short sale? Do the banks ask for payments when they agree for short sale? Thanks a lot. |
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