My Mortgage Lender Said They Won’t Modify My Loan But Will Agree to a Short Sale – Lindsey
 | By Steve Rhode Ask me your question. |
|
Lindsey wrote to me through the GetOutOfDebt.org site and asked the following question. 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.
Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to help me to help others, there are easy and free things you can do, click here to learn how you can help.
“Dear Steve,
WE are in a house that has no equity. We owe 40,000 more than our house is worth. We are making our payments every month. We barley make it every month. My husband would like to go back to school but not possible because we dont have the money. My husbands boss said he is going to cut my husbands pay again in a couple months. We wont be able to make the payment if this happens.
I asked if my lender would Modify my loan. They said no they wouldn’t because its in a bond series. (What is a bond series) My lender said to just short sale. I dont want to loose my house. =( I
Lindsey”
Dear Lindsey,
Credit counselors have a special phrase for this situation, “you’re screwed.”
While you might not want to give up your house, even with a short sale, the prognosis for keeping it is not good.
I think you’ll have to come to terms with the situation and sell the house with a short sale or face an almost certain foreclosure in the next year.
Letting go is often the hardest thing to do. You search and search for options but sometimes there just are not any to be had.
No lender is required to modify a mortgage and yours might be especially hard since no specific underlying investor exists or can be located to agree to it.
Big hug.
Source: My Mortgage Lender Said They Won’t Modify My Loan But Will Agree to a Short Sale – Lindsey
Other Related Articles to Read
Comments
Comment by kibby i have loans from my car and other things for 30.000. i have a very good permanent state job. i am lookin for a mortgage for the first time, i was refused in one bank bcos of loans..is this the case in all of them or is there a way they can incorporate the loans into the mortgage repayments
Leave a comment
Do You Have a Get Out of Debt Question You Want to Ask?
I'm happy to answer any question you have about how to get out of debt, as honestly as possible by sharing with you my experience and truth that I learned from helping thousands of people to get out of debt. Don't be shy, if you need help, ask now, click here.And if you want to follow the latest questions and answers, just subscribe to my site RSS feed or get the email newsletter for free.
The banks can say anything they want, because they are not forced to play by the rules. Petition Congress to regulate the loan modification process:
http://www.petition2congress.com/2/2564
[Reply to This Comment]