Posted on: 18th Dec, 2008 08:38 am
Hi everyone,
I have same scenario with rest of the posts, mortgage more than the current market value of the property.
I requested a loan modification but was denied, while waiting for their response missed a month payments closing to 2 months now for both 1st and 2nd. I am only asking a breathing room since my debt accumulated while maintaining the mortgage payment.
I called their refinancing department, first question- do you have equity in your home (at this time should this be a question)? When I told them no, immediately he replied NO we cannot help you.
Right now a minor ding to my credit.
My question. With the uncertainty of the housing market and not sure how long it would take to bounce back, should I continue paying almost $3500 / mo for a 20 year old home well in fact a newer one that are 2-3 years old with the same cost of my mortgage are available anywhere right now?
If I short sale my property, would I have the opportunity to buy it if I could get another lender or is this even possible. The fact that the current lender would not hear my plea.
I was told if I choose the extreme, Chapter 13 may still be better than Foreclosure?
Any input is highly appreciated.
I have same scenario with rest of the posts, mortgage more than the current market value of the property.
I requested a loan modification but was denied, while waiting for their response missed a month payments closing to 2 months now for both 1st and 2nd. I am only asking a breathing room since my debt accumulated while maintaining the mortgage payment.
I called their refinancing department, first question- do you have equity in your home (at this time should this be a question)? When I told them no, immediately he replied NO we cannot help you.
Right now a minor ding to my credit.
My question. With the uncertainty of the housing market and not sure how long it would take to bounce back, should I continue paying almost $3500 / mo for a 20 year old home well in fact a newer one that are 2-3 years old with the same cost of my mortgage are available anywhere right now?
If I short sale my property, would I have the opportunity to buy it if I could get another lender or is this even possible. The fact that the current lender would not hear my plea.
I was told if I choose the extreme, Chapter 13 may still be better than Foreclosure?
Any input is highly appreciated.
hi rg_nicolas!
welcome to forums!
lenders accept loan modification, short sale or a deed in lieu foreclosure only when you are at least 1 month delinquent on your payments. so when you applied for a loan modification, may be, you were current on your payments. so the lender did not accept the loan modification offer.
as you are now late in your payments, you can apply for a loan modification or a short sale. you can also check out the option of forbearance. in forbearance, the lender can reduce or suspend your payments for a few months depending on your situation.
you can apply for a short sale with the lender, but you should note that you will have to pay the deficient amount resulting from the sale of the property to the lender. you have mentioned that you have a second mortgage as well. moreover a short sale will also lower the credit score by 75-100 points.
yes, if nothing works for your, then you can file chapter 13 of bankruptcy. this is also known as reorganizing bankruptcy. by filing this chapter of bankruptcy, you will be able to save your property. moreover the lender will give you a repayment plan through which you will be able to clear off the debts within 3-5 years. to know more about chapter 13, check out the following link:
http://www.mortgagefit.com/bankruptcy/chapter13.html
feel free to ask if you have further queries.
sussane
welcome to forums!
lenders accept loan modification, short sale or a deed in lieu foreclosure only when you are at least 1 month delinquent on your payments. so when you applied for a loan modification, may be, you were current on your payments. so the lender did not accept the loan modification offer.
as you are now late in your payments, you can apply for a loan modification or a short sale. you can also check out the option of forbearance. in forbearance, the lender can reduce or suspend your payments for a few months depending on your situation.
you can apply for a short sale with the lender, but you should note that you will have to pay the deficient amount resulting from the sale of the property to the lender. you have mentioned that you have a second mortgage as well. moreover a short sale will also lower the credit score by 75-100 points.
yes, if nothing works for your, then you can file chapter 13 of bankruptcy. this is also known as reorganizing bankruptcy. by filing this chapter of bankruptcy, you will be able to save your property. moreover the lender will give you a repayment plan through which you will be able to clear off the debts within 3-5 years. to know more about chapter 13, check out the following link:
http://www.mortgagefit.com/bankruptcy/chapter13.html
feel free to ask if you have further queries.
sussane