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MA - I have been offered help to refinance first - at a lower rate for the cost of what I have paid off so far. (further in debt) and they won't touch the 2nd which is interest only/ballon.
Judy, July 24, 2011
Merchant Reply:
It looks like your in a no win situation, because your losing groune (Losing any equity) on the 1st and the 2nd is still a big problem if you can't pay it off when the balloon matures. What I don't know is how far upside down are you in your house. In other words, what is the house appraised at today? and how much do you owe?
July 26, 2011
1. house is not in forclouse
2. payments not overdue
3. House value declined.
4. 100 % fincanced 2 mortgages
5. Can't refinance 2ncd and is 15 year ballon. Predatorory lending.
Foresica Audit?
Judy, July 16, 2011
Merchant Reply:
A forensic audit would help if you thought your loan was fraudulent such as to prove predatory lending. With a forensic audit you could then have an attorney try to negotiate with your lender for a principal reduction, loan modification or if you wanted to sell your home you might be able the bank to accept a short sale. Where are you located?
July 23, 2011
Thank you for taking the time to respond to my question.
Sincerely,
Sharon T.
Grace Haven Counseling & Retreat Center, August 24, 2010
does a spouse's income qualify unemployed homeowner for the program?
kathy, August 18, 2010
Merchant Reply:
Usually it does. In modifying loans, lenders will consider a spouse's income or even a companion's income if they are willing to commit to assisting with the mortgage payment. One wants to build as much income as possible to support the loan. However, they do have income to debt ratios to consider. So you want some positive cash flow, but not a lot. One needs to show some sort of hardship.
August 23, 2010
