I am 64 years old, a teacher. Every year, my salary has gone done (forced furlough days). Bad divorce-impulsively took a second mortgage on my townhome to pay child support and attorney fees (13.9%!). Currently in a DMP program for $22000 of credit card debt. Retire in 2 years-will get 50% of current salary and Social Security. First mortgage modified by Chase at 4.5%. Second mortgage is a 15 year balloon.House severely upside down (first mtg-$97000, second mtg. $32000), house appraisal $66000. DMP program runs through March of 2017.
I need a place to live, but feel like I’m throwing money away every month on a townhome that is worthless. Citimortgage refuses to modify my loan in any way. Says I don’t qualify because I’m not behind on payments. How could I qualify for a modification through Chase on my first, but not on my second? Aren’t the guidelines the same? I have no savings and juggle payments each month to stay current. What should I do?
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.I Have No Savings and Have to Juggle Payments Each Month. - Butch by Damon Day