OT - applying for a mortgage loan modification...
I am posting a lot today. Yikes!
So I submitted an application to my mortgage company for a loan modification. Long story short: 2 years ago I was in deep debt. I took out a home loan at a higher interest rate to cash out a good deal of my equity so I could pay it all down. Then the housing market went to hell and the little bit of equity I had left went up in smoke. Since I couldn’t get from underneath that particular loan I became even more heavily dependent on credit and so now I am probably about $15k more in debt than I was before I took this Godforsaken loan. It was supposed to be a six month deal and then I’d refi down but then when the market went crazy nobody would touch my loan. Still won’t now because of my whacked out income/debt ratio. So anyhoo…my mortgage company is not doing the Obama plan but they said I could apply for a hardship modification which is good for six months and is renewable. We shall see.
Swing chickens for me peeps!
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My sister hasn't paid her mortgage in over a year (her hubby walked out on her and she needed the double income)...she thought any day, she would arrive home from work with a foreclosure notice on her door.
Her bank just contacted her this month and is going to re-figure her loan and give her a lower rate which will be an affordable payment for one income!!
I hope you get things working for you too!1
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on 11/22/20 1:39 pm, edited 11/24/20 11:23 pm
It is great to learn from the experience of others. We took out a home loan about two years ago. We weren't financially wise and now I understand that we could look for a loan company with a lower interest rate. I wish I knew about a loan payment calculator and found out how much we would overpay. Now we're thinking about refinancing.