Looking for help

[nguerriero]

My wife and I currently have a mortgage with HSBC. We are upside down in that the value is probably $30,000 less than the appraised value when we got it 2 years ago. We had to refinance with HSBC when investment property we bought short term lost value, we could not sell, and we could not keep the tax payments up.

Will the changes in Federal Law help me with an FHA refinance? We had good credit but lost it during the past 2 years trying to keep up payments. We still are in good shape with an income of about $110,000 annually.

The loan we have will readjust to an arm in less than 24 months. Payments are becoming hard to make compounded by the mortgage we have not taking out escrow. We eventually will lose the house if I can't get a reduced fixed payment. Any input would be appreciated.

[Moe Bedard]

Hi nguerriero,


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

You might have to wait if you want a permanent fix because all HSBC is offering is a 6 month modification which really isn't helping anyone..........

Is this house your principle residence that you are talking about?

[nguerriero]

Yes, this is my principal residence. Thanks for the quick reply.

[Moe Bedard]

Here is the actual bill.........if you want to look it over and see if it could help.........

http://www.house.gov/apps/list/press..._bill_text.pdf

It won't start until at least October though...........

If you want to give it a try with HSBC and see what the investor on your loan is offering as far as modifications go..........contact them to see.....

HSBC Default Resolution
1-888-648-3124

[nguerriero]

Thank you. If they do offer modifications will that mean that they can refuse negotiating an FHA refinance since we owe more than the house is worth?

[Moe Bedard]

Unfortunately the bill suggests that it is voluntary for the investors to accept this...........they would have to in essence accept a short refi.........we just don't know what lenders will be going for this yet because it is not mandatory..........and it doesn't get underway until October...........so we shall see........