Any help for us? - Loan Modification Forum

Guy_in_ATX · 08-10-2009, 10:49 AM

We bought our home in a rough neighborhood just over 2 years ago. The neighborhood has since gotten worse and we HAD to pick up and leave. It was bad. A few examples are: my truck got stolen, gunshots down a few houses, fights IN my backyard AND front yard, etc. We are now renting an apartment in an area that doesn't make my wife panic and live with nervous breakdown after nervous breakdown. We are trying to sell our house but in the meantime need to pay both that mortgage AND the new rent bill every month. We are running out of money fast! Is there ANY type of help out there for us, at least while we sell our house? Our loan is a 30-year fixed loan at %6.0.

kenman · 08-11-2009, 08:15 AM

I have been researching bankruptcy, loan mods and other financial issues for over a year now and I don't think there is any plan out there that can help you.

However, lets see what others have to say.

Anyone on the forum have any suggestions?

Kenman

OH-WAMU · 08-11-2009, 11:28 AM

One thing that hurts the situation is leaving the home. I understand you had to for your family's safety and health. But, a portion of home preservation programs require you to stay in your home. A short sale arranged with the mortgage co. maybe be your best bet.

Guy_in_ATX · 08-13-2009, 05:07 PM

Short sale eh? Do I take that up with Chase? That is who I pay my mortgage to.

I realize leaving the house will probably be an issue but our well being was so worth it. The HUGE stress I'm feeling now is nothing compared to the feeling we had staying in that house. I just don't know if any loan agent will understand that.

Moe Bedard · 08-13-2009, 05:46 PM

It seems like you are trying' to do the right thing and stay current but have been unable to sell. That is not surprising because of the neighborhood.

You may have to make the hard decision to stop paying this mortgage and just see if it sells sooner or later. Hopefully sooner rather than later because now you'll be stressing over money instead of getting shot. Getting shot is worse, but money is like water these days. Without it, we cannot live.

Have you tried to rent it? Maybe you can rent and get a loan modification that would make it affordable?

08-10-2009, 10:49 AM	#1 (permalink)
Guy_in_ATX Junior Member Join Date: Aug 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Any help for us? We bought our home in a rough neighborhood just over 2 years ago. The neighborhood has since gotten worse and we HAD to pick up and leave. It was bad. A few examples are: my truck got stolen, gunshots down a few houses, fights IN my backyard AND front yard, etc. We are now renting an apartment in an area that doesn't make my wife panic and live with nervous breakdown after nervous breakdown. We are trying to sell our house but in the meantime need to pay both that mortgage AND the new rent bill every month. We are running out of money fast! Is there ANY type of help out there for us, at least while we sell our house? Our loan is a 30-year fixed loan at %6.0.

08-11-2009, 08:15 AM	#2 (permalink)
kenman Senior Member Join Date: Jun 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Any help for us? I have been researching bankruptcy, loan mods and other financial issues for over a year now and I don't think there is any plan out there that can help you. However, lets see what others have to say. Anyone on the forum have any suggestions? Kenman

08-11-2009, 11:28 AM	#3 (permalink)
OH-WAMU Senior Member Join Date: Jul 2009 Location: Ohio Posts: 86 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Any help for us? One thing that hurts the situation is leaving the home. I understand you had to for your family's safety and health. But, a portion of home preservation programs require you to stay in your home. A short sale arranged with the mortgage co. maybe be your best bet.

08-13-2009, 05:07 PM	#4 (permalink)
Guy_in_ATX Junior Member Join Date: Aug 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Any help for us? Short sale eh? Do I take that up with Chase? That is who I pay my mortgage to. I realize leaving the house will probably be an issue but our well being was so worth it. The HUGE stress I'm feeling now is nothing compared to the feeling we had staying in that house. I just don't know if any loan agent will understand that.

08-13-2009, 05:46 PM	#5 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,932 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Any help for us? It seems like you are trying' to do the right thing and stay current but have been unable to sell. That is not surprising because of the neighborhood. You may have to make the hard decision to stop paying this mortgage and just see if it sells sooner or later. Hopefully sooner rather than later because now you'll be stressing over money instead of getting shot. Getting shot is worse, but money is like water these days. Without it, we cannot live. Have you tried to rent it? Maybe you can rent and get a loan modification that would make it affordable? __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

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