HOPE NOW Fails to Deliver, Now What? Part 1
Here is yet another email writer/reader and my response!
(Note: thank you all for writing in and if you do write, please be patient, I DO get back to everyone but it takes time to get through them all)
I think you will find this to be one of the best emails I have had as it covers quite a bit of information that is relevant to many people!
Brent:
(I have made a few edits to help bring across the point better)
Hi. I read you WEB site and hope you can be some help to me. I too am in an ARM that re-sets to a higher payment that I cannot make. I've worked With HOPE NOW to create a budget to show to my lender - Nation Star - that I will not be able to make the new payments. I have not had positive results with Hope Now or speaking with my lender.My lender states only 6 months freeze is allowable and Hope Now is basically not worth the trouble or efforts I made with them to date. Adding to my troubles is my house value has dropped considerably my appraised value was $490,000 and it currently valued at $309,000. Real Estate market in my part of California is a long wait for new and even foreclosed homes, so a short sale may not work for me. I even tried to use FHA loan with my current lender (Nation Star), but was told I did not have enough equity and the application was turned down.
I am wondering what my options are and I am waiting to see if this new FHA law I heard on the new will be of any help. I would like to stay in house. I can make the current payment - its' hard- but I can do it. Any suggestions from you are greatly appreciated.
Sincerely-
John