Wow - I am sooo glad to find this forum! I haven't had anyone to talk to about this...
I bought my current house with my fiancee (house in my name) and when we broke up I was left with a HUGE mortgage that I cannot pay. And then taxes went up bringing my mortgage payment up.
I make a good income but it's not enough. I have tried to get a roomate with no luck. Every month I pay my mortgage first and then borrow/scrimp/starve through the rest of the month. I cannot take care of myself or my kids. I end every month with a zero balance. I already know won't have the money for my next payment.
I have called Chase 100s of times over the past 8 months - I won't even go into the nightmare run around they have given me...
Chase said I "pre qualified" for loan modification because my mortgage payment is way over 32% of my income but if I want to find out if I fully qualify I have to take my house off the market (which seems counter intuitive). I called to tell them I can't pay next month and they transfered me back and forth between homeowners assistance & collections - both telling me the other is who I need to talk to.
Now there is no more money to borrow and my second job is about to expire... I need to get out of my house. I'm hoping to go for a short sale but my realtor has explained how hard they are to come by.
I'm in Georgia and it's my first home.
I have only one loan - it's with Chase / owned by Jennie Mae... I believe it's a HUD mortgage?
My house cost under $200k and has lost some value - probably only $10-$15k.
I put $0 money down so I think I'm still paying PMI?
House has been on the market since January with only 2 people coming to look at it.
My job is secure and I have less than $1000 in CC debt.
My worry is that if my house goes into foreclosure that I will have a deficiency judgement placed against me that I can't afford to pay off... I have read everywhere that they can't touch any of my assets (which would only be my car and any money I have in a different bank)...
so my questions are:
How common are deficiency judgements?
Are there any other financial consequences?
Can they see what's in my bank account?
Can the PMI company come after me?
Should I get a lawyer to advise me?