odalis asked:
I was able to get a temporary reduction in my home loan payment because my expenses are higher than my income. It is until April. I have been using my savings to pay for both mortgages. (two houses). My bank said before the period is up I have to call and find a permanent solution. I am unable to refinance due to not enough equity. I will not be able to sell the house before then since I have a very bad tenant who is currently getting evicted. If I do sell now, I will only be able to afford a loss of about $50K which I would be willing to pay back to the bank except that investors will not even give me that much. What are my next steps in terms of renegotiating my monthly payment? What kind of permanent solution can I get? I am not behind or ever been behind on my payments. If my payment stays as low as they right now, I will be able to at least keep the house for a little longer. . I just don’t know where to go from here. And also what are some ways I can invest and/or save money so they don’t use every penny I have as an excuse that I can pay. We have about 10K for each of our girls in custodial accounts and about 20K in regular checking/savings.
I obviously do want to get rid of it one way or another. Selling is not an option right now. No one will buy with a tenant who does not pay rent, hence why she is getting evicted.
LAWRENCE
I was able to get a temporary reduction in my home loan payment because my expenses are higher than my income. It is until April. I have been using my savings to pay for both mortgages. (two houses). My bank said before the period is up I have to call and find a permanent solution. I am unable to refinance due to not enough equity. I will not be able to sell the house before then since I have a very bad tenant who is currently getting evicted. If I do sell now, I will only be able to afford a loss of about $50K which I would be willing to pay back to the bank except that investors will not even give me that much. What are my next steps in terms of renegotiating my monthly payment? What kind of permanent solution can I get? I am not behind or ever been behind on my payments. If my payment stays as low as they right now, I will be able to at least keep the house for a little longer. . I just don’t know where to go from here. And also what are some ways I can invest and/or save money so they don’t use every penny I have as an excuse that I can pay. We have about 10K for each of our girls in custodial accounts and about 20K in regular checking/savings.
I obviously do want to get rid of it one way or another. Selling is not an option right now. No one will buy with a tenant who does not pay rent, hence why she is getting evicted.
LAWRENCE
JOHNATHAN
You are in way over your head. You need to sell one house or rent it out. So drain your savings till then
Comment by Worldly25 — October 17, 2009 @ 8:17 am
HOMER
You might consider talking to a loan officer about an FHA refinance. That might work for you. There are plenty of government assistance programs out there for specifically this situation, and a loan officer could at least put you on the right track if FHA isn’t the way to go. Just beware, not all loan officer’s are fair. As far as investments go, it’s probably a good idea to put them in something safe. I would mix it up with some liquid savings, like a money market, and then something inaccesible like maybe a cd or some short term bonds. Your best bet is to go to your bank and ask for help. If they’re not willing to help you then well, maybe it’s time to change banks too. Hope this helps.
Comment by buckle — October 18, 2009 @ 3:43 pm