Our new home is now in foreclosure. We want to move back into our previous home, but now the (ARM) mortgage is too high. We thought we would have our old home w/ the ARM sold before our other one was built, but the market collapsed on us. My husband is in the construction industry, so our income has been significantly reduced. If our mortgage rate was modified to its original rate (7.75) we could make the payments. Will anyone work with us? We are filing Chapter 13 bankruptcy, but we still have to be able to make the payments. Our mortgage company will not budge. Prior to this, we had excellent credit. Is there help anywhere???
2007-11-29 06:57:18 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You probably won't get a 7.75% rate no matter where you go, if you are in a Chapter 13. Those rates just aren't available anymore to homeowners with less than excellent credit or who are in the middle of bankruptcy.
You can try looking for a traditional lender or a hard money lender or contact a mortgage broker who's specialized in foreclosure loans before. But, the reality is more likely that you'll be forced to make the bankruptcy payments for at least a few months in order to get back on track and pay back some of the arrears.
A few years ago, there may have been a lot more help. Now, though, you might just have to tighten your belts and make the payments as best you can, or think about selling and finding more affordable housing.
2007-11-30 07:08:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
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RE :Where can we find someone who will take a chance on refinancing a desperate homeowner who wants to save home?
Our new home is now in foreclosure. We want to move back into our previous home, but now the (ARM) mortgage is too high. We thought we would have our old home w/ the ARM sold before our other one was built, but the market collapsed on us. My husband is in the construction industry, so our income has been significantly reduced. If our mortgage rate was modified to its original rate (7.75) we could make the payments. Will anyone work with us? We are filing Chapter 13 bankruptcy, but we still have to be able to make the payments. Our mortgage company will not budge. Prior to this, we had excellent credit. Is there help anywhere???
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2016-10-04 14:01:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You should take a look at the options you can find at: HTTP://HELP.CREDIT-COMPARE.NET
RE Where can we find someone who will take a chance on refinancing a desperate homeowner who wants to save home?
Our new home is now in foreclosure. We want to move back into our previous home, but now the (ARM) mortgage is too high. We thought we would have our old home w/ the ARM sold before our other one was built, but the market collapsed on us. My husband is in the construction industry, so our income has been significantly reduced. If our mortgage rate was modified to its original rate (7.75) we could make the payments. Will anyone work with us? We are filing Chapter 13 bankruptcy, but we still have to be able to make the payments. Our mortgage company will not budge. Prior to this, we had excellent credit. Is there help anywhere???
2014-09-25 22:12:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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RE:Where can we find someone who will take a chance on refinancing a desperate homeowner who wants to save home?
2014-07-01 17:01:19 · answer #4 · answered by Anonymous · 1⤊ 0⤋
The only other option I could think of would be to file a Chapter 7 and sign to keep the house, but it wouldn't lower your payments ... the contract would remain as is. Talk to your attorney to see if he has any suggestions.
2007-11-29 07:05:00 · answer #5 · answered by Patti 3 · 0⤊ 0⤋
Welcome to the world of ARM's. You got the benefit of a low starting rate in return for paying a higher rate when the original rate term expired.
I am amazed at the number of people who took on NON-fixed rate debt and are now surprised when the contract to which they agreed is followed.
2007-11-29 07:06:30 · answer #6 · answered by acermill 7 · 1⤊ 1⤋
Try https://tr.im/1zUEt
2016-07-20 07:38:15 · answer #7 · answered by ? 6 · 0⤊ 0⤋