Florida | Real Estate Law
Legal Question
Real Estate Loan modification
My husb and I own a property that was purchased for 210K back in 2006. Currently our home's market value is 175K and we owe $185K on it. Our mortgage (plus taxes and home insurance) was $1670 per month. After not paying the mortgage for 6 months, the lender came up with a 3-month ''Trial Period'' where we have to pay $1370 per month starting now. The next step is for the lender to review all the necessary documentation and come up with a final loan modification package.
My issue is that our mortgage including taxes, insurance AND HOA should be about 1K based on the 31% of our current income (as per ? new Obama home affordability program). I also was hoping that the trial period amt was closer to 1K. I contacted the lender and tried to work out a lower monthly trial period payment than $1370, but they did not go down at all. Any suggestions? Should I have used an attny tha specializes in loan modifications, what would it cost me.
Also, currently a house such as our could be pretty purchased for about 100K (if one knows how to find it, which I do - I have had my real estate license for over 4 years in FL). I live in St. Lucie county and I really need help. If I can't get the mortg down to 1K, I can't afford it? Suggestions
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Read More Answered By: Charles Gallagher |
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