New Here. Wanting Some Feedback From Anyone Willing To Read This! Thx In Advance!

SandiB

LoanSafe Member
Nov 20, 2017
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0
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New member here and new at all of this. I have been reading here a lot and spent endless hours doing my own research but it looks like this is the place to ask.

My situation is pretty unusual and I don’t think there’s much help out there for me but want to get anyone’s thoughts and ideas
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First off, I have a home that I bought back in 2007, bought it for my disabled son to have a home. Paid $46,000 for it and owe 38,800, 6.125, 30 year conventional loan. BOA to M & T Bank. This loan is not reaffirmed. Payment is $525, I pay PMI and flood insurance. This payment has increased over the years from escrow shortages and flood insurance. Not own by Fannie Mae or Freddie Mac. Who knows if anyone knows who owns it.

My son pays a little bit for the home and I pay the difference (thru husbands income) and that’s why it’s not considered a rental. I am his payee and I paid the payment for 10 years on time. A couple months over the summer, he worked for some company a few weeks here and there, so his check was cut to nothing and he spent his check on whatever. I couldn’t pay the payment for October or November.

I will be 60 days late on the 30th. Bank has already sent me the paperwork to do a loss mitigation. I did call the bank before I was going to be late to ask them what my options were. They told me not to pay for 3 months and then they could help me.

I called the bank yesterday and told the guy in Homeowners Assistance Dept. my situation. Telling him also that I have $0 income, that my husband isn’t on the mortgage and his income shouldn’t count. He told me to just put my income down, which is $0. I told him the application says household income but he said again just put yours. He told me to send in my W2’s, in which, I told him my husband and I file together, he said to turn in. That’s going to show a income of $110,000. He said his job was just to get the package out to whoever needs it. He also told me to make sure I pay one month by the 30th so I don’t have to worry about foreclose and the fees involved in it. (Didn’t reaffirm loan). The 30th will be exactly day 60. I told him I was going to try to pay two payments and he discouraged that and said just the one payment without late charge. He repeated this a couple times to pay one payment by the 30th not a second later. I truly didn’t feel he was even listening to me and I felt rushed.

I was thinking about talking to a HUD counselor to help me figure out this application. The app is asking for all expenses which means I would be putting 0 income down and then a ton of expenses. It doesn’t make since.

I was thinking to try to just refinance but not sure if I am underwater. The sites you can go to, to get a appraisal average, looks like I have some equity, but I know the area and I doubt I do. Since the loan is not reaffirmed, I don’t have to worry about them reporting late pays to my credit.

I feel if the lender truly looks at net present value, they would be in favor of me keeping it and working with me. To foreclose on a loan of this amount and after foreclosure costs, wouldn’t they be in the hole?

I know this is a book to read, but if anyone takes the time to read and respond I would appreciate it. I have so many questions but thought I would share my story first.
Sandra
 

Moe Bedard

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Aug 10, 2007
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Hello and welcome to the LoanSafe forum Sandra.

In regards to applying for loss mitigation, I'm not sure what your goal is with the bank. I do not think they will help you if you have no income and your husband makes $110k a year. They will see this and most likely play hardball.

You will most likely not be able to refinance on your own because you have no income and your husband is not on the mortgage. If you add him to the deed and mortgage then you might be able to.

I believe the reason he said that is because you are technically not in default and or at risk of losing your home. That would happen if you go 90 days late. He is probably recommending that you just pay the 30 days so you do not go 90 days late.

Ultimately, the BEST thing to do in your situation is to pay all monies that are owed in back payments and late fees to bring the loan current
 

SandiB

LoanSafe Member
Nov 20, 2017
2
0
1
All I wanted was to get the lender to suspend my payments for 3 months since I didn’t have the money to pay the mortgage. I have so much repair to do on the house. I feel overwhelmed with how much I am paying monthly on such a small loan.
I guess I should pay at least 2 payments and try to do that again next month and get caught up.

If I decide to refi in the future, how do I get my husband on the mortgage.
Love this site by the way.