COLLEEN R asked:
am 60 yrs.old home is worth 370,00 has a arm mtge now.need to get payment down to 1700piti
Question posted courtesy of: Caffeinated Content
am 60 yrs.old home is worth 370,00 has a arm mtge now.need to get payment down to 1700piti
Question posted courtesy of: Caffeinated Content
Here is a great resource to help A Foreclosure Survival Guide
www.stopbankforeclosurestips.com/website/sales.html
Just copy and paste in your browser.
8 responses so far ↓
1 Carrie N // Jan 31, 2008 at 5:59 pm
The best thing to do is to start with the bank. Ask for their help… tell them the situation… see if they can help with a loan modification. I have seen cases where they will change the loan so the default is added to the principle.. it brings you current.
2 Duncan J // Jan 28, 2008 at 9:13 pm
Honestly I don’t think there’s anything you can do being so far behind but you might want to talk to the people at they have professionals on staff that deal with similar problems on a daily basis.
3 yeahright // Jan 25, 2008 at 3:58 am
if u sell your house yourself and return money to the bank u will get more than if u just give house to the bank - they sell it at the lowest price possible, just to get their money back
4 Hawkster // Jan 21, 2008 at 5:26 pm
I’m going through the exact same thing you are, only my house is worth almost twice that, and we owe more than the house is worth.
You have two choices, you can put the house on the market for a short-sale, or you can give it back to the bank. Either way, you won’t owe anything, the difference is, when you give it back to the bank, it’ll put a blemish on your credit for 8 years, with the short sale, it won’t be as bad.
Considering the amount you need, it sounds like they’ve already warned you about kicking you out of the house, which means the missed payments have long been reported, and are a major black mark on your credit file. Unless you arranged with your lender to suspend your payments until further notice, but it doesn’t sound like that’s the case. You could also ask your lender for a homeowner assistance package, but that may not be as helpful as you’d like. You need to make your decision now before things get really bad.
5 pamelaschifferle // Jan 20, 2008 at 7:06 am
My advice to you is go and see a finacial counciller…They are very good.,I’ve known many that they’ve help in the past.
6 christcjc // Jan 17, 2008 at 6:27 am
I have to agree you are going to loss your home sell before the bank takes it , sorry
7 Virginia // Jan 14, 2008 at 12:53 pm
So sorry this is happening to you..
Ideas:
Refinance?
Sell home?
Have some garage sales to raise the money
Loan from family member?
Talk to your attorney to get ex to pay?
Ask your attorney if you can stall with bankruptcy?
8 Happy Lover // Jan 10, 2008 at 3:50 am
It’s over at that amount let the home go and walk away clean !
15K with a less them prime loan is next to impossible to refinance!
Sorry for the news but reality has to be interjected and your going to lose the home unless you got that kind of money stashed away someplace!
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