Home Loans and Support

Mortgage underwater and monthly payment < 31% gross income

Discussion in 'Bank of America Mortgage Help' started by smd212, Oct 14, 2011.

  1. smd212

    smd212 LoanSafe Member

    Hi, Looking for advice on my situation.

    I have a 90/10 mortgage (BofA/Green Tree) on my home purchased in 2006. I owe $323K; the home was recently appraised at $265K. My monthly mortgage payments are ~25% of my gross monthly income. I am interested in a loan modification due to hardship (business failed in 2010, student loan repayment to begin in 2012). My net disposable income is currently negative and I have been depleting savings for awhile. I haven't missed a mortgage payment - yet.

    Can't Refi because underwater. Can't HAMP because under 31%.

    What CAN I do?

    Thanks for any insight!

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