Bank won't help us avoid foreclosure, why? - home mortgage less than 100k
Outbreaks of the region were excluded from the estate. Our income has been halved recently. The house is sold, the other houses do not sell well. You can not refinance through the options, because the house is worth less than 100k mortgage. We are stuck. Our bank is the decision for this plan: "Hope for Homeowners (H4H) is a program designed to help borrowers at risk of default or foreclosure in refinancing to an affordable 30-year fixed-rate FHA loans. The program is from 1 October 2008 and end September 30, 2011. "
Ideas?
Sunday, February 7, 2010
Home Mortgage Less Than 100k Bank Won't Help Us Avoid Foreclosure, Why?
5 comments:
2 big problems. Many banks accept payments per month. But not really "own" the mortgage. It sold for several years. You should talk to that person or company. They are the ones to make decisions about your loan.
Your bank earns $ 30 per month "processing of your payments and referral to the" owner "of the mortgage. But if you pay more, they can charge $ 300 per month. And an interest, have incurred the expense. They have no incentive to speed things up.
Have you tried to get a private loan? You can, to an investor who is willing to take the house and rent back to you to find.
If you need more foreclosure help then quickly head http://foreclosure-help-now.com
Good Luck
Their income is halved, which means that the most likely not be enough to qualify for refinancing, as they are on the figure of 31%. In other words, they only delay the inevitable, not refinance.
Have you talked to them about a short sale? I think a bank short sale rather than go into a house to foreclosure. at least a short sale, that money at home rather than nothing.
simple reason: The bank does not believe that it really pay to modify in a position to continue to even the loan.
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