I have touched on this once before some time ago. Many of you know my husband was a displaced Ford worker of many years and myself a displaced Merrill Lynch underwriter. We took an enormous pay decrease, near 100k. We have continued to make every payment for every bill on time always.
I started working with my lender for a mortgage loan modification 16 months ago. Wow under the Obama Making Homes Affordable they say it takes 60 days from start to finish. We fit all of the criteria for the loan payment modification. Our house is like everyone else's, is no longer worth what we owe. I currently owe about $80,000 more than it is worth. I can not sell nor can I refinance. So after 16 months of sending and resending paperwork to them I received my answer.
Thank you for your submission. We will now add your husband to the home loan and your payment will be a lower fixed rate but it is going to cost you 277.00 more per month. This is only $1000.00 more per month than were were told the payment would be. HUH?
They alloted us 34% of our GROSS income to be hosing payment. I do not think this is rocket science but when I do the math, every penny my husband takes home for the month goes to pay the mortgage. Then I am left to contribute to 401k, groceries for 5, gas in cars, all utilities, real estate tax, insurance premiums for employer, housing, vehicles and health. No to mention all the necessities we use over the days. When I have completed a budget analysis we need 80% of our gross income. Maybe we could cut corners a little more and stop turning the lights on on in the house or washing our clothes.
Now my question to the lenders and the Obama administration would be this? Why would a consumer take a higher mortgage payment if they were struggling with the previous one? Secondly how is this helping our economy when you are forcing people to hand over their houses, therefor bringing the values down even more.
My house is in my name only. I refuse to scrape to pay an unaffordable mortgage they will not refinance or work with us on. I can not be married to my home. We have drained our savings account by almost 50k paying extra expenses since the job losses, so where do you cut your losses and move on? Is is wrong of me to say "you can have the house"?
So many people are bailing on there houses for this very reason. I do know some who have had a successful modification but I also know five friends from Merrill Lynch (in an office of 48) who have walked from their homes.
I am left with a couple of weeks to make a huge decision. Do I trash my credit and cut my losses, or do I drain my account to nothing in hopes the market comes back and in the meantime stay at home doing nothing but watching the sun go up and down because we are married to the mortgage.
I started working with my lender for a mortgage loan modification 16 months ago. Wow under the Obama Making Homes Affordable they say it takes 60 days from start to finish. We fit all of the criteria for the loan payment modification. Our house is like everyone else's, is no longer worth what we owe. I currently owe about $80,000 more than it is worth. I can not sell nor can I refinance. So after 16 months of sending and resending paperwork to them I received my answer.
Thank you for your submission. We will now add your husband to the home loan and your payment will be a lower fixed rate but it is going to cost you 277.00 more per month. This is only $1000.00 more per month than were were told the payment would be. HUH?
They alloted us 34% of our GROSS income to be hosing payment. I do not think this is rocket science but when I do the math, every penny my husband takes home for the month goes to pay the mortgage. Then I am left to contribute to 401k, groceries for 5, gas in cars, all utilities, real estate tax, insurance premiums for employer, housing, vehicles and health. No to mention all the necessities we use over the days. When I have completed a budget analysis we need 80% of our gross income. Maybe we could cut corners a little more and stop turning the lights on on in the house or washing our clothes.
Now my question to the lenders and the Obama administration would be this? Why would a consumer take a higher mortgage payment if they were struggling with the previous one? Secondly how is this helping our economy when you are forcing people to hand over their houses, therefor bringing the values down even more.
My house is in my name only. I refuse to scrape to pay an unaffordable mortgage they will not refinance or work with us on. I can not be married to my home. We have drained our savings account by almost 50k paying extra expenses since the job losses, so where do you cut your losses and move on? Is is wrong of me to say "you can have the house"?
So many people are bailing on there houses for this very reason. I do know some who have had a successful modification but I also know five friends from Merrill Lynch (in an office of 48) who have walked from their homes.
I am left with a couple of weeks to make a huge decision. Do I trash my credit and cut my losses, or do I drain my account to nothing in hopes the market comes back and in the meantime stay at home doing nothing but watching the sun go up and down because we are married to the mortgage.
