Is Your Home Under Water

Is Your Home Under Water

Well I had a terrible last two weeks I come to realise that my family is more important than a house. After doing everything right I still have no extra money at the end of the month. My money was going to my under the water house -mortgage. For those of you that means my house has no equity. So I decided to approach my bank.

A year ago after going back and forward. After constant phone calls they told me I did not qualify for the OBAMA help. WOW! but they would do the modification for a wonderful 5% interest rate this will cut my payments less 240.00 a month. This was very disappointing since it was only a one and 7/8% less than the current interest rate. If they had done 4 % this would of given me at least an additional 200.00 off.

I was not happy and asked why? I was told our income was too high. I said how did you come up with that.. I showed you a deficit of 250.00 every month. Someone's accounting was off.

Their reply was,"¦"¦.. Oh! we had a surplus we took your budget of the gross income.

I laughed, and said if I was living off my gross income I would not need a modification.

Since I had no choice I took the modification, since my other option was to be further in the hole and then maybe loose my home.

Its now been 5 months and my husband's income went down further this year 1500.00. No overtime which helped a lot. As for me, in the fall its my company's dead time and my income always goes down, our hours are cut back.

I threw my hands up in the air, and said "You know what family. We are moving we will do a short sale and rent. We can save at least 500.00 a month and not be so stressed".

My poor husband was devastated he put his heart and soul into our home. Now don't get me wrong I do not live in a large 4 bedroom huge house. I live in a small 3 bedroom 1 bath cottage /rancher. My only dream was to have one more bathroom and a finished basement.

So I went back to the Modification dept., and the very nice lady who has been working with me. I told her about the lost income and we are still having a hard time paying the mortgage. I need the bank to reconsider my first appeal.

She said they do not allow 2 modifications in one year. She told me to send her my updated pay info., and she will take it back to her superiors. I guess she also was surprised I did not get a 4% interest rate. Because she said to me, that I already had a 4% rate. I told her not according to my paperwork it said 5 percent

My message to you all, is fight for what you want. If you can't keep your home on your small or reduced income then do a Short Sale. Do not do a Foreclosure. Be sure when you do a Short Sale the Bank has accepted the buyers offer. Also check with your State Laws to see if the mortgage company can come back and ask for the difference of what you owe on the property. Contact a realtor she can also help. Be sure the realtor is looking after your interest and just not seeing dollar signs.

If you are in the Carroll County Maryland Area I know a wonderful agent Peggy Roberts. She would give you the best advice even if she does not make any money from you.

Rent, there is nothing wrong with that, it will give you a breather ,and when things get better, you can buy again. I believe it takes about 2 to 3 years before you can buy again after a Short Sale .

Keep fighting! Everyone is going through the same as you. You are not alone.

I forgot to add there is also another way to bring your payments down.

When you receive your tax forms for your property. Look and see what they are appraising your home for. If its more than the house is worth. Contact the State Housing and Property Tax dept. Let them know your situation. They will send you a form. ( Do this before January ) Fill it out and get a realtor to give you a written estimate on what the house is worth. Send the forms in. They would set an appointment up for you. Its a little bit of work but its worth it.

God Bless

Anna

Edited: paintingblue on 17th Nov, 2010 - 5:40pm