Can't afford to pay my mortgage what other options are there?

I am going through nationwide and went through a huge divorce thought that I would be able to get through a program and save my house for me and my daughter. They tried to get me through a program which they called a HAMP loan and that only saved me 80 dollars a week...Now there going to try to get me through a Home Modification loan....I am so afraid that none of this is going to work...if I can't get it modified is the only answer Bankruptcy and Foreclosure because I know with this economy in my state my house is going to take forever to sell if they would even give me the time of day to do this.

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  • 10 years ago
    Best Answer

    You have several options, you can get free and personal help from a Certified Distressed Property Expert. You can find one at cdpe.com, they will know your market and be able to help you come up with the best plan for your families well being.

  • 10 years ago

    You might want to consider a forensic audit of your loan process. Lenders have many requirements that they are supposed to follow when making a loan and in the last few years have not fulfilled their requirements.

    Nearly all loans that were - ARM's, Stated Income, Investor, No Doc, had a prepayment penalty, were made to someone speaking a foreign language - were made out of compliance. The audit will show what the lender has done in violation of the lending requirements.

    You use their violations of RESPA, TILA and Predatory Lending laws to give yourself a position of strength in dealing with them, instead of being under their thumb begging for help.

    People can use this information to force a lender to negotiate a reduction of the principal amount, interest rate, the payment, or to complete a short sale.

    Good Luck!

  • 10 years ago

    Besides bankruptcy and foreclosure your only other option is a short sale. Your lender must agree to this. It is where the lender agrees to take less than what is actually owed on the home. However only about 20% of short sales actually close, many of the rest go into foreclosure anyway.

  • 10 years ago

    try any thing before Bankruptcy and foreclosure. If the modification does not work see if they will do a non recourse short sale. Or offer a deed in lieu before you go the chapter 7 with a foreclosure inside the 7

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  • 10 years ago

    Check out loanhomeonline.com/findamortgage. They specialize in modificcations, they are tough to get but I know several people hwo have had luck with them.

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