problems meeting mortgage payments

Discussion in 'Fibromyalgia Main Forum' started by lynncats, Aug 2, 2009.

  1. lynncats

    lynncats New Member

    Hi all. We are having a hard time meeting out monthly mtg. payments. Now on top of that they are increasing them by $400.00 dollars more a month. I don't work, and am working on getting disability. It is only my DH that is working and there is no way we can make these payments. Is there anything we can do to stay in our house? We did get ahold of the mortgage company, and they are sending us a financial worksheet to fill out. Is there anything such as a hardship? My brain isn't working so for now I hope I wrote what I wanted to say.

    Take care.

  2. 3gs

    3gs New Member

    hi Lynn

    my sister had problems and she had her payments cut in half I think for 6 months. Sorry my brain is on vaca today so I cant remember the program,but it was thru the mortgage company.

    also thought Obama put some programs on to help with this so people wouldnt lose thier homes. if I can find out will post. My sis also has her own company in real estate will ask her.

    I so hope you find a solution
  3. lynncats

    lynncats New Member

    hey there. Thank you so much for responding. If you do find out any info from your sis, i would appreciat it. You take care!!

  4. quanked

    quanked Member

    will depend on what lending agency you are with. We use to be with Veterans' Affairs in our state. They were great over the years. One can refinance if one qualifies to reduce payments. Have you contacted your mortgage company to find out what all of your options are?
  5. Janalynn

    Janalynn New Member

    Is your loan owned by Fannie or FreddieMac? Your lender will know.

    Have you experienced a hardship (yes) since you originally took our your mortgage? THAT's what they want to hear. A hardship. If so and can prove it, you can try to go for a loan modification. You have to prove that you can make the new mortgage payments. Your payments shouldn't be more than 31% of your income.

    Your can go onto making homes affordable dot com and see what you qualify for. They have calculators you can use.

    You can also check there and see if your loan is a Fannie/Freddie product.

    It's true, these companies would much rather have you in your homes making some payments then going through a foreclosure.
    Good Luck!

    BTW- DO NOT give your money to any company upfront to have them do this for you!! Tons of scams out there saying they can do this for $$, when you can do this yourself.

  6. lynncats

    lynncats New Member

    thank you all so much for the info. Please keep us in your prayers, this is scary the heck out of me. We are waiting for some paperwork from our mortgage company, so we shall see how they can help us.

    Janalyn, you are right about the scams, I almost fell right into one. The guy had me convinced that they could help us and get our payments way down, but with an attorny fee of almost $2,000. Thank god my DH, said lets just work thur out mortgage compnay, which is just what we are doing.

    Once again thank you to you all.


  7. 3gs

    3gs New Member

    I talked to my sis and she said talk to your lender about a modify. the program my other sis did was a adjusted and that is not good. it only reduced her payments for 6 months then she had to pay all back-big balloon.

    Did your pyments go up 400 because u had a ballon type mortgage? that is never good.

    You might want to ck with your local housing authority to see what programs or help they have.

    best of luck
  8. lynncats

    lynncats New Member

    thank you for taking the time to talk to your sisters. We are waiting on paperwork from our mort. company. I am emparassed to say, but my DH handles all the mort. stuff, but from what he told me, the increase has something to do with the amount we have in escrow, which isn't alot. Anyway, like I said, we should be getting some info in the mail, hopefully tomorrow to get the ball rolling, and hopefully, with me going for disability (hardship) it should help us out. God I hope so. Once again Thank you so much.


  9. momof27

    momof27 New Member

    obama put billions into companies to help with this reason like wells fargo , bank of amierica so check out what it is all about and refinance for lower rate payment will go down, God Bless and have a great day. MOM
  10. lynncats

    lynncats New Member

    thank you. I just found out that they have shut the doors to our mortgage compnany, Taylor Bean, and Whitaker. So now we are waiting to hear who is going to take over, we heard from the grapevine that it is going to be bank of america. So now we are waiting to see if that is for sure so that we can get ahold of them to see where we stand and what we have to do. You have a good day.

  11. meditationlotus

    meditationlotus New Member

    Not to change the subject, but what is a "hardship disability"? Does that help you to win you case faster?

    Anyway, I encourage you to try not to go through backtruptcy. I don't know if this is true, but when I called Allsup to ask them for legal representation for my disability case, they said that they could not represent me because I am in backtupcy, and the trustee could deny them their fee payment that would come from any backpay awarded me.

