My husband purchased a house at the peak of the market, his parents cosigned on the loan. My husband is a full time student and only has rental income from another property he owns free and clear, but the rental income doesn’t cover the entire mortgage. His parent make six figures. I have a decent job but paying the difference in the mortgage and the other bills is taking a toll on us financially. The house is worth about 70% of what we owe and we have never been late on a payment. The bank won’t let us refinance. Because his parent are cosignors we can’t do a Short Sale or walk away from the property. We need to move because he will be going to a new school in the spring and the move will reduce my commute to work.

Are there any recommendations as to what my next move should be? I can’t afford to take the hit on the sale of the house. My husband says selling the rental property is not an option and his major is too demanding (med) to get a full time job. Please help, any suggestions will be taken into consideration.

The reason I need a Hard Money loan is because my credit is poor.Anyone knows of any programs out there?

im planing to move out the my moms house around the beginning of next year.. im 18 rite now.and i really want a loft in downtown LA.how would the FHA loan help?would it pay for the loft and i would slowly pay the loan company back?

I have a 276K commerical loan that I have been trying to refi for the last few months with no success.. My lender who holds the note has done nothing and some other banks have said no as well.. Anyone have any idea’s? I have been told several times to miss a few payments which will send the loan to the loss mitigation or modification dept which should do the trick.. Any idea’s?

Looking to to get a few payment into one

What are the best ways to do a credit repair?

We can’t afford to pay our mortgage, along with so many other Americans, and our home is now worth about $60-70K less than we owe, so we can’t sell or refi. We contacted our lender back in March ‘09, and they told us that before they’d consider working with us, we had to be late with a payment…so we didn’t pay on time for April, then called them again and they took our income statements, a letter that we wrote indicating what happened to create the situation that we’re in, along with our estimated monthly expenses. They told us to expect something in the mail in 30-60 days…it has been more like 80 days now, and no word from the mortgage company.
We did not pay June’s payment, nor can we make July’s payment.

In the mean time, we’ve been weighing our options, considering foreclosure, short sale, bankruptcy, etc…and in our research, we’ve come across Obama’s Making Home Affordable Plan, in which if a loan is owned by Fannie Mae or Freddie Mac (ours is owned by Fannie Mae), then the lender must cooperate with us to make our payments affordable, because the lender was given government funds for the loan. (correct me if I’m wrong with any of this)…
Here are the requirements:

• Lenders will be required to reduce borrowers’ monthly payments to a maximum of 38% of their gross monthly income. The government has allocated funds which will then be used to bring the mortgage payments down to a maximum of 31% of gross monthly income.
• While the formula for reducing borrowers’ payments will vary significantly, the four elements in the equation are; cutting interest rates to a floor of 2%, maturity extensions out to 40 years, forbearance of missed payments and penalties to the back end of the mortgage, and principle reductions to 90% of appraised value of the home.
• Financial institutions will receive $1,000 per modification plus $1,000 per year for up to three years providing the borrower keeps up with the modified payments. For paying on time, borrowers will be paid $1,000 per year for up to five years.
• Modifications and refi’s will still require that the homeowner is experiencing some sort of hardship. Only owner occupied, primary residences with a maximum loan value of $729,750 are eligible to participate in the program.
• Programs will be implemented first at Fannie Mae and Freddie Mac. While participation in the program by financial institutions is optional, any institutions that have accepted bail-out funds will be required to participate in the programs follows their set guidelines.
• Both programs will require documentation that the homeowner will be able to consistently make payments. The programs do require hardship, just not too much of it.

As far as I can tell, we should be able to qualify on all parameters, but our lender will not take calls about this, beecause they’re so backlogged. My concern is that we’re required to be current on our payments, but unless they do something to help us, we cannot stay current, and if we do manage to borrow or scrape together the money somehow in order to keep current, we’ve heard that the bank is less likely to make us a priority since they’re still getting their money.

What’s the best thing to do that this point?
Dawn…thanks so much for trying to dash my hopes of avoiding a foreclosure, but Obama’s plan is not gone…it’s very much around: http://www.makinghomeaffordable.gov/
Landlord: the reason we can’t pay for june or July is because my hubby lost his high-paying job in March of ‘08. I was a stay-at-home-mom at the time, 8 months pregnant with our 2nd baby. Since then, I got a PT job while grandma babysits, and my hubby’s new job pays much much less than the one he lost…so we’ve been using up our savings to pay our mortgage and to live on, but we’re out of money now…and we know that we can get it down to an affordable level within the parameters of the Making Home Affordable plan.
Regardless, my question is mostly concerning the fact that if we keep current, the bank won’t talk to us, but if we fall behind, we may not be eligible for the plan. Since we can’t force the bank to talk to us, and we can’t make the government force them to talk to us, what do we do now?

Is your fico score the same thing as your credit score? If not, what is the difference? Is 710 good?

I’ve heard of websites that offer business loans to entreprenuers from individual investors.

Can the borrower get lumpsum amount ie. if the borrower want lumpsum amount of 3 lakh would he get it? or get only in monthly/quarterly/yearly ? and can he make repayment by monthly instalment immeadiate after sanctioned the loan …..Plz reply