FHA loans underwater house?
Any help on this would be greatly appreciated. I currently have two loans on my first house in East Metro area .. My first loan with the Bank Carrington $ 568,000, including interest payments of 5.75%, the loan has a number of violations of the original documents (such as 40 year loan is 30 years, etc.), and we are now changing, and my lawyer. The proposed payment is reduced by 5.25% and the loan is 30 years. Now, the second loan is the Bank of America 11.4% and a payment of about 1,400.00 with a balance of $ 137,000. Tried since the second owner got sick (and not be able to pay) for a change of banks fair. A struggled for almost two years now. If your mortgage payment is higher than 85% of your income, you can say shit least.My questions are those capable of answer.1) what are my chances of a new plan for one year FHA loans have both changed? Bank of America’s response to my loan mod was to increase the rate last year (09). If I can not, what programs are available for my family and me? Is this their way to one or two of them, a bank may forgive part of the loan, so I can get a new FHA loan. There is no way the bank has worked with me at all. This is the sixth time I tried modificiation. As many people say, we can offer the world, and do nothing when it comes. Is it worth going to court forelcosure NYS? I think it will force the Bank’s work with me fairly, rather than a greedy manner? Short selling is not the solution, because the house is under water more than $ 100,000 and the bank does not accept it. In closing, what can I expect? I do not want to interfere with another owner, who is ill, doing it yourself. I’m married (not to be much longer), and her husband works, but this is not a loan because the house was bought before our marriage. So you can see the mess, he became for all concerned. Any help you can offer in this regard is greatly appreciated, thank you.