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Feb
27
frostmail07 asked:
I have a house that I haven’t been able to sell for like 2 years now and it must go. My hours at work are limited to part time and if I wasn’t renting the house out against the wishes of the Mortgage Company I would have lost it long ago. While I still have a valid excuse of working part time and in actually don’t have the money and also going through a divorce I want to use the Hardship Options to work with the lender to sell the property or work with them to give it back or short sale or whatever. Hardship won’t take you seriously if you don’t skip at least one payment and I wonder if it is worth it, I actually am planning to not make any more payments until it is sold or repossessed. It doesn’t seem to matter how much I ask for the home, I haven’t got one offer so far except from a guy that can’t get a mortgage apparently.
If you like this post, please buy me a beer for $3 :-)I have a house that I haven’t been able to sell for like 2 years now and it must go. My hours at work are limited to part time and if I wasn’t renting the house out against the wishes of the Mortgage Company I would have lost it long ago. While I still have a valid excuse of working part time and in actually don’t have the money and also going through a divorce I want to use the Hardship Options to work with the lender to sell the property or work with them to give it back or short sale or whatever. Hardship won’t take you seriously if you don’t skip at least one payment and I wonder if it is worth it, I actually am planning to not make any more payments until it is sold or repossessed. It doesn’t seem to matter how much I ask for the home, I haven’t got one offer so far except from a guy that can’t get a mortgage apparently.
These are troublesome times, any advice would be appreciated.
Shasta
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2 Responses to “Missing Mortgage Payments to use Hardship options?”
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Decrease in Income SHOULD qualify you for the hardswhip option! Talk to your local representatives and sic them on your loan servicer! Have all your friends and family inundate their offices on your behalf. Make sure they raqise cane about that particular lender ’til you get some Intercession on your behalf. Also get that puppy listed w/the local agent that has the most experience w/Short Sales. You shouldn’t need to damage your credit any more than the short sale will! Then you can demonstrate that the JOB-LOSS was the problem, not your unwillingness to pay!!
If you have a pretty good situation going right now why mess with it. You have it rented out and I assume you have somewhere to live, so if you are able to make the payments there is no problem.
I would not advise anyone to give the house back to the bank, or to do a short sale because it will hurt your credit for a long time and you won’t be able to buy much on credit if you do it that way. Check to make sure if I am right.
If you absolutely have to sell it because of divorce or whatever then you may consider advertising that you have to sell. There are investors who would love to talk to you.
Another idea is the renter if they can get a loan. You might ask the bank if a person can assume the loan. If they can then you could get a down payment and even take payments on a second mortgage if necessary. Talk to a realtor or a real estate lawyer in your area about what options are available to you.
Best of luck to you.