I fear that we have high-jacked Lindaâ€™s question post but nonetheless, here are some potential resources for you:
Avoiding Foreclosure: New Hampshire-
Help for New Hampshire Homeowners:
Loan Mod Contact that I trust who may be able to refer in your state:
Aside from these links to help you in the loan modification process here are some questions to ask BEFORE thinking of buying another home and bailing on your current property:
Did you file joint tax returns? If yes and you claimed mortgage interest deduction as a couple, you will not qualify for a new loan under your husband.
If no, proceed to next question,
Do you have joint bank accounts? If yes, an underwriter may scrutinize for mortgage payments. If no then proceed to next question.
Where will you say your husband is living? Whatever address he lists, he will be asked if he owns or rents. Naturally he would say rent since you donâ€™t want the bank to know you currently own, correct? If so he will be asked to provide proof of rental history at the current address. So let me seeâ€¦.Fake rental agreement in your husbands name or fake rental receipts from some third party or friend?
Tread lightlyâ€¦remember you are supposed to be stating the truthâ€¦.A little perjury to go along with mortgage fraud perhaps?
If the above questions concern you enough into rethinking your position to where you want to qualify legitimately for another home and then bail, this is what you will need:
You will need 30% equity in your current residence to utilize any rental income you may want to claim you are renting your current home out for (could be fraud). You donâ€™t have that? Hmm, then you will need to include both the current mortgage and your NEW mortgage into your ratios. Carrying two mortgages is hard for someone with only one income unless they are highly compensated or the mortgages are small enough.
The way I see it you donâ€™t have too many options. If you want to stay in your current home, talk to a LEGITIMATE loan mod specialist or a loss mitigation attorney to help you work with your lender. The deals I have seen people getting when taking this route absolutely astound me- I wish I had them!
Mrs. Mita, as I stated last night, I donâ€™t want people to be homeless. I want people to STAY in their homes. This is good for everyone- except perhaps the lenders who take the loss- but it is much better for them than a foreclosure. So working with the homeowner is in their best interest. While not everyone will be successful in modifying there are still better options than buying and bailing. If you simply canâ€™t modify, short sale and buy again sooner when your situation has improved (3 yrs.)
My interest as an agent lies in helping current and future homeowners make the best decisions for them and their current situation-but the right way. I understand the frustration you have regarding your mortgage better than you may think. But that is a discussion for another time
While my position on buying and bailing differs from yours, I think we can agree that I am not some high-horse agent looking to pass judgment on others. I simply see the market for what it is, and what factors have helped to contribute to these problems. I wish that I could make banks and investors do the right thing to help clean up this mess and that I could put in jail those people out there scamming the system to the detriment of others, but alas, I simply cannot. I am but a resource to those seeking my guidance, knowledge and expertise in my chosen profession.
I hope that I was able to somehow provide some insight for you that will help you in your situation. Please feel free to rebut or ask more questions and if I can be of further assistance I will gladly help.