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@Anonymous wrote:
My wife and I bought a house 2 years ago in California. We had low scores at the time, hers was low 600s mine was mid 500s, so she went on the loan only in her name. We have the infamous adjustable rate mortgage, the lender has said they will not consider modification or adjustment to our terms and it has gone higher than we can afford now and we will be facing foreclosure if our short sale is not approved or completed in time to avoid it. We can afford a mortgage, just not at the rate and terms we have in this mortgage now. i make 55k and my wife is self employed and her income varies. My question is, since it is likely my credit score has gone up in the past two years, does anyone know if it might be possible for me to apply for an FHA in my name only and qualify while in a shortsale / foreclosure situation?
mrBlasehBlah wrote:
@DallasLoanGirl
I certainly am not looking forward to going through a foreclose and If i had the means to keep and pay for our mortgage i would... We would rather NOT walk away. We have always been determined to be good borrowers, make payments on time, honor our debt, keep our credit solid... We have tried on numerous occasions to communicate with the lender and we hit a brick wall... here's a question for you: Wouldn't it make sense for the investor to work with someone who would prefer to keep their loan rather than allowing it to go to foreclosure? I thought so, however when I contacted my servicer's "home retention team" we were told our investor would not allow or consider loan modifications or restructuring... That was our first course of action once refinance was not an option... a representative basically told me that the investor would likely rather the home went to foreclosure than take a loss on the loan?? it just doesn't make sense to me... We take full responsibility for getting into the loan in the first place, all we have asked is to give us the opportunity to keep our home... My intention is not to commit FRAUD, just keep our family in a good home...