I need advise on how to handle my mortgage. Please help!!?

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My loan didn’t orginally include the property tax which was not disclosed to me. I was late on the property tax and my bank (IndyMac) now includes this into my mortgage which is now 3,300 from 2,400: which I can’t afford. Do I forclose? Not pay until evicted? Or keep trying to pay (I’m not late…yet) Indymac isn’t apart of the Making homes affordable program yet and who knows when. OR become deliquent then will qualify for a loan modification (must be 60days past due).
I live in California pay $ 5,000 in property tax. My monthly mortgage payment is $ 3,300 and I make a monthly income of $ 4,500 support three people and am a single mother.
I have been in contact with Indymac bank. I don’t have equity in the house, don’t qualify for a loan modification since I’m current on my payments and they have yet to participate in the ‘making homes affordable program”.

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3 Comments
  1. Reply
    Landlord
    May 16, 2011 at 2:33 am

    That is a lot of property tax, you need to verify that they have it right.

    Your bill has not gone up at all, you jut now have 2 bills combined into one. But make sure they calculated the escrow correctly.

  2. Reply
    glenn
    May 16, 2011 at 2:57 am

    If you will not be able to make your payments then you should let the mortgage company know now. Can you sell your home for enough to pay back the mortgage?
    If not then let the mortgage company know you will be needing to get part of the mortgage forgiven in a short sale. Put the home up for sale with a honest competent real estate agent that has worked short sales before.
    The other idea is to sell and agree to pay the shortfall back later on.

    This is better than a foreclosure and the bank will often allow you to stay in the home without foreclosure for a longer time if they know you are keeping it in good shape and trying your best to sell it.

  3. Reply
    jlf
    May 16, 2011 at 3:00 am

    You MUST pay your property taxes every year – either directly or through your lender. Surely you knew that. Nothing has really changed for you except your taxes are now folded into your monthly payment.

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