Mortgage Forum

Mike

Hi, I am new to the forum and seeking advice on my next steps. We re-financed our home in 2005. We have an ARM, but that's not really a huge problem. The big problem is that my husband is being relocated to a new duty station. I believe that we are upside-down on our mortgage to the tune of 10-15k. Recent homes like ours in our neighborhood have sold for 150-160k. We currently owe 170k. Homes like ours could rent from $900-1100 a month, and our house payment is $1700. When we move, the housing allowance will change and we will lose close to $1100 a month in my husband's income. There is no way that we will be able to sustain ownership of the home and also rent a place for our family in the new area. My mortgage company is Saxon Mortgage. From the forum posts I have read, they are difficult to deal with. We are not behind on payments, nor can we be, because my husband has to maintain a secret clearance for his job. If we lose the clearance, he loses the job, and we will lose everything. Foreclosure or walking away are not options. I don't believe that a short sale will effect his security clearance that negatively, but I am still unsure. We do not have cash available to cover 10-15k in closing costs if someone can get close to what we owe. Any suggestions on how to get started? I'm all ears! Thanks for listening.

apaykin

You're right. A short-sale is your best bet, and a professional loss mitigation company can take care of everything for you. If you'd like, give my associate a call. He is the vice-president of Option Next, one of the nations leading loss mitigation companies. He can take care of everything for you, and the best part is, his company is paid by the bank at closing, and it doesn't cost you a cent... His name is Marc Greenstein, and you can reach him at 888-311-NEXT x.803. Tell him I sent you...

tiffinyk

I've been looking for help with our housing situation and I stumbled upon your note. We are going through the same struggle as you except we are about 100K upside-down in our mortgage, can't refinance, have to PCS this summer and can't risk foreclosure due to my husbands security clearance. Our mortgage company refuses any help and put our house up for rent but we can't possibly ask the amount to cover our mortgage because other homes in our area are renting for a thousand or so less than what we have to ask. Needless to say we haven't had any looks. What did ya'll find out that helped? Was the short sale the way to go? I'm getting desperate and with my husband deployed not sure what direction we need to be going in...

apaykin

tiffinyk, as I said in a prior post, a good loss mitigation company can take care of all this... Call Option Next at 888-311-6398 and they WILL help you. They also don't charge you a dime, so if nothing else, call for some over-the-phone advice... Good luck!