thia is really troublesome need help

[tomser]

My income source comes from the social security and retirement account to pay mortgage payment

My question to you is that my retirement account is ( stock,bond, and mutual fund worth $500k )

My main reason to request the loan md is that my hardship-interest only loan reset in September much higher rate unable to pay
from $1800 to $2900 and my income reduction 30%( my retirement account evaporated 30% due to stock market decline ) and m and my wife both unemployed retired, and high medical bill due to poor health)

but when I request loan md , evn if I met the HAMP criteria, If my lender looks into my retirement account $500K then they may disqualify me for loan md due to the $500k which is my entire my saving account . If this being evaporated due to higher mortgage payment I will be out of street real soon .May be lender reject md because large sum of sock and bond i have now or worst case senario,if render reject md then if I foreclosure the lender may force me to pay back the remain principal with is fund if any

I call this my retirement fund or retirement saving fund ( this not 401 k)
so I just wonder how to deal with this situation

any comments appreciated

tomser

[SillyWorld]

Is it possible for you to pay off the Home outright move to another place smaller for a while and pray economy picks uup and rent your home out and use the rental as your income

[tomser]

Originally Posted by SillyWorld

Is it possible for you to pay off the Home outright move to another place smaller for a while and pray economy picks uup and rent your home out and use the rental as your income

thank you very much

my primary home loan is $550k and mortgage pay ment is $1889 but in september new increased pay is $2800 unable to pay
so i need loan md but since i have worth $500k of stock -how my lender reactes when they see $500k for loan md
thank you
your commnet

tomser

[SillyWorld]

Jeez...Only suggestion I can think of for now would be try NACA.com and see what they can say...FREE Help at least

[faith]

Tomser,
I am sorry to hear about your situation.

I don't think the lender will count your stocks and bonds as regular income since you are not getting any monthly income from it but only interest. When my husband and I applied for a mortgage loan, I have included my husband's retirement funds(ie. stocks and funds) as income, it pays interests but we did not get a regular monthly income and the lender which is Home American asked if my husband get a regular monthly income from that retirement fund, we said no just interest of $100 a month, it's just earning interest and his employer is depositing it to his account, the interest is considered income, but not the full amount. They did not include that retirement fund even the interest we received as income. I am glad now that they didn't.

The link below is example of a hardship letter, hope this helps.
Examples of a Hardship Letter

I think you should call NACA as SW suggested, I am sure they will be able to help you.

God bless you and take care. Peace be with you and your wife too.