My mortgage payments are killing us...1400.00 a month and we make 3500.00 a month..is there any recourse? we also have a handicapped youth in the house and I am a caregiver.
Depending on when the modification was issued, you can generally appeal the decision. Alternatively, you can attempt to modify the loan again. Depending on the details of your case, you may be eligible for the Hardest Hit Program, HAMP, etc. If all these options are out, you may need to consider a short sale or deed in lieu. You should speak with an attorney about the specific facts to obtain a best course of action.
You may be able to remodify under HAMP 2 but will depend in the change of circumstances
Otherwise try and short sale the house and downsize to something more economical walking away from the debt
Your paying 40% of your income to the lender (assuming the $3500 figure is gross monthly income). Assuming this, the monthly payment is too high. For example with the HAMP program, the guideline is 31% of your gross income. You can also deduct certain expenese directly associated with the home, such as association dues. You should attempt to modify using approx 31% and perhaps less because of your childs hardship. It seems like this is a special csse. You should seek out an experienced and reputable real estate attorney to assist you.
Please note that answers to questions on Avvo are for general purposes only, do not constitute legal advice, and do not establish an attorney-client relationship between myself and the questioner.
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline