| Re: What do to in our situation? It's a mess...
Since this is not your mother-in-law's principal residence, then it would not qualify for any relief under the terms of the Homeowner Affordability and Stability Plan. However, you might still be able to negotiate a loan modification outside this government plan. That's the way it was until very recently. Several people here have been able to get modifications on their investment properties (which is technically how your home will probably be classified), so it's not impossible.
A big question is how much would a modification affect your payments. What is the interest rate on the $280,000 first loan? What is your combined monthly gross income?
You should get to work on a hardship letter. Get all your financial information together so that if someone from Aurora responds to your hardship letter, you'll be ready to discuss specifics about your current situation. |