Vic
“Dear Steve,
I am currently 5 mortgage payments behind..I tried negotiating with my lender on a modification but was not happy with the results (only lowered my payment by 40 dollars) i did not accept the modification and now they want to foreclose. I recently gave 1000 dollars to a modification co. and found out they are going bankrupt. so I need a modification in a bad way. My mortgage payment is approx 47% of my income and I can barly keep up with everyday expences. when I put everything on paper i am in the hole. Can you recommend somebody?
Vic”
Dear Vic,
It sounds like the reality is that you simply can’t afford your house. No lender is under any obligation to accept a loan modification request and most loan modification companies are dubious at best.
If you want to try to get the straight scoop on what foreclosure avoidance options might be available for you, contact a HUD approved housing counseling agency.
But my gut tells me that you are probably so underwater that letting the house go and following that up with a bankruptcy might be your only option.
Steve
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.
I am sorry for the loss of 1000 dollars. It is better to have an attorney help you with your loan modification. Attorneys can be better checked and have the expertise in renegotiating the terms with your lender. Hence the chances are great that your monthly payments will be reduced.
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