When you started out, all was well. You both had good jobs and could easily make the payments. The loan you took out was based on your income then, however, and not what you are making now, which is entirely different. There is no second job for you now as your spouse is no longer employed. The unemployment that was being collected helped some, but is now exhausted and there isnâ€™t any more coming.
That puts you in a quandary. The home you once could easily afford is now impossible to keep up with. Not only are the mortgage payments eating you alive, the cost of utilities and other expenses have also gone up and made everything tougher all the way around. If you could reduce the expenses that go out every month that would keep you going for awhile until things improve or your spouse can go back to work.
Fannie Mae has a provision that may help you to do just that. They may be able to refinance your loan so that your payments will be less. You can base the new loan on the new amount that you owe, which will be much less than your original loan amount if youâ€™ve been paying on it for some time now. Getting a new loan for a reduced amount will help lower the payments. If they can reduce the interest rate as well, youâ€™ll get an even better deal.
Why suffer with the knowledge that you will eventually default and lose the home when there is something you may be able to do about it? The administrators and lenders involved with mortgage loans these days are incredibly busy trying to figure out how to avoid ending up with your home. They really would rather have you retain it and find a way to help you pay off the loan. Their investors count on them to keep the payments coming and you can hardly do that if you lose the home and move out. If you have a Fannie Mae home check with your lender as soon as you see potential trouble ahead.
Virginiaâ€™s 24 Hour Home Buyers, is a locally owned Real Estate Company in Virginia Beach that buys houses. We buy houses that need major repairs or in â€œas inâ€ condition. Divorce, relocation, double payments, tax liens, over financed, foreclosure,etc.
Having a Foreclosure in Virginia? Download our Free Report â€“ â€œStop Foreclosure & Save Your Home Now!â€
If you have a home you would like to sell without paying expensive real estate commissions, contact us today for a free, no obligation consultation on how we can buy your house in less than 7 days and close when you want.