Is it too much to ask to lower our paynents to something we can afford

We fell on hard times and are now beging for help to save our home. I have been working with loss mitigatino department trying to come up with a solution I am afraid we may loose our home. GMAC said they are working on something. I call loss mitigation alot just to see how thing are going. I have generated some more income. Now I have to go back court in June. I just want to know is there some kind of help for me. I have a conventional loan and I put alot of money into this. Myquestion is can you lower this monthly payment so I can sleep at night. I am currently having a meltdown. Thank You Ms. Marsha Johnson

It is not too much to ask, some lenders are definitely better than others that is for sure.

i am looking for some one to help me and my kids get back in the home we love so much i am i mom of 4 age 4 to 14 . we move out of are home due to my husband moving out on us in oct.. of last yr. me and my kid s move out due to i lost my job when he left and paying bills and for the house got to be to much on me . i am willing to pay for itif it wasnt so high.i now pay 475.00 in rent and it nice to no. i can pay my bills and still have some left over you know .so if anty one can help me mail me back on ok that you

Fell behind in my payments applied for all the special offers they have for people who are having trouble with payments but got denied for all of them. Now they say they will offer HOPENOW.. its a bunch of bull. THey told me they will have to double the payments to save my house. That wouldn't help me considering I can't afford the monthly payment now. Now me and my 2 children have no home and can't find a rental!! THanks for the mortgage bailout!!!! Hopeless

My husband and I are on social security, and our son receives SSI, as he is mildly autistic and attends a special program 5 days weekly; we moved from Texas to Minnesota 2 1/2 yrs. ago to help our daughter and her family; we put $100K down on our current house and still owe $180K; our intention was to sell this house after making cosmetic and landscaping improvements, then to buy another house, make improvements on it, etc. We put our house up for sale at the beginning of 2008, but no results; we wanted to make enough profit to enhance our savings, which are now depleted; our house payment is $1500 mo.; our income, incl. our social security and our son's allotment, plus some sporadic amounts from self-employment (there are no jobs with decent wages here; we applied for some of those and were rejected (overqualified or hiring from within), is about $2200. Our house payment for December has not been sent, I made the Nov. payment with our credit card; other than that our payments have always been sent on time. What shall we do? (We sold our house in TX in 2 months in 2006; we thought the same thing might could happen here, but that was before the sky began falling.

Where is ALL the help???? Gov. suppose to be helping people stay in their homes??? Do I contact state official for some help???

As a HUD Approved Housing Counselor and an Indiana Foreclosure Prevention Network Counselor I see these types of issues all too often. I guess my comment is this... I understand the frustration of troubled homeowners when they see the hype about help for homeowners only to discover that they don't qualify or that the work outs that are offered are not helpful. As a veteren housing counselor my job has always been to keep people in their homes. But day after day I work with folks and their lenders and find it harder and harder to get to an aggreeable workout with the lenders. Because most troubled homeowners were put into subprime mortgages and were not educated about the risks of these mortgages the help that is out there, for the most part, doesn't help at all.
Because of the meltdown in the industry most of these homes are not worth what is owed so refinancing or loan modification isn't the answer either. What most troubled homeonwers do not understand is that the general rule is that once a loan is closed it is packaged and sold on the secondary market to investors. The problem with the work out is that ALL of the investors have to agree to it. That is why lenders are continually telling folks that "they are working on their loan work out" while the foreclsoure is moving ahead. First of all there could be hundreds of thousands of investors so imagine trying to notify each one of the thousands of loans in default and asking for some type of work out on each individual one. The task is next to impossible and my opinion is that the lenders should share this with these homeowners thus giving them the choice to stay and fight the good fight (with the outcome more than likely being foreclosure anyway) or to simply deed the property back through deed in lieu saving the lender the expense of formal foreclosure and at leawst giving the homeowner a chance to locate other housing.
It is my opinion that the only way to stabilize the situation is for us to step back and let the chips fall where they may. This will force the lenders to sell the properties in sherrif's sale to the highest bidder and in the majority of markets this will force these homes to be sold for their actual worth instead of the inflated prices. To end my comment I want to say that the majority of these homeowners did not intentionally buy homes they knew they could not afford, they were fed a bad bill of goods by lenders who were all too happy to write the laons to get the commisions. It is extremely important for buyers to be fully educated on mortgages and the process before loans are closed.

We were only one month behind on our adjustable rate payment when I tried to get them to modify our loan and all they did was give me the run-around! I couldn’t believe it when the guy on the phone (he was a big jerk!) actually said that my family shouldn’t eat so much because then we would spend less on groceries and would have more money to make our mortgage payment! He also said we should get a cheaper car and a bunch of other stuff that was really rude. This whole thing was keeping me up at night worrying about what was going to happen to us. I told my friend at work about this and she said I should call the loan modification company that got her loan modified down to 3.25% fixed interest rate! I finally decided to call them, and in about 45 days they got my interest rate down to 3.85% on a fixed rate too! The company is First American Financial Group and we are really happy with what they did for us. The website is theloanmodfacts.com. We chose them because they didn’t make a bunch of promises like some of the other companies and they had a 100% money back guarantee. I hope this helps some other people fighting with their loan company!