Want out of our house in OH..please help! - Loan Modification Forum

Kelly1226 · 02-07-2009, 03:39 PM

Hi there everyone. I am hoping somebody can point me in the right direction. We live in Ohio.

We purchased our home in Aug 05 (the top of the market up here!)
we paid $119K with 11.5% (my husband was still not discharged from his Chapter 7 BK) it was a 2 year fixed then adjustable. House appraised for $125K

In July 07 we could barely afford the payments of almost $1,500. We refi'd to 8.55% with the same 2 year fixed then adj. We figured we would move before it adjusted. The house appraised for $140K thanks to our many improvements or just to lock us into that loan. Payments are about $1200. We have always has our taxes and ins. in our payments.

Well we need to move back home to FL. We have 3 kids and have outgrown our house and want to be back with our family in FL. We dont know what our rate will adjust to in July and want out. Our payment is too high to just rent it out and we are basically being told we can only sell it for $120K. We owe $132K and we dont have ANY money to come up with the difference. We have never been 30 days late and we have faxed all the hardship info to First Franklin with no response yet. I am not holding my breath on them helping us.

My question is what should I do from here? I do not want to keep the house but would like to keep our credit as clean as possible. Has anybody done a Deed in Lieu with FF? I am so scared to get behind in payments. The house is currently listed for sale and our broker is hoping we can get someone to do a Lease Purchase. We have been told we cant refi again cause it will probably only appraise for $125K again.

Any advice would be greatly appreciated! Thanks so much!
Kelly

02-07-2009, 03:39 PM	#1 (permalink)
Kelly1226 Junior Member Join Date: Jan 2009 Posts: 1 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Want out of our house in OH..please help! Hi there everyone. I am hoping somebody can point me in the right direction. We live in Ohio. We purchased our home in Aug 05 (the top of the market up here!) we paid $119K with 11.5% (my husband was still not discharged from his Chapter 7 BK) it was a 2 year fixed then adjustable. House appraised for $125K In July 07 we could barely afford the payments of almost $1,500. We refi'd to 8.55% with the same 2 year fixed then adj. We figured we would move before it adjusted. The house appraised for $140K thanks to our many improvements or just to lock us into that loan. Payments are about $1200. We have always has our taxes and ins. in our payments. Well we need to move back home to FL. We have 3 kids and have outgrown our house and want to be back with our family in FL. We dont know what our rate will adjust to in July and want out. Our payment is too high to just rent it out and we are basically being told we can only sell it for $120K. We owe $132K and we dont have ANY money to come up with the difference. We have never been 30 days late and we have faxed all the hardship info to First Franklin with no response yet. I am not holding my breath on them helping us. My question is what should I do from here? I do not want to keep the house but would like to keep our credit as clean as possible. Has anybody done a Deed in Lieu with FF? I am so scared to get behind in payments. The house is currently listed for sale and our broker is hoping we can get someone to do a Lease Purchase. We have been told we cant refi again cause it will probably only appraise for $125K again. Any advice would be greatly appreciated! Thanks so much! Kelly

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