I JUST BOUGHT A HOME THREE MONTHS AGO ,MY MOTHER WAS GOING TO HELP me for 4 mnths but?

Question

DUE TO A PROBLEM WITH MY BROTHER SHE DOENT HAVE MONEY TO HELP ME WHAT ARE MY OPTIONS CREDIT 615 OWE 315,000 HOUSE WORTH 370,000 WHAT DO I DO?

I have children just get up and go there are not other options than selling

Answer 1

seriously!
if you can not make the payment or are not willing to make more money ( pay raise and 2 more jobs) then you need to sell before you lose the house.
Sell it as fast and for as much as market will allow. why ? because you right now are probably less than 2 mths or one car accident from the start of foreclosure.
you said as much in the questions. put it on the market Monday.
visit daveramsey.com to learn waht the banker pray you never learn, how to handle your money. they allways win.

Answer 2

I've seen many cases in which an unfortunate event may occur as this. Fortunantly, I can give you advice to your problem. Depending on your plans, goals, and a bottom line deadline, you must consider a few points. If what you are looking for is to cut your mortgage expense, be prepared: due to your fico and high ltv you may not get approved for a loan THAT will have a lower payment than what you have right now. If you do, It will not be a very drastic difference to cover for the support you would have otherwise received from your mother. Plus, you may also want to consider the cost of your new loan. You may have a pre-pay penalty, and this may eat up your equity. (Check with your current lender about the pay-off.) If you believe what you need is a bit of a cut on your mortgage, you should seriously consider refinancing. There are certain lenders that may finance your property at 90%, with a rate that can provide you big relief, however they may require a certain seasoning on ownership of the property. (3 months in most cases will not be enough). On the other hand, if you believe that even with a reduction in your mortgage it would be difficult to manage paying for the home, you should consider selling the home, or renting it out. Yes, it is going to be difficult getting out of the home you recently worked hard to acquire, but don't worry, there will be plenty of time for you to purchase more homes in the future. But consider this advice: keeping the home at your current status will be somewhat a risk, if you become late, it will drastically affect your fico score, thus furthering the probablity of an escape for you, and thus jeopardizing your future credibilty with lenders for future purchases and finances. So you must look at the pros and cons from both sides. There is much more I can talk to you about, but more info is needed to give you the best answer. You may want to let me know if this is an investment or owner occupied home.
You mentioned your mother was going to help you for 4 months. Is the first 4 months the only concern for you? Will you then be able to handle the mortgage on your own? Will your income increase in the near future? Consider all of these questions? Find out exactly what your plans are with this home. Are they long term or short term?
I do have more info. You can email me at [e-mail] to give more info about your situation and ill give you a more accurate answer. I do believe however, that you can have relief without having to sell your property, but there is much more info needed to give a full answer. Alright buddy, good luck.

-Nodari-

Answer 3

Well refinancing may be an option but you will have to see if there is a pre-payment penalty. If you have not been late with the mortgage your chances of getting a lower payment are very strong. Log onto http://www.justgetaloan.net fill out a complete application form. We have been able to assist many clients find the correct home loan for their needs. Also you may contact me direct at 866 530 7300 ext 7305 or by email at [e-mail]

Answer 4

how did you qualify for this mortgage? is your mother on it with you? if she is on it with you she doesn't get to think of it as a helping thing, this is a legal contract and she should and i know it is hard, i am a mom, to tell your brother he has to figure out his own problems. if the house hits foreclosure you and she will have credit issues for years. can you get a roommate in. if you are in california then i get your price, if you are elsewhere i would think you have more than one bedroom. you can rent it out also if you do NOT have an FHA mortgage. the other side of the coin you have a wonderful amount of equity and you would profit $45,000. at least and that is more than the flipping minimum. at that point you take the profit and you get something you can handle alone. contact me and i will look at your options if you wish. [e-mail]

Answer 5

Don,t give up get another job,talk to them and see if they will put down your mortage payments talk to them

Answer 6

I think you are saying you can't afford the house payment???? Then sell it.