Despite the new programs in place, our lender has refused to work with us on modifying our mortgage. We are enrolled into the hud counseling program but keep playing phone tag. We were wondering if it is possible to get transferred into a new home that we can afford and hand over this property.
We did not do a bad deal. We cannot afford anymore due to me getting laid off and my husband taking a $3000/month pay cut.
I am asking cause’ when we started hud did mention something about that. At the time I did not ask to much info on it because we were still hopefull on saving our home.
uh…..it does not work that way.
Best bet would be to short sale current home and try again
This type of reasoning is what is wrong with America. When house values went UP, the banks did not try "modify" your loan to add principal or higher interest rates. There would have been outrage!
"Loan modification" is a BS expression used to hide the true intent, like "income redistribution" is just stealing.
Because you made bad deal the bank is supposed to just give you money? Disgusting.
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uh…..it does not work that way.
Best bet would be to short sale current home and try again
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have you ever tried selling part of your home to an investor?
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RE broker
No you cannot just transfer to a cheaper home. You owe your lender and they must be paid.
Sell your house.
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No, you can’t just trade this house for a different one with a lower mortgage. You could sell it and buy one you can afford, if you can sell it at all, and if you don’t owe more than the value of the home.
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No most likely not. If you sell short sale, your credit takes a hit, if you let it foreclose, your credit takes a hit. Waiting time to buy again 2-10 years.
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