Our mortgage is 37% of our salary. We are struggling to make payments and have had a few late. I need options beside loan modification!!

Asked by frustrated, New Jersey Thu Sep 19, 2013

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Annette Law…, Agent, Palm Harbor, FL
Fri Sep 20, 2013
Frustrated in NJ,
Clearly you are experinecing hardship maintianing your home and keeping current with your home payments. There are solutions. However, in additions to hearing of your hardship I also hear you dictating the help that you are willing to receive. This, on first look, does not seem to be the best strategy to achieve the outcome most benefical to you. Often, rescue comes from sources we least expect.
The best action for you to take is completly dependant on your situation, the real estate involved, the onwership instrument, the lender(s) or investors involved and mortage insurance company These MUST be evaluated in their fullness in order to present you with the most likely sequence of events, the potential outcomes of each action or step, exit strategies in place, and time requirement.
It time for you to get SERIOUS!
Call a New Jersey real estate professional and get started. Most real estate professionals can arrange free legal consultation after your situation and needs have been assessed. Do not hamper the outcome by imposing conditions such as from whom you will and will not turn for help. How this process strats goes a long way towards determining how it willl end. FOllow the directions your professional provides and squash the tempation to second guess them by solicting opinions from stangers on the internet.
I wish for you the very best outcome.
0 votes
gerald_cella, Home Owner, New York, NY
Fri Sep 20, 2013
Contact gerald_cella@yahoo.com, that is the best I know about. Explain this to him.
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Diane Glander, Agent, Spring Lake, NJ
Fri Sep 20, 2013
Do you want to keep your house? If so, you need to either lower the payment or increase your take home pay.
If not, you can sell it. If you are under water, you can try a short sale. Don't delay and speak to someone at your bank asap.
Web Reference:  http://www.dianeglander.com
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Larry Sarlo, Agent, North Wildwood, NJ
Thu Sep 19, 2013
Modification would be your best option if you want to keep your home.

Otherwise you will need to sell. If you dont have enough equity in your home to pay the expenses of a sale, then short sale is your best option.

Depending on your financial position overall you may want to speak to an attorney.

You have an option to short sale your home and buy another but you have to meet certain criteria.

The late payments will certainly be against you...

Search Short Sales and foreclosure Deals at http://www.BuyNjShortSales.com

Larry Sarlo
RE/MAX Preferred
0 votes
frustrated, Home Owner, New Jersey
Thu Sep 19, 2013
Hi there....its frustrated (I asked this question) There is a limited number of characters that I can ask my question! We have been in our home for 12 years and made a bad refinance decision a few years back. Its come down to food or mortgage most months. I am looking for different options. I would love to sell the house and buy one with a lower mortgage but I think the late payments will prevent us from doing that. We only plan on being here for another 3 years TOPS. Any suggestions would be GREATLY appreciated!!!
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