Equity Home Loans

Will be 60 days late on mortgage. what should I do? short sale?

I am 30 days late and will be 60 at the end of Dec. I been calling the mortgage company several time and each time, they say I don't qualify for any program and they can not help me at this time. wonder why they will not help?My husband business is slow but we still can make payment at lease $3500 a month. Our mortgage is $5600. I would think they will want to work something out with me since if they take the house, they will loose money. I have subprime loan that is 10% and will go to adj.in feb.2008 which will go 12-16%. What will happen? I try calling them and talking to them but no help from them. What will they do? we have loan with Citi Residential. What else can I do if they won't work with me? should I find someone that is an agent who deal with this kind of stuff?

Public Comments

1. Usually you must be three months late before they will send you to the mitigation department. Get an extra job, sleep in your car and rent the rooms in your house. It's time to be superman and do something heroic.
2. You need to negotiate a short sale before you list it. Find a real estate BROKER, not an agent, that deals directly with banks. They will need a letter from you and then they will work out the sale for you. You may simply want to refinance though, that is a terrible loan, you should be able to do better. But, if you wait too long you will destroy your credit to the point where no one will touch you.
3. Please try to Refinance. Call a mortgage planner and explain you situation find out what they can do to help you. There are plenty of programs to help with subprime loans. They are supposed to be forcing lenders to help prevent forclosure. Try a search with subprime loan help and your state. See what comes up. Do everything you can to fix this. If you could refi and get a fair interest rate you could afford your payments. I am so sorry this has happened to you but please seek help outside of your mortgage company.
4. I help people in your situation for a living. If they are not willing to do any type of loan modification, then the best thing to do is to short sale the home and rent a place until you can rebound. If you need help or further advice, please feel free to e-mail me. Regards
5. I would love to try to help you in your current situation. I have a couple of things for you to concider. What kind of business does your husband have. Might be able to get a merchant loan against the business. They are unsecured loans and are very easy to get. Second, def refinance. I don't have all the details but i feel you could do a lot better then 10%. How long have you had the house and made payments toward it. You can short sale the house but i assume you dont want to move out. please respond back and i will try my best to help. I own a small venture cap firm which does merchant loans, special real estate financing, and short sales.
6. They should be able to do a forbearance. This is where they take less for a short time and then the difference is tacked on to the back end of the loan. I believe that they have to work out something. I would contact them right away before forclosure is filed.
7. wow that is a big mortgage payment. you will be almost 11,200 dollars behind at the end of December. Just pack up your things and walk away.