A payment plan of over $30K in 11 months is ridiculous. Are you in a positive equity situation with the home assuming the arrears are paid off? In other words, will the home be worth more than what you owe on your mortgage? If so, don't expect the bank to work easily with you...they like to take back homes with good equity. You need to speak with the loss mitigation folks at the lender and try as best you can to negotiate a discounted payoff of the $18,000...and with terms stretched out long enough to not make it a monthly strain on your budget. Getting an attorney to work on a loan mod "could" eat away a good portion of your $8K...and may or may not get you the results you want.
You need to understand how their fees are determined...
In general I've seen lenders hose homeowners with the loan mod application process because they just want the cash and will make a lot of verbal assurances that they will get you approved...and, they may put you in a forbearance plan to start paying off the debt before they formally put you in the loan mod program...If you really want to stay in the home, you (or someone on your behalf) should try to work it out directly with the bank...if you are possibly looking to move, you should not use any of that $8K toward the arrearages until you first decide what you want to do - list the house and try to sell, or give the deed back to the lender and move on...these are tough decisions but you need a plan to start moving forward.
Tom Hinz www.shortsaletosell.com... more
Hi, Just checking in to see if you have secured a home yet. I have a move in ready home in Appletree that has been newly remodeled and is priced right. It has not even been listed yet but will be ready by March 1. It would be perfect for you as the upstairs was remodeled with a master suite with tons of closet space, new bathroom and laundry. The main floor has two extra bedrooms that could be used for your new grandchild when they come to visit or sleep over. You could rent it as of March 1 while waiting for the settlement. I am a local realtor and know the best deals in the area. Contact me through Keller Williams Real Estate, KW.com. I would be happy to help you!... more
It is true that homes in Bristol Township are less but that is for a reason. Colleen, what I tell all my clients is that everything looks great during the day so they need to go back to the property at night. Check out if there is any Grafitti anywhere. If there are kids hanging out at the park or on corners after dark it is a rule to keep trucking. ALso, check out how the neighbors are taking care of their homes Please remember that you are buying a neighborhood and not only a home.