(((((((((Calling Orachel))))))))

Discussion in 'Fibromyalgia Main Forum' started by silky17, Oct 27, 2005.

  1. silky17

    silky17 New Member

    Hello again Rachel,

    I just had a question again about my motrgage. I did get approved for SS. Now I am wondering what is thing to do with my mortgage. I do want to keep my home and I wondered if you knew what is the best way to go.

    You probably have already told me but I thoughyt I would check back. I hope you are feeling better. This DD sucks , we never know when we will have a good day.

    Hope to hear from you soon,
    Debbie (silky17)
  2. silky17

    silky17 New Member

    Have a good night

    Silky
  3. silky17

    silky17 New Member

  4. silky17

    silky17 New Member

    Hope you are ok
  5. LollieBoo

    LollieBoo New Member

    Rachel...... RAY- chelll....
  6. LollieBoo

    LollieBoo New Member

    You have a whole host of loved ones looking for you!
  7. silky17

    silky17 New Member

    bumping, hope things are good for you.
  8. orachel

    orachel New Member

    I'm ok, everyone! lol


    Silky, Hi there! Hard to say on your mortgage without knowing details, but for the time being I'm going to assume that your current level of income does not support your existing mortage payment? If that's the case, the next thing to do is call your mortgage company and ask if they have a "hardship" or "disability" department. There's a chance (not a huge one, but it does exist) that your mortgage payment includes disability insurance that makes your mtg payments for you while disabled. Some people don't even realize that they're paying for it (which is totally illegal, and if that's the case, the person who helped you with your mortgage in the first place should have certainly given you the OPTION of taking the insurance ...unfortunately, some of them just put in on illegally without the average client even realizing it....BUT, while illegal, that would be to your GREAT BENEFIT in this case, so I'll cross my fingers for you!!!!).

    If you have no disability insurance, the "hardship" dept (often called many different things) may be able to simply "adjust" your interest rate lower to accomodate your lower income...this is usually need based....I've seen clients rates lowered to the 1% range....some interest is better than NO interest, especially if it means they won't have to go thru the hassle of forclosing on your home, which is quite expensive and a big hassle for them....and especially with you currently on disability, you could make the process take a LONG TIME if you so chose.....hard for them to forclose if you're currently on government disablity program....doesn't make them look overly "friendly" either. IF they don't automatically reduce your rate (you will have to PROVE that you can't afford current rate with disability payments...will probably need your Disability award letter, and a few most recent bank statements)they may be able to refinance you into a lower payment program...this will involve closing costs, but almost NEVER any money out of your pocket...usually just added to principal of your loan. Of course, usually you'll have to "qualify" for the new loan in terms of income and credit...I have no idea what your current situation is there. If you don't qualify for a new lower payment with them, there's a chance that you may qualify for one elsewhere. Best bet is a lending tree type of thing on internet, where you get a few offers at once. But please be careful....You don't want to allow too many companies to pull your credit, or it could reduce your credit rating even further. Other options include mortgage compay offering you a forbearance....hard for me to explain that, as every company does it differently. Typically, means you'll be able to go for a while without making a payment, or a full payment....often put the money you "owe" from partial or no payments, plus interest, on top of principal of loan...

    Theres so many options. Your best bet is to call your mortgage company and ask them (if you can record the conversation, not a bad idea....not for use legally, simply to be able to refer to EXACTLY what you were told)...otherwise, take a TON of notes! If something they say doesn't sound "kosher" to you, or you really don't seem to have any other options, don't freak! There are lots of other programs available. I'm not "working" right now, as I'm on st disability myself....in any case, I don't represent any company when I give advice here...just trying to help as best I can. If you get stuck, and really don't know what to do, or you're not really mortgage savvy and they talk you in cirles (which some companies are known for! Be careful!), page me and we can meet in chat to get some more specifics so I can advise you with some more detail based on your situation...not such generalizations.

    Good luck! Another option, if you happen to have a way to get free legal advice is to speak to an attorney after you talk to your mortgage company and find out what they're willing to do....

    If you need me, just page Orachel to the boards....I've been not spending much time here (unfortunately!) just cause I've been tied up with the doctors.... but let me know if you need any more advice. Glad to help!!

    Hugs,
    Rachel
  9. silky17

    silky17 New Member

    Hi again,

    I wanted to thank you again for a good amount of information. You really are a great asset to this forum.

    I did get a forebearance on my home (till 2/06) and the mortgage co has been pretty good about my situation. I also think I have insurance on it. They had sent me something from a co. called Triad. Have you heard of them? If so, what do you think of them? How long will a co. pay for disab.? I believe it is SSDI. Not SSI. It is not a big sum of money so I do need to get the lowest possible payment there is. Of course I would like to have the insur co. pay, due to the fact that I do not like insurance co. I think they are pretty unfair but, thats another story.

    So I am going to try the best to try and keep my home even though the area is not going up in income if you no what I mean. It is the first home I bought on my own and I feel its a part of me. Crazy huh? But THANK YOU again for taking your time to help us all. Your a sweetie. Good luck to you and yours. I hope to keep in touch.

    Debbie aka Silky17