Havent figured out how to get a pic in posting but I was able to create a Photo Album.
Have you ever heard of a reverse mortgage? My mother who is 82 recently did this and is excited that she has the income she needs to supplement her social security and the knowledge that she can remain in her home until she dies. Check it out. My husband and I are seriously thinking about doing the same whan we get to that point and with the economy, social security will not provide our needs much less our wants. Kinda like living on your kids inheritance. independently as long as you possibly can.
Hi CouClipper
Checked out your site I love the Chinese Brocade Tissue Box Cover simply beautiful.
We arent eligible for a Reverse Mortgage because we dont have enough equity in our property to do anything. Have also heard that Reverse Mortgages are all that easy to get either.
Thanks for the compliment of the Brocade Tissue Box. It is one of my favorites too.
My parents took out a reverse mortgage before my dad passed away; he's been gone almost 3 years. It has its definite pros and cons. For anyone thinking about it, my only advice would be...make sure you know absolutely everything involved in a reverse mortgage and make absolutely sure that's what you want to do. CouClipper, we tried to get a loan modification through our lender and they wouldn't talk with us because we weren't at least 4 payments behind. Our lender is Bank of America. Perhaps you have a better lender; one who would be willing to work with you. My thoughts and prayers are with you. We've already had to give up our home and it's been more difficult than I could even imagine. We lived in a home exactly like I've wanted since I was 4 years old. But life goes on. We're very blessed because my husband and I are healthy and have a roof over our head. So on to a more fun topic...I've wanted for years to have a home crafting business in which I could make a little extra money. Several years ago I did work a small craft show circut that I really enjoyed. The best of luck to you. I don't have any ideas for you or suggestions; all I can offer is my support and good wishes. Please keep up informed. I'll be sure to check out your photo album. Take care. Debbie
posted by CAdeb
over 2 years ago
We are going through an Advocate group in California for our Loan Modification. Think it is best to go through an Attorney instead of trying to deal yourself directly with your lender. What the Attorney has to do is find a technocality in your Loan Processing and/or Closing in order to take the Lender to the table for negotiations. This group way they have a 95% success rate. Just the sheer fact that property values have dropped because of the economy qualifies you for Loan Modification. You dont have to be deliquent in payments in order to qualify for a Modification. Sorry to hear you had to give up your home :(
The Advocate will contact me lender for me by sending them a letter saying there is a Loan Modification in the process. The Lender then cant do anything to you (contact you or anything) should you fall behind in payments or even start Foreclosure Process. It all takes about 60-90 days but definitely not over 120 days. The Advocate Group has attornies in all 50 states. The Attorney then goes over the Loan documents to see if he can find a "loop hole" that enables them to take the Lender into neogiations.
They re-neogciate the Principal of the loan in addition to the Tax Value. We are looking to possibly get a 3 1/2% loan for 30 years which would give us a P&% payment of little over $261.00 a month. The modification process is costing us $1198.00 because we are paying in two payments. If paid in 1 payment it would be $998 total. There are some groups out there that charge $3000 for this process.
Hopefully this will be an answer to our prayers because I dont know what else we can do at this point except win the lottery.
