Yes this is the house that I wanted four years ago...
BUT DAMN!
It's now worth less and I'm making less.
This Brotha' right here needs a bail out.
I'm sick and tired of Banks, Airlines and now the "Big 3" of CHRYSLER ,FORD AND GENERAL MOTORS asking for a bailout/ hand out, relief, whatever you want to call it. My mortgage balance is 530,300. the monthly payment is $3,300. And now a house down the street just sold for only 270,000. Why pay for a house that is not worth the balance sheet.
Brother I feel your pain and I don't want to give you false hope that once Obama gets in things will turn right around. I can only say that you need to hold on to what good credit you have right now. Here are some simple answer and question that will get you on the way to possible relief.
If I can’t pay my mortgage, why should I call my mortgage lender/servicer?
Your mortgage lender can help you identify the options available to you, should you have trouble paying your mortgage.
When should I call my lender?
You should contact your lender as soon as you know you will have difficulty meeting your mortgage payments. You do not have to wait until your interest rate re-sets, nor do you have to wait until you are already behind in your payments. In fact, the sooner you call, the more options will be available to you. No matter what your situation is, CALL TODAY.
What if I don’t want to call my lender?
Call the Homeowners HOPE™ Hotline – 1.888.995.HOPE. This hotline is staffed by HUD-approved credit counselors who can guide you through possible options.
What is a loan workout?
Either a loan modification or a repayment plan.
What is a loan modification?
A modification occurs any time any term of the original loan contract is permanently altered. This can involved a reduction in the interest rate, forgiveness of a portion of principal or extension of the maturity date of the loan.
What is a repayment plan?
A plan that allows the borrower to become current and catch up on missed payments that are appropriate to the borrower’s circumstances
The Organization HOPENOW was our source and they have hotline counselors willing to to talk with you FREE, so check them out. This is the link but the nuymber is listed above.
Finally, theree are also FREE government links that have their own sites and have some answers.
Fannie MaeFreddie MacHome Loan Learning CenterHomeownership Preservation FoundationMyMoneyManagement NeighborWorks America
BUT DAMN!
It's now worth less and I'm making less.
This Brotha' right here needs a bail out.
I'm sick and tired of Banks, Airlines and now the "Big 3" of CHRYSLER ,FORD AND GENERAL MOTORS asking for a bailout/ hand out, relief, whatever you want to call it. My mortgage balance is 530,300. the monthly payment is $3,300. And now a house down the street just sold for only 270,000. Why pay for a house that is not worth the balance sheet.
Brother I feel your pain and I don't want to give you false hope that once Obama gets in things will turn right around. I can only say that you need to hold on to what good credit you have right now. Here are some simple answer and question that will get you on the way to possible relief.
If I can’t pay my mortgage, why should I call my mortgage lender/servicer?
Your mortgage lender can help you identify the options available to you, should you have trouble paying your mortgage.
When should I call my lender?
You should contact your lender as soon as you know you will have difficulty meeting your mortgage payments. You do not have to wait until your interest rate re-sets, nor do you have to wait until you are already behind in your payments. In fact, the sooner you call, the more options will be available to you. No matter what your situation is, CALL TODAY.
What if I don’t want to call my lender?
Call the Homeowners HOPE™ Hotline – 1.888.995.HOPE. This hotline is staffed by HUD-approved credit counselors who can guide you through possible options.
What is a loan workout?
Either a loan modification or a repayment plan.
What is a loan modification?
A modification occurs any time any term of the original loan contract is permanently altered. This can involved a reduction in the interest rate, forgiveness of a portion of principal or extension of the maturity date of the loan.
What is a repayment plan?
A plan that allows the borrower to become current and catch up on missed payments that are appropriate to the borrower’s circumstances
The Organization HOPENOW was our source and they have hotline counselors willing to to talk with you FREE, so check them out. This is the link but the nuymber is listed above.
Finally, theree are also FREE government links that have their own sites and have some answers.
Fannie MaeFreddie MacHome Loan Learning CenterHomeownership Preservation FoundationMyMoneyManagement NeighborWorks America