Me and my husband are divorced now, but I have ownership of the house, I need to apply for Making home affordable program to lower my payment, I do qualify for the program, however, Can I still apply even tho my name is not in the mortgage? I do pay the mortgage monthly out of my own checking account.
No, it is not technically your mortgage. You should have refianced as part of the divorce and property settlement process. Your chances of doing any refi now are totally pathetic – hardly any are being done for anyone.
The mortgage modification program is a total failure anyway. It was supposed "to help millions" keep their homes. Surpr-eye-ize! Very few are making it past the temporary, probationary process. Of those who pass that hurdle, over half are in foreclosure within 6 months, over 70-75% are in foreclosure within 9 months, and current estimates are that over 90-95% will go into foreclosure within a year. So these govt programs would not help you even if you did qualify.
You have no choices left but to find a way to make your payments and keep your house, or sell the house, or lose the house.
No, he would have to apply, but he will not qualify as this is not his primary residence.
What you need to do is refinance and put everything in your name.
References :
No, it is not technically your mortgage. You should have refianced as part of the divorce and property settlement process. Your chances of doing any refi now are totally pathetic – hardly any are being done for anyone.
The mortgage modification program is a total failure anyway. It was supposed "to help millions" keep their homes. Surpr-eye-ize! Very few are making it past the temporary, probationary process. Of those who pass that hurdle, over half are in foreclosure within 6 months, over 70-75% are in foreclosure within 9 months, and current estimates are that over 90-95% will go into foreclosure within a year. So these govt programs would not help you even if you did qualify.
You have no choices left but to find a way to make your payments and keep your house, or sell the house, or lose the house.
References :
To be honest, it may still be an option if you are a co-borrower on the loan. However, it would be a very complex situation that would take a lot of preparation, i.e. letters of explaination, proof of payment, and his willingness to comply.
Brandon
~Processing Manager
Northeast Settlement Group
http://www.SettleShort.com/
twitter.com/settleshort
References :
http://www.SettleShort.com