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I am running out of options... should I try a short sale with Bank of America
I am in a situation were I lost my job. I found another job, but took a pretty big pay cut and now have to drive about 140 miles each day to work.
I have had my home up for sale with no luck, so I decided to try a short sale on it. After a few weeks I received a letter from my bank saying that my interest rate was going up to 9%! So I took it off the market to try and refinance. Unfortunately I can not refinance because I had the home up for a short sale and will not get approved even though my home appraises for almost $20K more than I was trying to sell.
I really would like to get into another home closer to my new job but do not want to hurt my credit that I have tried so hard to rebuild.
With my interest rate going up and what I am paying for gas I am at a point where I will not be able to afford my mortgage payment any more. I have not had any late payments as of yet and had none since I have been in the home ( close to 4 years).
Please let me know of what options I have without hurting my credit too bad. I am running out of options and do not want to have to foreclose!
Related Entries
- I want to avoid foreclosure - October 20, 2009
Comments
NEVER SIGN A RELEASE LETTER FROM THE LENDER UNTIL IT HAS BEEN REVIEWED BY YOUR ATTORNEY. It is their job to get as much money as possible from you so never accept their first offer. Whenever possible use a professional negotiator and never pay for services upfront, only when they successful...
Of all the lenders I work with I think BofA is the hardest and takes the longest.
Wachovia is the best and everyone else is in the middle. I love working with AHMS and National City too.
NEVER SIGN A RELEASE LETTER FROM THE LENDER UNTIL IT HAS BEEN REVIEWED BY YOUR ATTORNEY. It is their job to get as much money as possible from you so never accept their first offer. Whenever possible use a professional negotiator and never pay for services upfront, only when they successful...
Of all the lenders I work with I think BofA is the hardest and takes the longest.
Wachovia is the best and everyone else is in the middle. I love working with AHMS and National City too.
NEVER SIGN A RELEASE LETTER FROM THE LENDER UNTIL IT HAS BEEN REVIEWED BY YOUR ATTORNEY. It is their job to get as much money as possible from you so never accept their first offer. Whenever possible use a professional negotiator and never pay for services upfront, only when they successful...
Of all the lenders I work with I think BofA is the hardest and takes the longest.
Wachovia is the best and everyone else is in the middle. I love working with AHMS and National City too.