Posted on: 09th Sep, 2009 08:17 pm
Denied loan modification by ASC because income is to low.If they modifided our loan I think we would be able to keep our home from foreclosure.I am limited on my income due to being disabled and trying to live off what the goverment is sending me.And I say sending not GIVING as I have worked for the last 35 years.At 51 now and nothing to show for all those years of hard work.
Hi barbaratyner!
Welcome to forums!
I can understand you are going through a tough situation. But it would be difficult for you to get a loan modification if you cannot prove that you would be able to pay off the loan after modification. If it's possible, try to sell off the property to get rid of the mortgage payments. Then you can live in a rented property. You can apply for a deed in lieu of foreclosure in order to sell off the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I can understand you are going through a tough situation. But it would be difficult for you to get a loan modification if you cannot prove that you would be able to pay off the loan after modification. If it's possible, try to sell off the property to get rid of the mortgage payments. Then you can live in a rented property. You can apply for a deed in lieu of foreclosure in order to sell off the property.
Feel free to ask if you've further queries.
Sussane
Please don't take this as anything other than me wondering out loud, Barbara, but given the fact that you're on a fixed income how was it that you were qualified for this particular loan in the first place? That may be an avenue for you to explore...