Help getting my mortage lowered?

If you have equity there would not be short sale. A short sale would mean it is worth less then you owe. That is unlikely. Lowering your interest rate to the current rate is all they can do for a modification, and it sounds like they did that.

A forbearance is normally what is done when you are temporarily out of work for health reasons. I did it myself 12 years ago. What they do is allow you to pay less for a few months, usually 3. You only pay the interest portion of the mortgage, no principle. Since your situation is not permanent I would recommend you call your lender and ask for that. That will give you some relief without effecting your credit, they do not report this to your credit report.

The next best option, and what you need to do if hubby will not return to work, would be to sell this house and buy another one that you can afford with your present income.

I don't think you would gain any leverage from mentioning the need for repairs or the possibility of a short sale. To be quite honest, they just don't care. If you pay, they will let you stay. If you don't, they won't. That is what it comes down to, I'm afraid. The best they might do is allow you to pay only interest for a few months but likely they will want you to "catch up" at the end of that time and there could also be issues if your escrow account runs out of money.

Having done a short sale, I would not recommend it at all. It is just as harmful to your credit as a foreclosure and they will likely make you go through months of work to get it approved. Not only that but you may also be asked to pay back some or all of the difference. If you are going to give up your home, you are better off just letting them foreclose and if they pursue you for what is owed, file for bankruptcy.

Best of luck. Hope it all works out for you and your family.

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You could refinance your mortgage, drop your PMI(private mortgage insurance), get a longer loan, challenge the tax assessment by filing a protest with the county or requesting a hearing with the state Board of Equalization. If the protest is approved, the homeowner's taxes drop, which means that their monthly mortgage payment also drops.

There are many things you are able to do through your current mortgage loan. When your husband was first unable to work 2 months ago, you should have immediately informed your mortgage lender of this situation, and attempted to work out a solution.

You would want to speak with one of the mortgage managers about the approval you have that exceed your current monthly mortgage to find out if there are other programs you could be approved that would reduce your monthly mortgage payment.

You would be attempting to save and protect the $20,000 down payment. In doing this you are looking for a program your mortgage lender have that would allow you to keep your property.

Being approved for a program that increase your monthly mortgage payment is of no benefit to you.You have to inform your mortgage lender of this fact.

Your mortgage lender would rather you keep the house. In them getting the property by any means would be a legal and financial nightmare as they would have many legal loops to jump through and attempt to sell the property for more than the mortgage loan balance.

There are other remedies you might discuss. Some you have mentioned.

#1 Bankruptcy

If all else fail, you might consider speaking with an attorney to find out if there are legal methods you are able to use in order to keep your house and protect your $20,000 down payment.

#2. Forbearance Agreement

Request a forbearance agreement from your mortgage lender. This is a document you would need to request and be approved by your mortgage lender. If approved your missed mortgage payments would be placed at the end of your mortgage. For example if your are 3 months behind in your mortgage loan payments. If you have 300 months left to pay off your mortgage loan, the payments you are behind would now extend the months left by 3 so you would now have 303 months left to pay off your mortgage loan. If approved by your mortgage lender you would be allowed to keep your house.

#3. Short sale

Most lenders would want you to have listed your house for sale through a local real estate brokerage firm before considering a short sale. Once your house has been on the market for sale, you would then request a short sale packet from your mortgage lender. In most situations your mortgage lender would want your real estate agent to assist you in the completion of the sort sale packet. Keep in mind that a shirt sale is a request of your mortgage lender and would need to be approved. This would appear as a negative on your credit report for several years.

#3. Deed-in-lieu of Foreclosure

This is a request from you to your mortgage lender to approve you to sign your deed over to your mortgage lender without going through foreclosure. If this is approved, you would be required to provide a date you would be leaving the property. This would appear as a negative on your credit report and you would lose your house to your mortgage lender.

#4. Foreclosure

Stop all mortgage payments to your mortgage lender and allow the house to go into foreclosure based on the foreclosure laws of your state.You would lose your house , the $20k down payment you made on the house at purchase. This would appear as a negative on your credit report for several years.

Your mortgage lender would not be interested in any repairs needed to the house. The person you would be speaking to will never see the house. Their interest in the property would be attempting to solve the problem of you not paying the monthly mortgage, finding a program they have that would assist you in keeping your house.

In your phone call to your mortgage lender, you are attempting to keep your house and protect the $20k down payment. Be up front and truthful about your desires to keep your house and the amount you have as a budget to pay each month.

Don't fall for companies that would contact you or advertise in most media sources that they are able to assist you. In order to help you they are required to do the same as you and that is speak to your mortgage lender. These companies have no authority to lower your monthly payments or affect your mortgage in any way without the approval of your mortgage lender. Also what ever they do good or bad, you would be required to pay for using their services.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"