Do you qualify for the Mortgage Modification Bailout?
I own a condo and have an outstanding balance of $140k, consisting of $104k primary and $36k secondary. I took the home equity to consolidate debts. At the time the property was valued at $163k but now it is valued at $134k. I'm looking to sell because i am engaged and will be moving into my fiancee's home. Check http://obamamortgage2009.blogspot.com/2009/03/obamas-mortgage-modification-do-you.html If I have a buyer who offers me within say $5-7k of the outstanding, can i agree to assume a loan on the residual and pay the bank the difference over time with interest? The same bank holds both mortgages.
sonyacade
of CA
@
Jun 17, 2009 23:16:17 PM
Seeking debt counseling is not a sign of failure
Banks have huge debts, but they're getting a helping hand from the federal government. If you have overwhelming debt--perhaps from bad investments, or maybe a job loss, a medical crisis or just plain overspending--you're probably on your own. Check the website http://obamadebthelp2009.blogspot.com
to see if they can help. I am glad I did read it before I talk to my CC company and it helped - Jane Jim, California
janejim
of CA
@
Jun 01, 2009 06:33:53 AM
Trying to refianace
BE CAREFUL! I tryed to refinace with my mortgager and was put into forbearance. I have never been late, and am 1 1/2 payments shead and still able to make the payments on time. I lost my job in jan. but because I do not have a job this is what the bank did. It is like they are a bunch of volchers waiting to eat me up instead of trying to work this out. I will find a job, but in the mean time we eat once a day to keep good credit, but it does not look like it helped anything.I do not understand this system. BEWARE ALL WITH GOOD CREDIT!!!!
sonyacade of CA @ Jun 17, 2009 23:16:17 PM
janejim of CA @ Jun 01, 2009 06:33:53 AM
gary o schoene of MO @ May 31, 2009 08:56:12 AM
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