Foreclosure in Fort Wayne>Question Details

Janris, Home Buyer in Fort Wayne, IN

Need knowledgeable help on saving my home, like many other Americans.

Asked by Janris, Fort Wayne, IN Fri Apr 17, 2009

I was out of work for two years because I met a man, and we decided to keep me at home to start our family...Needless to say, family never happened, man left, we didnt get married, and now I am facing an ARM going into effect in October of this year. I JUST started working 4/13/09, and can't refinance (I don't think) because I don't have 2 years of work history. I also am only making 8/hr, which is much less than I was making when I bought the home. I am currently wondering what to do, right now, because I can't afford to make my house payments, and in October, because I can't afford a $2500 fee to do a loan modification. I have always paid my mortgage on time, with maybe 3 or 4 payments in the last 4 years late by a few days, late fee was paid. Right now I am getting by, but there is no opportunity for overtime, and in my area, it has taken me 4 months to get the job I currently have, no one is hiring. I don't want to lose my house. What can I do? So far no payments have been made la

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your best bet is to speak with an attorney or tax professional about your specific situation
0 votes Thank Flag Link Sat Apr 18, 2009
The Hagley G…, Real Estate Pro in Pleasanton, CA
H Janris

I am sorry to hear about your situation. There are basically 2 options a loan modification or a short sale. You should call your current lenders loss mitigation department, explain your situation and fill out hardship paperwork. I have not heard of any lenders charging fees to do this. Where did you go that they told you 2500 ? Then you will know what kind of payment terms are available with the loan modification and be able to make an informed decision on which option is best for you.
0 votes Thank Flag Link Sat Apr 18, 2009
Call your bank and see if you qualify for a loan mod. If you don't and you know you can't keep the house the next thing would be short sale it. Try the bank first to see if they will work with you.
0 votes Thank Flag Link Fri Apr 17, 2009
A loan mod doesn't cost anything if you contact the bank yourself, and begin the hardship process. It can affect your credit. But so does losing your house. But a loan mod will affect your credit AND you keep the house at lower payments. Most Fannie Mae loans are being renegotiated between bank and owner direct. Just call and ask for Home Retention. Every bank has a department like this. If you are on time.... they may force you to be late, before they begin to negotiate. But most of them will analyze the situation over the phone and tell you if you qualify for a loan modification.
Web Reference:
0 votes Thank Flag Link Fri Apr 17, 2009

I 've have ot read your entire story or the responses, but all can say I keep paying attentin to the new govenemental plans as they appear to favor saving those in trouble v forcing you to turn over a property.
0 votes Thank Flag Link Fri Apr 17, 2009
Janris: I suggest contacting the agent at this link, and have them meet with you to talk through your options.

CDPE is one of the best trainings systems out there for helping folks in your situation.
0 votes Thank Flag Link Fri Apr 17, 2009
I'm sorry to hear you are having difficulties with your home, like many Americans. A short sale may be a good solution. Some of the lenders will give you a little money for the move, and it will not impact your credit like a foreclosure. Unfortunately you would not get to keep your home, but at least you would avoid losing the home and be able to get out from undernegth it! You definately do sould like a good canidate.
0 votes Thank Flag Link Fri Apr 17, 2009
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