Comments on: How To Get a Mortgage Forbearance Agreement http://4yourhomeloan.com/how-to-get-a-mortgage-forbearance-agreement/ And Foreclosure Alternatives for Today's Tough Economic Times Thu, 08 Apr 2010 08:15:14 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Loan Info http://4yourhomeloan.com/how-to-get-a-mortgage-forbearance-agreement/comment-page-1/#comment-417 Loan Info Fri, 02 Apr 2010 04:49:11 +0000 http://4yourhomeloan.com/?p=54#comment-417 Hi Charles/Barbara, The bad news, as best I can tell from the info you provided, is that it probably won't be possible for you to stay in your home unless you were to dramatically increase your income. You have over 50% of your income going toward housing and that just isn't sustainable even if you cut other expenses to the bone. You have to get it below about 33% of your take home pay to have a chance at making it work. You'll have to do this by either getting your take home income up to about $6000 or getting your mortgage adjusted down to around $1000 a month (which would be tough). If this isn't going to be possible within about 3 months time you'll need to consider other alternatives such as a short sale or deed in lieu of foreclosure. You'll want to negotiate this with your mortgage lender so stay in contact with them and let them know your situation. You want to work on getting into a scenario where you can get out of the mortgage where you can avoid an outright foreclosure as well as avoiding the lender trying to come back and get the difference between what the house ultimately sells for and the value of the mortgage. If you need help, contact a HUD approved housing counselor in your area who is willing and able to help you and who has knowledge of laws that apply in your state. Avoid getting caught up in any refinance scams because there are a lot of them out there today. I also recommend checking out what <a href="http://www.daveramsey.com/" rel="nofollow">Dave Ramsey</a> has to say about real estate and other financial matters. His advice has been very helpful to me. Hi Charles/Barbara,

The bad news, as best I can tell from the info you provided, is that it probably won’t be possible for you to stay in your home unless you were to dramatically increase your income. You have over 50% of your income going toward housing and that just isn’t sustainable even if you cut other expenses to the bone. You have to get it below about 33% of your take home pay to have a chance at making it work. You’ll have to do this by either getting your take home income up to about $6000 or getting your mortgage adjusted down to around $1000 a month (which would be tough).

If this isn’t going to be possible within about 3 months time you’ll need to consider other alternatives such as a short sale or deed in lieu of foreclosure. You’ll want to negotiate this with your mortgage lender so stay in contact with them and let them know your situation. You want to work on getting into a scenario where you can get out of the mortgage where you can avoid an outright foreclosure as well as avoiding the lender trying to come back and get the difference between what the house ultimately sells for and the value of the mortgage.

If you need help, contact a HUD approved housing counselor in your area who is willing and able to help you and who has knowledge of laws that apply in your state. Avoid getting caught up in any refinance scams because there are a lot of them out there today. I also recommend checking out what Dave Ramsey has to say about real estate and other financial matters. His advice has been very helpful to me.

]]> By: Charles/Barbara Kappler http://4yourhomeloan.com/how-to-get-a-mortgage-forbearance-agreement/comment-page-1/#comment-416 Charles/Barbara Kappler Thu, 01 Apr 2010 13:45:58 +0000 http://4yourhomeloan.com/?p=54#comment-416 To whom it my concern we have been trying to modify our home loan with First Franklin loan services for over 1 year we where never late before on any bills or mortgage my husband had gotting laid off from a good paying job in 2/08 we used all our saving to try to keep up and I am on medicare disability, my husband had to take a commission only job he is a car salesman,make alot less income I believe because of his age we are 63 years old we don't want to loose our home we have no where to go our income is only about 40,000.00 a year now. we got caught in a very bad deal when we refi our last mortgage now our mortgage is so high and does not include taxes or homeowners we pay seperate our payment is 1716.85 a month plus ins and taxes is $155.14 a mo-$116.89 -a mo homeowners our income per month is only $3,315.00 plus our other expences,electric, water,trash,car payment car ins, phone,etc, please can someone help us so we don't loose our home. thank you the Kappler family, please email any results to try to help what we can do for us. again many thanks To whom it my concern
we have been trying to modify our home loan with First Franklin loan services for over 1 year we where never late before on any bills or mortgage my husband had gotting laid off from a good paying job in 2/08 we used all our saving to try to keep up and I am on medicare disability, my husband had to take a commission only job he is a car salesman,make alot less income I believe because of his age we are 63 years old we don’t want to loose our home we have no where to go our income is only about 40,000.00 a year now. we got caught in a very bad deal when we refi our last mortgage now our mortgage is so high and does not include taxes or homeowners we pay seperate our payment is 1716.85 a month plus ins and taxes is $155.14 a mo-$116.89 -a mo homeowners our income per month is only $3,315.00 plus our other expences,electric, water,trash,car payment car ins, phone,etc, please can someone help us so we don’t loose our home. thank you the Kappler family, please email any results to try to help what we can do for us. again many thanks

]]>