I am in a sticky situation. I filed bankruptcy in 7/10 (discharged 10/10). My mortgage was not reaffirmed. I am seriously contemplating letting my house go.
I just spoke with someone (a trustworthy friend) who advised me to call HOPE or HAMP to try and get my payments lowered. She said her original note was $930/mo., she had personal issues this year that caused her to miss two payments, and the way the bank worked with her was to tack the payments onto the end of her mortgage, making her new monthly payments around $1300. She said I should first call the number, then someone will talk with me about my bills, income, ect. to see where I stand financially. Then this same person will get me on a 3-way call with my mortgage carrier to see what can be worked out. She said her new monthly payments after this are $695.
Without having any appraisals done, I know I owe more on my house than what it will sell for. Not only that, the basement has a huge crack in the foundation that right now and for the near foreseeable future I know I cannot afford to fix. Any assessments that have been done so far (by the city, surveys by what houses in the neighborhood are selling for, ect.) will not reflect a possible or accurate value considering the foundation problems.
So, I do like the idea of paying a fee comparable to rent for a house, I am still unsure as whether it is a good idea to go through with any of this and waste everyone's time. I also do not know if they would even work with me considering my BK. Has anyone here gone through something similar? Gotten a modification even though the mortgage was not reaffirmed?
I just spoke with someone (a trustworthy friend) who advised me to call HOPE or HAMP to try and get my payments lowered. She said her original note was $930/mo., she had personal issues this year that caused her to miss two payments, and the way the bank worked with her was to tack the payments onto the end of her mortgage, making her new monthly payments around $1300. She said I should first call the number, then someone will talk with me about my bills, income, ect. to see where I stand financially. Then this same person will get me on a 3-way call with my mortgage carrier to see what can be worked out. She said her new monthly payments after this are $695.
Without having any appraisals done, I know I owe more on my house than what it will sell for. Not only that, the basement has a huge crack in the foundation that right now and for the near foreseeable future I know I cannot afford to fix. Any assessments that have been done so far (by the city, surveys by what houses in the neighborhood are selling for, ect.) will not reflect a possible or accurate value considering the foundation problems.
So, I do like the idea of paying a fee comparable to rent for a house, I am still unsure as whether it is a good idea to go through with any of this and waste everyone's time. I also do not know if they would even work with me considering my BK. Has anyone here gone through something similar? Gotten a modification even though the mortgage was not reaffirmed?
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