stressed about mortgage

[ladyjewel]

I live in Louisiana. In January of 2004, I was 2-3 months past due on my mortgage and was put on a 5 month repayment plan. I kept this plan until the last month and then was unable to make the last payment on time. A couple of months later, I was put on another payment plan which was also broken. The problem is that the payment arrangements are always too high and leave me with nothing after my other bills are paid.

I am now 5 months past due on my mortgage and recently filled out a workout packet to see if I qualify for loan modification or any other option. I am hoping for the loan modification. Giving back or selling my home is not an option for me. I am so stressed about this going through that I can't sleep at night. They tell me it will be 4-6 weeks and I are getting aggravated with me calling so much to the point that they are rude to me.

So, I thought I might get some insight here and possibly ease my mind. Our income is definitely sufficient to meet the regular payments and all of our other bills. So, how likely are they to approve us? Do they usually approve these as long as your income is sufficient to cover everything?

We have an FHA loan and our house is not in foreclosure yet. My last question although I think I already know the answer is, is there anything we can do to avoid going into foreclosure while they are processing this?

[HUD-1]

Ask them about a Partial Claim if the Modification won't work. It is a second mortgage with deferred payments at 0% interest. This assumes that you can make the full payments going forward. They are likely to put you on a formal forebearance plan for three months. If you are making payments, they will process the Partial Claim. Not great on your credit history, but it keeps you in the home...

[earnisek908]

Originally Posted by ladyjewel

I live in Louisiana. In January of 2004, I was 2-3 months past due on my mortgage and was put on a 5 month repayment plan. I kept this plan until the last month and then was unable to make the last payment on time. A couple of months later, I was put on another payment plan which was also broken. The problem is that the payment arrangements are always too high and leave me with nothing after my other bills are paid.

I am now 5 months past due on my mortgage and recently filled out a workout packet to see if I qualify for loan modification or any other option. I am hoping for the loan modification. Giving back or selling my home is not an option for me. I am so stressed about this going through that I can't sleep at night. They tell me it will be 4-6 weeks and I are getting aggravated with me calling so much to the point that they are rude to me.

So, I thought I might get some insight here and possibly ease my mind. Our income is definitely sufficient to meet the regular payments and all of our other bills. So, how likely are they to approve us? Do they usually approve these as long as your income is sufficient to cover everything?

We have an FHA loan and our house is not in foreclosure yet. My last question although I think I already know the answer is, is there anything we can do to avoid going into foreclosure while they are processing this?

I think I know some one who can help you, if what was suggested did not help and you go into foreclosure.