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coragalindo · Joined: 16 Jun 2009 Posts: 1 1.36 Dollars($)

I have a 1st owing about $202,000 and a second owing about $24,000. My house is now worth approx. $185,000. I am current on my payments. Have had to take a week off in Feb and Mar with no pay. In April 2 days May 2 days and June 2 days. There are rumors about another week in July.

eric1 · Posted: Tue Jun 16, 2009 6:00 pm Post subject:

What kind of rate do you have right now? I do not see the bank lowering your balance.

jenkin7 · Posted: Tue Jun 16, 2009 11:13 pm Post subject:

Hi coragalindo,

As the property value has gone down, it will not be possible for you to refinance to a lower rate. Loss in your imcome will also not qualify for a refinance. But you can request your lender to do a loan modification. Write a hardship letter to them explaining the financial hardship you are facing due to loss in your income and ask them to modify your loan so you can stay current on the mortgage.

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

cora.galindo,

what I understood from your thread is, you are fearing that there might be some changes with regards to your employment and thus it will have a different impact on your mortgage payment.

you are preparing for it b4hand.

as told by jenkin7 hardship letter can be drafted and if the situation really gets worse then you can send it immediatdly to your lender.

keep in touch......

robertsmith2005 · Joined: 22 May 2009 Posts: 338 -0.48 Dollars($)

you ask for laon modification

jnoa · Posted: Wed Jun 17, 2009 9:50 am Post subject: option

If you currently have an FHA mortgage you can reduce your rate and payment through a streamline refinance which doesn't require an appraisal or income verification so you would be able to do it as long as you were not late in the last year and have a 620 fico or higher. You can also look into a DU Refi Plus (if you have a conventional mortgage) which may allow you to waive the appraisal as well but you will need to show income to qualify for that type of refinance.

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