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dont make enough money to pay house payment

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Icon Mini Profile jmcfarland16





Joined: 27 Jul 2009

Posts: 2

1.23 Dollars($)
Post Posted: Mon Jul 27, 2009 2:13 pm    Post subject: dont make enough money to pay house payment
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i cant pay house payment evev if they lower payment from refinacing. im two payments behind what should i do
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10030
Location: Alaska
919.49 Dollars($)
Post Posted: Mon Jul 27, 2009 7:37 pm    Post subject:
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Hi jmcfarland!

Welcome to forums!

You can apply for a loan modification and check whether or not the lender agrees to your request. If the lender considers your request for a loan modification, your interest rate for paying off the loan would be reduced to a great extent. However, the term for paying off the loan will be increased.

Feel free to ask if you have further queries.

Sussane
john mcfarland

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Post Posted: Tue Jul 28, 2009 8:36 am    Post subject: home forclosures
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how long can i stay in my house with kids until they kick us out. will be three months behind on the first. already saved enough money to move to a rental house if we want but paying them any money if they wont do a loan modification seems pointless.
Icon Mini Profile tigerfamous





Joined: 11 Jul 2009

Posts: 57

6.76 Dollars($)
Post Posted: Tue Jul 28, 2009 2:07 pm    Post subject:
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is there any equity on the house? If you have, you may want to try a short-sale and you may get sth back to your pocket.
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10148
Location: Nevada
941.94 Dollars($)
Post Posted: Tue Jul 28, 2009 10:56 pm    Post subject:
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Hi john,

A lender starts foreclosure procedure if you are more than 3 months behind on your mortgage payments. I don't think the lender would ask you to leave the property before he starts the foreclosure procedure.

Thanks
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