Financing in 27025>Question Details

Golittlepers…, Home Owner in 27025

Can section 8 aps be used on exising mortgage? Please read details.

Asked by Golittleperson, 27025 Wed Dec 14, 2011

Saw answer saying prob. not BUT when I purchase home, pmt. was 25% of income, 10 years ago. Due to job loss and only job now is 68% of my income and I fall well withing my state income guidelines. All assets including retirement are gone. Thought it would get better. Is there any option, especially with this economy. I have managed to keep the house but obviously at the loss of other things. 68% of my gross is almost everything. Now, my income is so low that the IRS doesn't take much - down to about a 5% tax base. Don't want to waste time if no options for keeping my home.

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Can't see how to modify or add to the question, other than this way. Thank you for the suggestions but the very first thing I did was contact the lender and they stated because I am not behind on my payments there was nothing they could/would do. I would have to go 90 days behind and then "maybe". Maybe help or maybe foreclose and really trying to avoid that. Seems that lenders would want to do something before it is major. I started with a local bank but was sold in the first year to one of the "big" bail out banks, so I'm really upset that they will do nothing. I only have 12 more years - almost 1/2 way there and hate this. I financed for 22 - higher payment but saved a lot in interest vs 30 year. Now wish I had not done that either but hind sight is 20/20. Tell everyone now, get reasonable 30 year rate with lower payment and pay extra if you have it. Learned my lesson too late.
0 votes Thank Flag Link Fri Dec 16, 2011
Hi, I just spoke to a lender about this and he said probably not but it never hurts to go back to your lender and ask them or try to work out a loan modification.

Hope this helps and wish you well!

Judy
0 votes Thank Flag Link Fri Dec 16, 2011
Have you attempted a loan modification? Do NOT pay anyone...contact your lender directly or contact a non-profit for consultation. Best of luck to you!
0 votes Thank Flag Link Fri Dec 16, 2011
No there is no Section 8 money to pay your PITI. If there is any available funds in the program, you can get it as a renter.
0 votes Thank Flag Link Thu Dec 15, 2011
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