Home Loans and Support

Just need some advise Please

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by johan05, Jun 22, 2011.

  1. johan05

    johan05 LoanSafe Member

    I am so thankful I have found this site. I am in a situation that i am not quite sure what my options may be. I have a home in Florida that I am renting out for $900 a month. I have a first mortgage 0f 103,000 and a second of 47,000.
    The total payments each month are $ 1450 this includes taxes and insurance. I am having to pay $ 550 out of pocket just to make both payments. I currently live in Arizona and am disabled with a gross income of $ 1485. This is half of what I use to make when I was able to work. I am renting a place in Phoenix and the lease will be up soon. Would it be best if i moved back into the Florida home and tried to obtain a loan mod? I may have to hire a lawyer in Florida as I am clueless of my options. I do not want to walk down the foreclosure road if at all possible. The homes current value is $ 65000 - $75000. The loans are current and I have never been late . A friend of mine just went through the loan mod process and she advised me to just stop making the payments. i am afraid that would be the wrong thing to do.Any thoughts i would really appreciate it. Thanks for reading my post

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