Question by kris: What can I do about my mortgage?
I am not very smart when it comes to financial options. But my question is our mortgage that we just refinanced in March is 52% of our income. The percentage shouldnt be over 36% I believe. We struggle to pay every month but cant sell it yet cause the loan is underwater. Our credit is very bad cause we had to let alot of bills go unpaid due to our high house payment. The housing agency in my area cant do anything cause they want you to have a certain credit score to help you and we dont have that. I am still baffled at the fact that they even approved this for us in the first place. I put my trust in them to do what was best for us and not approve us for something we couldnt afford. We figured that since they approved it that we will be fine. But thats not the case. So is there anything homeowners can do to get them at the percentage of housing that they should be at or are we just screwed with our house? We tried the remodify option and our company wont help us cause we havent been with them long enough. I would appreciate serious answers only please. Thanks.
Best answer:
Answer by Chimes
http://personal-finance.thefuntimesguide.com/2008/10/debt_support_group.php
Honestly, I am not familiar with the above web link. I was just searching for some kind of debt group that is “FREE” for support. If this is not free, then do not join.
You are not alone. I hope you find those answers.
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unfortunately this situation is an underlying factor in what is the problem with the US economy these days. Companies lending money to people that they shouldn’t have lent money to in the first place (no offense meant…they just allowed people to get in over thier heads).
The best thing that you can do is try to free up as much cashflow as you possibly can by cutting expenses, getting a secodn job, etc and just busting your butt paying it down. The only other option would be foreclosure, and that’s not a good option.
I don’t think you can do anything about your loan. the only thing is either to decrease your expenses to come up with that additional money (reducing your monthly bills, pass up that mocha frap that you usually get) give up some of the conveniences and luxuries to get the bills paid.
or to get a second (or third) job.