    I don't think this info from them is correct. I am trying to find out the truth in this. Denying a disabled person legal representation for their disability case because they are in backruptcy reeks of discrimination.

    Best wishes, and I hope one of the programs can help you. We had our payments go up last year. My Siginicant Other found where they had made a mathematical mistake, but they refused to correct it. Now this year, they gave us money back in one lump sum for their mistake. Maybe this is the banks way of temporarily getting money to cover their big investment booboos they made (credit default swaps, etc.)

    .This Message was Edited on 08/08/2009]
    [This Message was Edited on 08/08/2009]
    [This Message was Edited on 08/08/2009]
  12. lynncats

    lynncats New Member

    What I meant by a hardship is that we are trying to prove to the bank that by me not working that we are going thru a "hardship" situation, so that they may work with us to modify our mortgage. I don't believe there is such a thing as a hardship disability, I'm so sorry if I confused you, I have a hard time explaining things. My brain does not work correctly most of the time with this darn fibromyalgia. Good luck to you.


  13. FibroFay

    FibroFay New Member

    I can't give any advice on this. I just wanted to say good luck and you are in my prayers.

  14. lynncats

    lynncats New Member

    Thank you sweetie, that truly means alot to me.

    Hugs to you also!!
  15. 3gs

    3gs New Member

    hi lynn your welcome wish I could help more.

    cnn just had a piece on mortgages and they mentioned a federal program called MAKE HOME AFFORDABLE the lady lowered her mortgage by 20%. she is also the one who sold cakes to try and save her home.

    hopefully new lenders will help. if I find out any info about them I'll let you know.

    take care
  16. lynncats

    lynncats New Member

    You are just a doll. Thank you so much for caring. You have brough tears to my eyes. Yes, we are hoping the new lender will do something, we aer waiting to hear something from them, we are thinking it is going to be bank of america. You take care and enjoy the rest of your day. You have truly touched my heart.


  17. Sacajawea2

    Sacajawea2 Member

    Hi-- so sorry to hear of your troubles. Do you know if you are part of a preditory loan? Either way, have you contacted the United Way? The number is 211 and I am sure they can help you in some way...there are a lot of scams out there right now so be careful!


    United Way- 211
  18. lynncats

    lynncats New Member

    hi. I hope I don't sound to ignorant, but I'm not even sure waht a preditory loan is. Also, thanks for the info about the United Way, won't hurt to check that out, so thanks again for that info. We almost got scammed, thank god we didn't follow thru with it, or we would be out almost 1,000.00 that we really don't have. People just kill me how they can do that to people and then go to sleep at night. You take care!

  19. Janalynn

    Janalynn New Member

    I am in the business, so as mentioned, the first thing you do, which you did, is contact your mortgage company. Since TBW went out of business, someone else will now carry all of those notes = they will have to have the exact terms of your current mortgage.

    Refinancing is more for people whose homes have lost value and they owe more than it's worth.
    You want to move ahead with the modification. To refinance, you'd want a rate that is lower than what you have and you still have to qualify for it. Can you do that without working? If so, you'd probably just refinance. Is that an option?

    Wells Fargo and B of A are not the easiest to get loan mods through - they were just featured on the news as such.

    If you go onto the website I gave you above, note the difference - makinghomesaffordable . gov (not com)
    go to loan modifications. You can play around with the calculator. Put in your monthly income and it will tell you what the max mortgage payment you should pay is. (31% of your income.)
    That includes your escrows (property taxes and ins)

    They all have different options of how they will work with you. Most do not have a balloon - so that's too bad about the person who's sister had a balloon payment. It makes zero sense that if someone couldn't afford their current mtg payment monthly, that all of a sudden they could afford a balloon payment!

    Nothing to do with predatory lending- those were the lenders in the past who charged an arm a leg for people to get into a home.

    When you get your paperwork back, hopefully it will answer your questions and you can be on your way to saving some money monthly!

    PS the website I gave you lists what they consider hardships.

    Now there ARE some companies who can help you get a loan modification that are legit. (However they do the same thing that you can do). Depending on what state you are in - they have to register.


  20. lynncats

    lynncats New Member

    I mentioned this to my DH, and he is going to sit down with me and go to the web site. My brain is in the most foggiest area this week. He works 12 hours shifts, but tomorrow only 8 so that is when we are going to look at the site you mentioned. Thank you so much. You and everyone here has been awesome/caring. I dno't even know what to say.....

    P.S. We live in Florida.

    Janalynn, once again, from the bottom of my heart....THANK YOU!!!!