Mortgage modification questions?
I hope someone can help me. Here’s a little background-my husband and I own a home in NJ. Original mortgage is for $ 314k..currently owe $ 302k. Just received tax assessment stating home is now worth only $ 218k (over $ 100k less than we bought it for). I lost my job in ’09 losing over $ 40k in income. I had a baby in late ’09 and still have not been able to find work. My husband makes a substantial amount of $ $ ($ 85k/yr.) Now here is the problem, my husband is a laborer, and granted he makes this amount of money, but he can work 2 weeks straight-12 hour days…then he could have 3 weeks unemployed…so the money comes in, and we are playing catch-up. I have credit card payments, but I am doing a counseling program where I make 1 lump payment a month to all the cards. My husband only has a small amount of credit card debt. The smartest thing we ever did was cut up every single credit card since I was laid off. We are paying down our balances…totaling about $ 15k. Plus we have 1 car loan, $ 475/mo. (not including utilities @ approx. $ 1,000/mo My husband was recently laid off for 3 weeks, and we were late on our mortgage for the past 3 months…but not 30+ days…just after the 15 day grace period. I am trying to figure out if we are even going to be able to modify–Any help would be appreciated.