Okay, I need help with questions about my mortgage loan!?

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Okay, I’ll try to make this as short as possible. My husband and I recently found out we were expecting, and after losing our first pregnancy last year, I had decided to quit my EXTREMELY stressful job. We recently found out our ARM is going to re adjust in June, and we are so not going to be able to afford it. We are barely getting by now. I plan on getting a less stressful job very soon, but will still not be able to make these new payments. I called my mortgage company today, and they asked some information about our current income, and expenses, and told me to fax them a months worth of paystubs and a hardship letter so that they could do a modification of my loan. I asked what that would be, and he said get us to a fixed lower rate. After giving them income and monthly expenses including gas….food…etc, we barely came out even. Is this for real? Can they really do this for us?

  1. Reply
    April 29, 2011 at 11:16 pm

    You may have to find ways to cut expenses, or get a better job regardless of stress and put off having a baby. The ARM was a mistake, and sad as it is, you either need to get cheaper housing or make the sacrifices necessary. Just be sure to look deep into your hearts and decide on what your priorities are. If having a baby is the most important thing to you, you’ll probably have to sell and get an apartment or move in with family.

  2. Reply
    April 29, 2011 at 11:50 pm

    Mortgage companies know that if you are foreclosed they will have a home with less value than the mortgage in many cases. So, to avoid that, many of them are thinking of easing off enough to keep people in their homes.

    This is not entirely a gift. They are trying to get the best they can from an unhappy situation.
    They may not give you all you want or need, but they do not want too many people walking away from their mortgages.

  3. Reply
    robert w
    April 30, 2011 at 12:02 am

    Yes, unfortunately.
    u and he entered in to a contract that is legally binding and ‘if’ they are willing to modify the contract what u get is what u get. sorry.
    fixed rate is better than ‘Adjustable’ (up).
    ur husband will be looking for second/third jobs if u want to keep the house.
    visit dave ramsey.com to learn from others hard lessons.
    cheaper easier faster less pain.

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