Can anyone help with a mortgage problem?

Question

My husband and I bought a house we really can't afford, but we do not want to lose it. Right now the payments take up about 70 percent of our combined paychecks. What are our options, because living like this is misery. Things just didn't turn out in the housing market the way we thought they would when we signed.

Answer 1

What kind of interest rate do you currently have on your mortgage? Also, when you did your mortgage, did you have your taxes escrowed into your monthly payment? I would suggest maybe refinancing your home and getting a lower interest rate, but other than that, not much else you CAN do. Unless of course you land a better job with higher pay, then your payments won't hurt as much. Another option: sell your home and find another one that you can actually afford!

Answer 2

Hi this james hubbert. I am writing to you because i am a private party that has the cash for your trust deed. You see i buy notes and other cash flows. I help people who have future income liquidate it for a lump sum of cash NOW!!!!!!!!! You see we have investors waiting and standing in line to buy your note. So please call me at 937-325-0683, and i can get you started. Thank You, james hubbert

Answer 3

You can have a short sale.  And tell the bank that the house has depreciated in value since then.  So, you dont want to pay the difference of what you owe, minus, what the house sells for.  Oh, and take all your money out of the banks.  And tell them you dont have any money left to pay the mortgage.  If the banks argue that the house is worth the same amount as when you bought it, just have your real estate agent get someone to estimate the value of the house.  This person will be on your side.  You tell him how much the house is worth, and he will tell the banks how much the house is worth.  This way, after the bank sees that the house is worth less, they would be more willing to forgive you ..and let you waive the difference of what you owe the bank, and what the house will sell for....So, once you try to sell the house, you can even stop paying the mortgage....But, consult your agent first because each state is a bit different...

Answer 4

well it sounds like you were speculating on real estate. you thought housing prices would continue to rise and in order to profit from this you leveraged yourself too much.

if you want to keep the house, you have to realize that the housing market may take years to recover and the price of your house may never actually go above where you bought it.

after realizing that, if you still want to keep your house, then you either have to dip into your savings/retirement to make the monthly payments. Or you have to talk to the lender, tell them if they don't do something you'll lose the house.

Otherwise you'll have to sell it.

Speculation is not something the public should do, because the public (ie non experts) inevitably have bad timing, buying at the top, selling at the bottom.

Answer 5

You didn't say why you can't afford it, whether you've always been paying this much of your income, or you've had a rate increase, or a decrease in income.

If changed circumstances have caused this situation, then there may be some options.

If your rate has increased (an ARM, for example), you may be able to get that rate lowered through a loan modification.

If you owe substantially more on the house than it's now worth, you may be one of the few people who will qualify for the new FHA program...

Now I've torn this bill apart in most of my postings:

http://foreclosureresolutioncenter.com/b...

It's a long shot, and the majority of homeowners who need help will not get any help from this thing.

BUT... it will help SOME borrowers.

However, that won't even start until October 1, at the earliest...

but if you can:

hold out a few more months,

and qualify,

and your mortgage company will cooperate,

you may be able to solve this problem.

But if none of the above applies, then the thing to start doing is planning your alternatives:

Are you going to try to sell the house...

Will you stop making payments and if so, how soon...

How long will you have if you quit making mortgage payments before they foreclose and take the home...

Most people don't want to lose their home.

But if you're to be a slave to it, your days are numbered.

Best that YOU decide how this is going to play out.  

Answer 6

You hit the nail on the head in your first statement. You bought a home you can't afford. I guess that begs the question why did you do it? Another thing I don't unerstand is what does the housing market and the way it turned out have to do with the fact that you couldn't afford the house. If the housing market turned out differently, you still couldn't afford the payments. Right?

That being said, if you can't afford the house, you need to sell it and make certain you don't go out and buy anything else you can't afford. Probably not the answer you wanted to hear, but it's the truth.