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cawegner · Joined: 27 Oct 2009 Posts: 3 2.20 Dollars($)

I'm unemployed with no imediate job prospects and no income. I have money in savings and can afford my payments. I actually have enough to pay off the house, but that would leave me next to nothing in savings in which to live on. Chase says thay dont do conventional loans with a co-signer. Mortgagefit.com says that: lenders require you to have an income source in order to qualify for modification.
So what can I do to lower my monthly payments that wont drain my savings so quickly?
Can anyone point me to an instutition that allows co-signers?
Or any other ideas......

Thank you all,

Chris

sonjakracine · Joined: 24 Oct 2007 Posts: 77 15.05 Dollars($)

If you are over 62, a reverse mortgage would help if you were in a good equity position. That is the only loan which would not require a payment.

FHA will allow a non occupant co borrower but they typically want that to be a family member. However, even with a cosigner what are you going to save? There needs to be a benefit to you, so what does that number look like? You need to do some quick math to see if refinancing and adding closing costs on top of what you currently owe will save you any money at all. Plenty of people call wanting the "lower rate" only to find the will save $30. You may be better off riding out the storm making the payments and looking to get back into the job market as quickly as possibe. Of course, I don't know all the details of your situation so this is just advise based on limited info. By the way good for you that you were able to put money in savings to help through hard times it may turn out to be your saving grace.

cawegner · Joined: 27 Oct 2009 Posts: 3 2.20 Dollars($)

I guess I forgot to include some needed info, so here goes:
My Rate is 7.25% orignated in 1994, so the savings would be noticable.
Present prinicipal: $349.96 @ 7.25%
possible prinicipal: $137 @ 4.875% -15yr fixed =$213 less per month
possible prinicipal: $184 @ 7.75% -10yr fixed =$166 less per month

If I can find a loan at these rates (a private investor?), it equals a substational
savings per month, and over 10yr a savings of over $19,000.
Not to mention that the drain on my savings would be reduced a good bit
which is the most important part..

REPOST:
I'm unemployed with no imediate job prospects and no income. I have money in
savings and can afford my payments. I actually have enough to pay off the house,
but that would leave me next to nothing in savings in which to live on. Chase says
thay dont do conventional loans with a co-signer. Mortgagefit.com says that:
lenders require you to have an income source in order to qualify for modification.
So what can I do to lower my monthly payments that wont drain my savings
so quickly?
Can anyone point me to an instutition that allows co-signers?
Or any other ideas......

mailboxofarjun · Joined: 27 Jul 2009 Posts: 14 4.62 Dollars($)

if your loan is with freddiemac or fannie mae and if you have unemployment income presently, i guess you are eligible for loan modification, check if you loan is with freddie or fannie, if it is then call them....i wont say you will qualify with you unemployment income, but there are little chances..

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Unemployed needing Refinance or modification.