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Nellie
So sorry....you're among so many folks who are caught in this economic maelstrom.
Depending on when you bought your place, you may be able to qualify for some form of relief.
The first thing you should do is contact your lender (hopefully, there's only one lender ---- because it's extremely difficult to get more than one lender to cooperate).
Temporary Loan Relief Alternatives:
• Forbearance is an agreement to temporarily let you pay less than the full amount of your mortgage payment during the forbearance period. Mortgage companies may consider forbearance when you can show that funds from a bonus, tax refund, or some other source will let you bring the mortgage current at a specific time in the future.
• Reinstatement occurs when you pay your mortgage company the total amount you are behind, in a lump sum, by a specific date. This is often combined with forbearance.
• Repayment plan is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.
• LOAN MODIFICATION is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable. Common loan modifications include:
o Adding missed payments to the existing loan balance
o Making an adjustable rate mortgage into a fixed-rate mortgage
o Extending the number of years you have to pay
I don't know if any of the new policies can help you, but there are enough qualifying guidelines to check out. See this link for more information http://www.hud.gov/hopeforhomeowners/index.cfm
Hope this helps.
Pacita
Mon Mar 16 2009, 14:42
Fair Housing and Equal Opportunity