lowering mortgage paymentsif bank denies modification wont extending the years on your mortgage to 40 yrs then 30 help? or how low can a bank lower the interest rate on your mortgage?i wonder do banks really want
Sorry for your troubles, and unfortunately, that is the million dollar question. But lowering the interest rate is in itself a loan modification. It seems many banks are not interested in loan modifications these days.
You can talk to government agencies and see if you can get some help, if you want to keep the home and think you can make it up soon. IHDA.org and HUD.gov have contacts and some information about programs to help.
If you can't soon make up the mortgage payments, you may need to ask your lender if you qualify for a hardship to do a short sale or a deed in lieu of foreclosure.
You also have to consider where you are going to eventually live. Credit can play a big part in this, so don't let your credit score get too low and other bills go into collection, if you can. Easier said than done, but you need to think of the next step.... more
This is something that I don't think is set into stone on any documents and it really varies with what homeowners decide to do when this time comes (foreclosure). I have seen homes almost emptied (appliances, fixtures, you name it!). It really is a fine line with what people's opinions will be on the subject, simply because if you think about the future homeowners and the bank's ability to resell in it's current condition it will vary due to the condition you leave the home in.
If it were me in the situation, would I take the appliances? Probably. I would def. try to leave at least the outside in as decent shape as possible for the neighbor's sake. So that they don't have an abandoned looking property that lends itself to possible theft and just affects the overall appeal of the neighborhood.
Once again, this is just a matter of deciding how much your appliances, etc. are worth to you and as far as legalities go, I am not aware of any issues with taking your appliances with you when you vacate.
Best of Luck.... more
Bubbles you need to call your bank back, ask for the home retention department, tell them your situation. The key is if you have any ability to pay, they should be able to help you. Often a forebearance will get you out of foreclsoure, ask about that, a loan mod only lowers your payment by lowering your interest rate. If they cant help ask for a manager and ask again. If all else fails or if you have no money to make any payments, you should ask abouty a short sale which is better than a foreclosure.... more
all a forbearance is going to do is allow you to skip or make partial payments for a couple of months and tack the balance to the end of the mortgage. It is meant only as a short term reprieve to stabilize. At some point you will have to analyze (just like the bank did) whether you can truly afford the payment. If you cant, taking a forbearance may allow you to look at selling options and buy you some time until you are able to sell the home.... more
Excluding appliances is not the best way to make your home attractive to a buyer in this market. Buyers expect a home to have all the appliances. If you still decide you want to take your appliances, make sure your listing states what you are taking right up front.... more
That's a question that your lender should have covered with you. But as of January 1, 2009, a minimum down payment of 3.5% is required n FHA loans. It can be "gifted" to you by family or friends, but it may not be paid by the seller of the property.
Does that help?