My wife and I are divorcing. Her income will not support the mortgage payments.
Our home and mortgage meet all of the stated requirements I've read. My wife She wants to stay in the home. Her income simply wont support the current mortgage payments. She has excellent credit and we have never missed a payment on our home in 15 years. Will she qualify for relief under the mortgage modification program?
Contact your lender, when they answer, request to speak with the loss mitigation department. Explain your situation, as stated above, and inform them you would (she your wife) would like to be reviewed for participation in the governments HARP program. The HARP program is/was established for situations much like yours, where you have good credit and not missed any payments. The program will refinance your mortgage, lowering your interest rate, which will lower the payment, and hopefully your wife can afford these payments based upon her income alone. When you are requesting participation in the program, possibly request a mortgage on a 40 year term, further lowering the payments, you (she) can refinance into a shorter term in the future when her income improves.
If the HARP program does not work for one reason or another, request from your lenders loss mitigation department, participation in the HAMP program. The HAMP program will modify the mortgage payment to 31 - 38% of her income and lower the interest rate to as low as 2%. You do not need to have missed any payments in order to participate. You only need to show a hardship, divorce would qualify. Be persistent, call your lender regularly and if one person tells you "no" call back and speak with a manager of loss mitigation.
by cscott21316 years ago
Is there any way to write off interest if 6mths of late mortgage payments for 2010 if credited in 11If someone isn't current on mortgage payments, and makes a bulk payment (6 - 8 months of payments) at the end of year,...
by ViralWhisper7 years ago
Many people are literally abandoning their house to get rid of their slavery to their mortgage payments. Some people did it after losing their jobs and others did it after losing their retirement money and losing their...
by Saturday7 years ago
Besides your 401k and home mortgage payments, what other common "investments" are tax exempt?
by Robert Workman6 years ago
CAN i MAKE MORTGAGE PAYMENTS ONLINE
by Inspirepub10 years ago
Can someone who knows the US tax laws help me out here?I have heard that home loan repayments are tax deductible in the US - or at least they were 10 years ago.Has this changed? Was I misinformed? Or is the interest on...
by tikearaspirit8 years ago
I would like to know if anyone out there is going through what I am going through, thanks to the president? Below is my story that I have sent to the president.Dear mr. president:I am sending you this email,...
Copyright © 2018 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.