Need to get out of my MORTGAGE !!!!!! PLEASE HELP?
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This is just one option. I am sure you will see others here as well.
Need to get out of my MORTGAGE !!!!!! PLEASE HELP?There are no good alternatives.
Get the house in perfect condition, list with a great Realtor, price it at bottom dollar. (No room for negotiation but when they make an offer we hope they have already fallen in love with it- so when you counter back at full price maybe they will realize there is nothing better.).
If you can no longer make the payments and are about to get foreclosed you will have to ask the bank if you can do a short sale or whatever, but those are not good choices.
Need to get out of my MORTGAGE !!!!!! PLEASE HELP?You and millions of others. Just wait: your loan payment is going to adjust soon to cover the principal you have NOT been paying. So - what to do? You get a Realtor and have them contact the bank to do a "short sale" in which you sell the house for less than what you owe on it. It will ding your credit, but not nearly as bad as a foreclosure.
Need to get out of my MORTGAGE !!!!!! PLEASE HELP?So you signed up for an interest only loan? OUCH! Did you have any down payment on this house? Do you have any equity (buy it for less than it's worth?) If you were unable to make the monthly payments for 60 days then the lender would be calling you about how you were going to be able to resolve the problem but, since you have been able to keep up, it's a different story. It's a problem because while it is your problem it does affect other people in fact your mother-in-law and it's not a good idea to hurt your wife's mother's credit and not paying the mortgage will do just that! I hope that you are the one's on the mortgage? If you have been paying for the past two years and making your payments on time then now may be an excellent time for you to go visit with the lender about refinancing the property in your own name. The rate's are lower and YOU now have credit with them! Get the copies of the checks - all of them and go visit the lender! Explain the issue and tell them that you are the persons paying the loan and you want to renegotiate the loan NOW! Skip the financial pinch story unless you don't want the house anymore. If they don't want to work with you (they are still the best bet you have. They know that you have paid on time and can choose to add any fees to the back of the loan so there may be little out of pocket costs in fact they may give you a Free from payment month while they are at it. Get the principle, interest, tax and insurance all wrapped up in one payment. One FIXED payment! and then as you are able to do so pay an extra principle payment marked PRINCIPLE ONLY!! on the check. It should work out for you now that you have proved yourself. If they don't want to work with you-find a new lender that will and take those same copies of the cancelled checks to them! As soon as the old lender gets a "request for payoff amount" from a different lender they may change their mind about working with you. The very best of luck!
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