Hello everyone,
Here is my situation:
I'm current.
1st- Mortgage Bal- 399k @4.9 30yr fxd with BOFA
2nd-Eq. Loan Bal- 39k @6.9 20yr fxd with Key Bank
Property tax and Mello Roos is 11,700.00
Our payment for the 1st. is 3,400.00 and 308.00 for the 2nd.
Our property value is underwater 80k.
Our income was reduced so my payment with taxes is 61% of our income, my two sons will go to college this Fall and because I'm using our Savings money to complete our mortgage payment I decided to apply for a
Loan Modification.
I'm scheduled for an interview with a counselor with a local agency listed in the HUD webpage. I was wondering if somebdy has been in a similar situation (low rates and financial hardship) and what was rhe outcome.
After the interview We will make the decision weather stop paying or pay untill this Fall when We have to pay the "Parents share of cost" ($4500.00 for one only).
Anyways, wish us good luck and...
Good luck everybody.
