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Please Help Us Save our Home

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by TMWheaton, Oct 4, 2010.

  1. TMWheaton

    TMWheaton LoanSafe Member

    Hi Moe; My husband and I owe about 137K on a home that is now only worth about 125K. we love this home, have made a number of improvements to it, it is in an excellent neighborhood and is close to our children's school. We hope to keep it for many years to come. The first mortgage is through BOA an is about 96,000. The second is through 5/3 Bank and is at 41,000. We both used to have great jobs and we made very good money,more than enough to pay the mortgages, but then in October of last year we both lost our jobs and have been on on unemployment ever since. We have been trying to have our loans modified for almost a year now. Fifth Third shut us down completely saying they dont do loan modifications for people who get unemployment. BOA FINALLY is in the process of preparing our application for underwriting. That having been said, I am doubtful they will be able to assist us because the mortgage payment on the 1st mortgage is already at 31 percent of our monthly unemployment gross income and from my understanding that is the most that anyone asking for a modification can hope for. That said, we still cannot make the payments mainly because of this damned second mortgage. I filed bankruptcy about 6 years ago before I met and married my husband so both homes are financed in his name alone. He has never had a bankruptcy. We have a lot of unsecured debt ( these cards were opened together ) that we are also struggling to pay right now and while the big ones are on a payment plan ( no interest, etc. ) I'm wondering if we just shouldn't file BK and be done with it. We want to keep the home, but would like to lose the second mortgage and unsecured debt if possible. I know- probably not possible but any help or guidance you can offer would be appreciated. Many kind thanks. Tracey

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