Posted by Garnet71 on April 20, 2009, at 18:52:26
In reply to Re: mood stablizers for fear of losing control?, posted by Zana on April 20, 2009, at 17:06:37
Zana--you'd be better off with a mortgage modification, maybe, since they can reduce your monthly payment and % rate. Here's a better site:
http://makinghomeaffordable.gov/
Maybe you could print that out and give it to your husband? The govt. is assuming part of the risk to the lender (investor) and with a job loss and your medical problems, you'd very likely be approved. I didn't read the guidelines yet, though. that's for another day...For modifications, the closing costs are so minimal, as opposed to refinancing. I think my cost was $150. It's really better off for everyone, since banks don't usually recoup the full mtg. amount w/foreclosures. You'd probably need to write a letter of explanation for your cirumstances. Underwriters analyze future ability to pay and circumstances beyond your control connected with credit issues-so write your letter carefully.
This is the only decent thing they have come out with since those damn bailouts. It really could help you out.
poster:Garnet71
thread:891794
URL: http://www.dr-bob.org/babble/20090416/msgs/891813.html