Cal-Vet Loan w/ BOFA 2nd - HELP

[al91206]

California

Hi all,

Wondering if anyone has advice on what to do here are the facts:

1st Loan from Cal-Vet I owe about 190 of original 210K loan
2nd Loan from Bank of America - about 60K
Current on all loans - but struggling big time to pay monthly

Definitely over 31% of gross monthly budget, but my 1st is only like 25% of my gross (only with the 2nd is it more)

Bad credit due to student loans which I'm now on track to pay

Cal-Vet doesn't do the whole refinance thing, and I don't believe I qualify for the Federal plan to help homeowners since it wasn't FHA or from Fannie or Freddie. Cal-Vet doesn't seem to want to help to be honest - I don't really know what to do.

Definitely open to suggestions ....

 

[nextwife]

Have you considered getting a roommate?

 

[HUD-1]

If $210k is 25% of your gross monthly income, then $270k should be in the low 30s. Seems like it is affordable. What interest rate is your second mortgage at? If it is really high, you could approach BOA about a modification.

 

[nextwife]

California

Hi all,

Wondering if anyone has advice on what to do here are the facts:

1st Loan from Cal-Vet I owe about 190 of original 210K loan
2nd Loan from Bank of America - about 60K
Current on all loans - but struggling big time to pay monthly

Definitely over 31% of gross monthly budget, but my 1st is only like 25% of my gross (only with the 2nd is it more)

Bad credit due to student loans which I'm now on track to pay

Cal-Vet doesn't do the whole refinance thing, and I don't believe I qualify for the Federal plan to help homeowners since it wasn't FHA or from Fannie or Freddie. Cal-Vet doesn't seem to want to help to be honest - I don't really know what to do.

Definitely open to suggestions ....

Has there been any significant change in your income?