Help me keep my house.
February 17, 2011 6:16 AM Subscribe
My bank informed me a couple of months ago that the refinance of my home under Making Home Affordable is a no-go. Help me work something out anyway.
No reason was given for denying the refi when I asked. I suspect that it's about me being self-employed and not having the steady, predictable income a bank likes to see. So be it. But there's a new wrinkle. After quite a while of looking for a roommate, I've found one, and with the additional rent money and a recent upturn in my business, I now can afford the current payment. However, I'm 8 payments behind. What are my options? Are they likely to foreclose anyway? I do plan to talk to the bank in the hopes they will negotiate with me, but would like to be forearmed with your advice.
No reason was given for denying the refi when I asked. I suspect that it's about me being self-employed and not having the steady, predictable income a bank likes to see. So be it. But there's a new wrinkle. After quite a while of looking for a roommate, I've found one, and with the additional rent money and a recent upturn in my business, I now can afford the current payment. However, I'm 8 payments behind. What are my options? Are they likely to foreclose anyway? I do plan to talk to the bank in the hopes they will negotiate with me, but would like to be forearmed with your advice.
Do keep in mind that there are alternatives to HAMP -- most of the larger banks have their own internal work-out procedures and guidelines. Make sure you ask your bank about all the options for you.
As de void says, a lawyer is a good idea, and seek recommendations for one who has a good track record with loan mods and workouts.
posted by dhartung at 12:43 PM on February 17, 2011
As de void says, a lawyer is a good idea, and seek recommendations for one who has a good track record with loan mods and workouts.
posted by dhartung at 12:43 PM on February 17, 2011
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"Hamp Handbook" (starts on page 19 of the PDF)
and see if you are eligible for HAMP under their requirements.
If you are eligible, then consider following the
HAMP escalation procedures
Regrettably, I would urge you not to rely on anything your bank tells you and would strongly suggest that you retain a lawyer for this process.
posted by de void at 7:18 AM on February 17, 2011