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jazmina88's avatar

How did you save your variable mortgage home?

Asked by jazmina88 (11647points) April 5th, 2012

I bought my home 7 years ago with the terms of the bad loans that bottomed out the industry. I have tried refinancing, have a 2 yr mod, but then my mortgage was bought by Bank of America. I have worked with a great non-profit called NACA, but without any income on my own, I have not been modded again :(
May the payment goes up yet again to over $1000 monthly (it could be $1200) for a 100 grand loan. That is crazy. My payment should not be over $750. I’m throwing so much money away. My rich sisters will not help me refinance, but my neighbor offered. It is hard to actually ask for the help.
I love this home. It needs work before selling. If I leave, I will probably try to get a lake house. I need the $40,000 I would make from selling my home. I cant simply walk away. I need the money.
I have been playing chicken with this mortgage and I’m tired. Any suggestions?
If I ever get SSDI, I’m thinkin that would be the income needed to modify. But I’ve been waiting for that for years as well.

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3 Answers

chyna's avatar

There are a couple of different loans you can look into with Freddie Mac. One is a HARP loan and one is a HASP loan. These loans are available to people that, through no fault of their own, is falling behind on their mortgage because of the bad economy. I think you have to have missed some payments, but I’m not sure. I recommend you look up Freddie Mac on the internet, get their number, call them and see if you qualify. I talked to them and they are really nice. They should then be able to direct you to a bank near you that will help you have the paperwork to complete for the loan. I looked into this since I lost my job. I would have to go to a 30 year term at a 4% rate. I only owe 12 years on my house, but it’s something I have to think about to make my payments affordable until I find another job. Good luck.

jazmina88's avatar

I have never been late for a payment.

chyna's avatar

Neither had I, so I wasn’t qualified. It is really pretty pathetic that you are only qualified if you have a poor credit history.

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