Mortgage loan upside down. Husband moved out and won't make payment. Can't afford to sell due to market value. Both spouse on loan. Can't make payment
Question Details: Loan debt is 243,000 monthly is 2200. Market value for 1 unit of 4 plex is 120,000 and renting goes for 1400 monthly. Husband won't make payments & court date not for 3 months. I can only make 1100 payment alone. Can't sell market value is 120,00. Can't rent to cover monthly payment, can't room mate fo cover monthly payment. What are my options. I want to save my credit but can't afford our debts.Can't afford to file Foreclosure, bankrupcy, Any stimulus packages that can help me? What happens if the hoa is not paid for 3 months due to frozen asset. Loan is FHA insured. Does that help me any?
Real Estate Law Answers
I am a lawyer in CT and practice in this area of the law. You need to call the bank to find out if you can do some kind of loan modification. banks are usually very helpful and will work with you. You do not need a lawyer to do this. I suggest paying the HOA fees to avoid lawsuit on thier end. Again, you should call the bank and ask what their ability is to modify the mortgage to make the payments affordable.
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