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Answered in 2 hours by:
11/7/2009
James Heal, Financial Advisor
Category: Finance
Satisfied Customers: 498
Experience: 15 years expertise in all ares of personal finance, including credit cards, mortgages, real estate.
VerifiedThanks for the question.
I'm sorry to hear you're having a difficult time.
You are correct, a refinance is not possible and short sales are few and far between at this point.
Follow these steps as soon as possible and you will get relief.
The good news is you should be in line for a loan modification. This is when the lender agrees to lower the interest rate and/or payments to fit your incomes. In many cases they waive part of the balance. The reason lenders do this is because they get an incentive from the government and also because they're tired of foreclosing and being stuck with an empty house.
You don't need to be behind on payments to obtain a loan-mod.
It's best to have a professional help you with the negotiations.
Here's a link to one of the best loan modification agencies:
Now, if you don't like that option, you may want to consider bankruptcy.
A judge will modify the house payments to what you can afford and possibly excuse several of your other debts such as the large credit card bill.
Regards
You can get relief, but you really need to read and follow my instructions.
The bankruptcy was only a secondary suggestion.
I'm going to give you another suggestion, but again, please consult Hopenow and the link which I'm about to give.
Consumer credit counselling is a process that helps people avoid bankruptcy. They negotiate lower payments on all of your bills. The end result is a much lower monthly debt load.
Here's the link:
http://www.creditcounseling.org/
Regards.
James Heal, Financial Advisor
Category: Finance
Satisfied Customers: 498
Experience: 15 years expertise in all ares of personal finance, including credit cards, mortgages, real estate.
VerifiedJames Heal and 87 other Finance Specialists are ready to help you
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