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Guest

Hi,
I was wondering if anyone has some insight on this.....
I bought my condo in 2004 for 269,000.00 adjustable. One year later I refinanced to a 30 Year Fix at 5.75%. It was hard to make payments through out this time 2-3 years later I was in debt about $35,000.00. Recently, I tried to work with my creditors and they didn't want to help me, this was the time of the credit crunch. I have never been late on my credit card payments and the creditors were lowering my limit then made it look like I went over the limit. Anyway, I filed Bankruptcy and it has been discharged and I was able to keep my home. this happend in Dec. 2008.
I sacraficed my credit to keep my home. I did not throw them in the bankrupty, my lawyer had stated at any time you can add them in. Thought about it (I owe more than what the house is for) I was able to get a real estate speicalist to do research in my area and did on letterhead and I was able to turn in as proof. I did the bankruptcy hoping it would be a relief for payment, but it's not. My hours have been cut and it is very difficult to make payments. I making them right now in full, but barely have anything left to live off of. I have to really budget to make it.
Let's face it, I live is California and it is really expensive here. I just want the bank to help me live comfortably. I afraid that with my bankruptcy on file they may not want to help me because I have no hardship of debt. I just deal with telephone,cell phone, pg&e, HOA fees at $235.00 a month, water bill, etc The cost of grocies and gas even going out to eat is way toooo high and the grocies and gas I need. I go with out grocies at times, My parents are nice of enough to pitch in. I have thought just paying what I could but I don't want to risk losing the house at all. I have the fear that they may just decide to do sell they will get more money that way than from me. If there is any risks sometimes I feel that I'll just keep what I'm doing to barely make it. But at some point as long as it's like this in the economy I will fall short that I will not be able to make a full payment. I want to coummunicate with them before it comes to that point. But at the same time I also hear that they don't give you the time of day unless you are really behind. So confuesd and scared[/b][/u]

matthewjbowles · Joined: 01 Jan 2009 Posts: 16 8.69 Dollars($)

Have you contacted your current mortgage company. They will not be able to refinance your home, but you may be eligible for a remodification. The mortgage companies do not want your house. They have too many especially in parts of the country like Cali. They are not in the real estate business. They are in the mortgage business. Call them and ask them if you can speak with someone about a remodification. They do want to make sure that provided they remod your loan you can make the payment based on your current income and expenses. This means that if with all your bills and with them lowering your interest rate to 2% you still cant make the payment, according to their guideliness, then you are stuck. Unfortunately I dont know every dollare coming in and going out of your home so it is hard to spectulate. Definitely give them a call. Dont be afraid it cant make the situation worse. It could only stay the same or hopefully get better.

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

novagirl,

already you have filed for BK and now paying for the minimum due but if you are still finding hard to pay that also then I will advice you that better you start staying along with your parents and give your home for rent to somebody else and from that income you can pay the monthly installments of the loan.

By that time economy will be on the move and surely you will be able to afford paying for the bills so i will advice you that you should rent out your house to somebody else. as you will be in profit with this deal......

keep in touch....

aksh12th · Joined: 30 Jun 2009 Posts: 49 0.28 Dollars($)

Means you already done a bankcrupcy.And you unable to do payment of your minimum due. So you can contact to loan company and reduce your EMI amount by incresing your days of loan. This rule is available.

or give your home on rent so might be you will pay your EMI on loan.

I hope you understand.

Thanks
Aksh

tmtc · Joined: 30 Jun 2009 Posts: 6 3.68 Dollars($)

Novagirl

It appears that you do have a hardship, which is one of the main qualifiers for a modification. The fact that you had a recently discharged BK is not a disquilifier. As one posted noted that 2% interest rate to make your payments work is a bit misleading, although not untrue.

A lender will look at what you can afford based on a variety of formulas specific to your situation and address the modification from that perspective. Your credit (current or past) has no bearing on the modification.

Want to talk about specifics regarding your situation in confidence and
not in a public forum, call me.

Gregg
714-731-5282

Guest

Novagirl,

A strong method to achieve a more suitable mortgage, one you the homeowner can comfortably afford would be an Attorney conducted loan restructuring utilizing an mortgage forensic audit to help you accomplish this goal. The potential outcomes would be a reduced interest rate, reduced priniciple balance and the obvious reduced monthly payment. One that would be stable and affordable to you the homeowner.

Often a forebearance is granted allowing the homeowner time for payment relief. Possibly from 3 months on, lender depending. There is also the potential for a cash settlement, case dependant. The audit is used for leverage to assist in getting the very best outcomes in favor of the homeowner.

The best of luck to you.

Kerri

[E-mail address and phone number deleted as per forum rules. Thanks.]

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