husband has not paid the mortgage and 2 mths. by the mortgage company told us: “As soon as we can, and start

Deal Score0

Your request and the documents we requested, some options that may become available to you: a repayment plan, loan modification, short sale, to act in lieu of foreclosure. “I know, I have no other choice, can someone explain to me what path to take? Mortgage Co. in the form asking for the budget, revenues, and a letter explaining our situtation.

3 Comments
  1. Reply
    Amy M
    January 21, 2011 at 11:05 pm

    Realtor here:

    the best advise ANYONE can give you is: seek legal counsel and/or a CPA to find out which route is financially best for you.

  2. Reply
    Jerome W
    January 21, 2011 at 11:51 pm

    I was once in your situation. Don’t worry, everything will work out for you =)

    A year ago I found this organization that gives people up to $ 1500 in renter or mortagage assistance! They operate in most US cities, I highly suggest you try to get some of this money.

    http://www.house-mortgage-rent-help.org

    Good Luck!

  3. Reply
    jyworthy
    January 22, 2011 at 12:28 am

    The key in working something out with your lender is very similar to qualifying for a home loan. The lender is assessing your ability to repay the loan and requires you to re-qualify in certain areas.

    Must have qualified income
    The hardship must be over
    You must qualify for the lenders ratios

    A certain percentage of income is allowed towards housing expenses and other monthly debts. The lender looks at both the housing and debt ratios. It is these ratios that the
    lender does not tell you about until it is too late… and each lender has different qualifications, so there is no set guideline across the board.

    We have trained mediators who know these ratios and know the appropriate way to submit a your case to your lender.

    If you would like additional information, please feel free to contact me directly and/or visit http://www.2ndChance4Solutions.com.

    Wishing you the best!

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