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toolmanneeks · Joined: 07 May 2009 Posts: 3 2.30 Dollars($)

I could lost my house to foreclosure, but I certainly would like to keep it. I ran into an employment hardship and have fallin behind. I'm stumped at what I can do if anything. I have no equity in the property so to speak

shayneroy · Joined: 12 Nov 2007 Posts: 51 21.08 Dollars($)

Hello,

I am sorry to hear what you are going through. You can go to http://makinghomeaffordable.gov and find out if you qualify for one of the recently announced relief plans for home owners.

Secondly, seek help from an HUD approved Housing Counselor to find out what are the other otions you have.

Also, speak to your loan servicer to find out if they could put you in to a forebearance or repayment plan.

Good luck

JKennedySLG · Posted: Thu May 07, 2009 6:37 pm Post subject:

As Shayne said, look into the new programs to see if you qualify. If there is a legitimate hardship, the lender should assist you. You have to show ability to pay the new payment though. Gather your tax returns and paystubs and put together a letter of explanation for your lender so they know you're serious and prepared to save your home. I hope this helps...

gmakerley · Posted: Fri May 08, 2009 9:28 am Post subject:

shayne i appreciate your mentioning hud approved counselors. i've got plenty of room on my soapbox if you want to share it. i've been ranting about that for way too long.

toolman, you may qualify for the new fannie mae refinancing plan - if your loan is one owned by fannie mae. that may allow you to borrow up to 105% of your home's value as a refinance.

shayneroy · Joined: 12 Nov 2007 Posts: 51 21.08 Dollars($)

Mr. Makerly, I have a friend who does this and I must say that guy is incredible - I have seen him giving people some great advices. I think even if that guy is able to save one home, he saves a family. Kudos!

Guest

I appreciate the information from you all. Being new to this whole situation is overwhelming at least. I have gone to the website and found out we may qualify for the loan modification plan. I am gathering all the information they are requesting. Mr. Makerly - are you a counselor or a lender or both. Like to talk if possible.

adonis · Posted: Sun May 10, 2009 10:58 pm Post subject:

Hi toolmann,

As far as I know, George M Akerley is a loan officer/lender. If you are taking mortgage help from him, I'm sure he would go for a counseling session and help you analyze your financial situation. You can send him a private message or an e-mail and speak to him about your situation.

gmakerley · Posted: Mon May 11, 2009 8:54 am Post subject:

yes...i am a loan officer, working to originate new loans. the only "counseling" i do is all day long, every day with every client that calls or comes in the door. i am not, however, a certified counselor. i pull out my background, my learning, my experience, etc. to use to advise people. i've seen a lot of things in my tenure, and i'm willing and able to share - hopefully some good advice once in a while.

toolman, you'd be smart to go to www.hud.gov and look up counselors there. each state has a large supply of caring and capable counselors who can help you in your situation.

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Am I able to refinance