US Bank Help

[Birdie Kate]

I need some help/advise please

My mortgage with US Bank is 384,000 – payments including taxes & ins are $2,900.00/mth
My second is with Wells Fargo for $25,000 – payments now are $100.00/month
My house cost 419,000 when we bought it 5 yrs ago. It has recently been assessed at $350,000.00 We are also trying to have it reassessed because we have flooded out 3 out of the 5 yrs with water coming into our home from a nearby brook. We are trying to have it reassessed for 300,000.
We renegotiated with US Bank back in August due to my husband losing his job for a period of 5 months. The renegotiation that we did made our loan a 40 yr loan. We were not happy but felt our hands were tied.
My husband got hurt in sept and recently had back surgery so he has had no income for 3 months. We cannot make our mgt payment. We have been using our credit cards to pay our mortgage in the past and for other bills and necessities. I feel we have racked up about 20,000 worth of credit card debt.
US Bank does not participate in the Hope for Homeowners Program. I would like them to modify our loan down to the assessed value. At least that way I can afford the house with my salary alone in case hubby’s disability lasts longer. How do you suggest I handle this?
Thanks for your help

[Moe Bedard]

Birdie Kate,


It is up to the investor on the loan............investors have not been lowering principle..........if this is what you are needing after receiving a modification that isn't able to help...........then at this time you would need to contact US Bank and ask what options the investor on your loan has and then make your decision as to what you would need to do from there.
US Bank
1-888-780-3997