What should I do about my mortgage?
by Mortgage Rates on Sunday, November 21st, 2010 | 5 Comments
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We just had our mortgage modified. It has decreased our monthly payment by increasing the length of the loan and decreasing the interest rate for a few years. Our payment is now $600.00 per month less. The banks do not want to forclose as this is expensive for them and the chance of recouping the full amount is slim. Work with the bank!
The house was never affordable for you to begin with so do a short sale with the bank or a Deed in Lieu is also an option and get something in the future that you can afford. I say future because a shortsale or foreclosure will damage credit for years to come.
You can try BK.
how about renting out one of the rooms to bring in extra cash?
doesn’t sound nice i know but it could end up helping a lot
OK you have been late so many times but late is not reported unless that late is over 30 days so your credit might still be intact. You are collecting unemployment right? COntinue with trying for the modification and in the mean time cut back on other expenses Don’t go out for lunch, or that $6 coffee, cut back on your cable, electrical use and driving around plan your trips. Stop buying processed food as in frozen microwaveable stuff and cook good home dinners. Check a local farmers market for your produce it is about 1/2 the price of supermarkets. Really sit down and examine you expenditures and I am sure you will find ways to cut back on them, make it a game or a challenge and keep track of your savings you might be surprised
i can help yo get you rloan modified. Please look me up in my profile. My contact info is there.
Thanks