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The bank said my mortgage was an acceptable percent of my income, and apparently other expenses aren’t given as much weight. The adviser I was working with mentioned a short sale, but to be honest I was too much in shock during the phone call to question him about it. I looked it up online, and it doesn’t seem very promising. So are there other options? Keeping the house is the most preferable. Just not sure what to do, they made it sound like they would be able to do something. Please, none of the “you brought this on yourself and deserve it” responses. You don’t know my specific situation. I’m just trying to provide for my family and keep our home. If the state matters I live in New Jersey.

1 Thought on My bank denied a renegotiation and I cannot refinance. What are my options at this point?
  1. Reply
    sophieb
    February 13, 2014 at 2:02 am

    see a real estate attorney, ask for the options. If you decide to sell the house ask the attorney to file a “waiver of sufficiency” so you don’t get stuck with the balance on the home. There’s certain language they need to put into the sales contract to save you grief later on. ….There are some people who when they negotiate with the bank well they are only a couple of months behind and so those payments can be put onto the end of the loan and the bank can bring you current. And right now there are also new mortgage loans you can take out so look around. Contact the federal government, maybe HUD or check their website to see what else can be done. There are lots of talk shows on homes (usually they are on Sunday mornings) that give ideas.

    If you’re behind in your mortgage perhaps there are other ways of cutting costs.
    You didn’t say how many are in your family so you might also want to check out apartments in your area or even a mobile home (if that sounds appropriate and there aren’t floods or tornadoes in your area) and then determine what items you need to get rid of to make your move lighter. You can also use a PUD or POD to move some things to storage till you all get re-settled.

    Nobody deserves mortgage problems and last I heard it was one out of five who had lost their homes. So far you’ve done well to keep it together. In some cases people have lived in their homes two years after foreclosures started. But get to a real estate attorney to get your questions answered since there are time lines on everything you do regarding that mortgage from now on. time to request this, time to file for that, wait so many days, etc.

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