Financing in Mesa>Question Details

Dmr, Home Buyer in Mesa, AZ

I'm current on my mortgage and bills but broke afterwards. Will my mortgage co. work with me?

Asked by Dmr, Mesa, AZ Tue Apr 14, 2009

I am current on all my obligations, including mortgage (never late at 13 months), but have little money left after paying my bills. I cannot sell my house and get cash out to put down on a less expensive home to save on my mortgage payment because my present FHA mortgage balance is more than my house is worth. I'm afraid to let my mortgage company know that I'm in this position. Will my lender (Countrywide) be able to work something out with before I get into trouble with making my payments on time?

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Help the community by answering this question:


Countrywide (while not the greatest) is working somewhat with homeowners who are in a difficult situation. They'll want to see that you have a hardship of sorts. Countrywide's system is to plug your monthly numbers in their computer program and then tell you if they can do anything. It doesn't hurt anything to try. Be prepared to spend some time on the phone and call back frequently but based on what I've seen they may be willing to work with you. Please feel free to call me directly if you have any additional questions.

Best of luck!

With Your Success in Mind,

Shar Rundio
Keller Williams Integrity First
Twitter: @sharrundio
0 votes Thank Flag Link Wed Apr 22, 2009
It depends on what you are looking for from your lender. Do you want to do a Short Sale? Are you looking for them to adjust your mortgage?

In my experience they will work with you on a Short Sale as long as you can prove that you are in fact 1. in a financial hardship position, 2. you have your house listed for sale and here is the important part,3. YOU HAVE RECEIVED AN OFFER. Most banks request that you submit a packet of information including, tax returns, 2 months of pay stubs, bank statements, purchase contract and a signed personal hardship letter. I have done a couple of short sales where the Seller has not missed any payments and the banks are working with us. FYI - In my experience this will be a long process 60 to 90 days min.
0 votes Thank Flag Link Fri Apr 17, 2009
they say they will work with I'am trying with Indy Mac but no one seems to know anything about what they will do if anything fill out papers and wait forever.
0 votes Thank Flag Link Fri Apr 17, 2009
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