Don't want to loose our home

[Joryaz]

We don’t know what to do!
In year 2007 I was transferred to Port St Lucie by the company I was working for. We placed our previous home in the market and waiting 8 months with no positive results so we decided to rent it even putting $800 out of pocket every month to cover for the mortgage.
We got a mortgage for the new home of $250,000 and in January 2008 I lost my job. I was not able to find a steady job until Sept. 2008 and my new salary is substantially lower. We have been using our savings to complete both monthly payments in order to survive. We have never been late in our monthly payments.
Our primary residence has been devaluated from $250,000 to $ 130,000 and our mortgage payment went up from $2,030 to 2,230. It is to hard for us to make this payments and also we are so disappointed with the devaluation. We are more than 50 years old and this is all we had planned for retirement.
Our interest rate is of 6.5% fixed on both home mortgages and every time we have contacted the lenders they say there is nothing to do because we have excellent interest rate.
We are thinking to short sale our primary residence because is the house that has a higher devaluation, but this is our home. I don’t think is fair to loose our home. It is terrible to see someone come and pay $130,000 the home you have put all you efforts and dreams on.
Why can’t we receive the help and keep it. Can we receive a reduction in the principal instead of the lender reducing the price and selling it to a third party?
We have been told that the best thing to do is short sale. We want to keep our home. Can someone help us?
Thank you, Joryaz

[mgallant]

Because you own two homes NACA will not be able to help you. If your current credit is good you may want to look into the Obama plan and see if you meet the criteria outlined in that plan, you never know you may meet the requirements for help through that program.

There are other ways to skin the proverbial *** but no one here can make those decisions for you. Read as much as you can here and you will find others that have a similar situation as yours that may offer some advice. Good Luck!

[Joryaz]

What if we shortsale the previously owned home?

[Moe Bedard]

you can apply with them after the home has sold...........

You cannot own another property:
NACA cannot assist people who own other properties. If you own another property but are losing or selling it, we can assist you with your primary property after the disposition of the other(s). Servicers in the NACA Program also require owner-occupancy as a condition for accepting a NACA solution.