Getting Started

[kedshark]

Hi
This is my first time for not paying my mortgage payment. I am so scared. My first is with EMC (Chase) with a rate of 8.25%, it is adjustable, I owe about 418,000, it is worth 250,000. I can only make the interest payments each month which puts my Prin balance up each month so the balance continues to grow on my home. I also have a second of 50.000. My husbands place of business closed in doors in Feb of 08 and he was out of a job until June 08. I was afraid and took all the money from the second in case I needed to survive, which I did since we had issues with cars etc. I went to talk to a Mortgage Broker to see what my options were, I can call EMC directly to modify, walk away from the house or file bankruptcy. I have been reading all the testimonials online about how difficult it is to modify through EMC (Chase), I don't think walking away is going to help me, since I have three children living at home since they can't afford anything in our area to rent, I have pets which most landlords do not take kindly too and filing bankruptcy is interesting but I really don't see how that is going to help with my first which is so upside down. I just don't know what to do. Any suggestions?

MIA

[Moe Bedard]

Hi MIA,


Welcome to the forum and thank you for joining..............

What you would need to do if you would like to see what the options are from the investor on your loan for modification is to first put together a hardship letter.............

These are what most lenders consider to be generally acceptable hardships....
1. Loss of job or reduction in income
2. Death of the homeowner, spouse or family member
3. Illness of homeowner or family member
4. Divorce or separation
5. Forced job relocation by employer
6. Adjustable rate reset-payment shock

The best way to set up a hardship letter..........

* First, describe the hardship and the circumstances that caused it
* Explain what steps have been taken to correct the situation
* Provide the lender with your plan to get back on track and stay there
* Assure the lender that you are a responsible homeowner who just needs a second chance and that you are very motivated to save your home.

click on this link for examples to help you...............
Examples of a Hardship Letter


then contact EMC to see what the options for modification on your loan are...........

EMC
1-877-362-6631