I am in college to increase our income. Our income will decrease about $700 a month since I have to take time off to go to school. We are already struggling to pay mortgage. Payments are current. Credit score is below 700..Owe 183,000..appraise around 215000...

Is there help if income has decreased?

There is some hope (to use a very popular word). Recent legislation, Making Home Affordable, does have some provisions that might help. The first step is to see if your loan is owned by freddie mac or fannie mae. I would suggest calling your current lender to see if it's owned by freddie mac. If so they can help you refinance.

If it is not owned by freddie mac and is owned by fannie mae, many lenders can help. Here is the link to check your home address with fannie mae.

http://loanlookup.fanniemae.com/loanlookup/

Both of these programs do assume you're current on your loan and haven't been delinquent.

Thanks Clem!

Not owned by fannie mae. Freddie mac site down..will try later.

Thanks so much for your help!

Marva,

It is possible that you have enough income to qualify for a mortgage, even though it has decreased.  It would be a good idea to contact a professional near you by using the Directory tab above.  They would be able to help determine what programs and options that you may have.

In addition to qualifying, you would want to determine how much you could save and compare it to the costs associated with the refinance.  If you give us an idea of your current rate, we could help with some of the analysis.

6.5% current rate...60 day late payment last sept due to death in the family

thanks

The 60 day late payment combined with your resulting lower credit score will make refinancing more difficult.  If a broker is able to obtain an automated approval, you may be able to find a lender to accept the findings and get refinanced.  If not, you may just have to wait until you have 12 months clean mortgage pay history.

Thanks Kent!

That's what we are doing waiting for the the 12 months to be up. That should be Sept. So we need to wait until October to apply for refinance? We are a month ahead in the payment..

thanks..awesome site!

If last October's payment was paid in October (not 30+ days late), you would have to have made your September payment to show 12 on time monthly payments. 

thanks again..very helpful!

Any GUESS where the rates will be around that time??????

Marva

Where can I find who owns my mortgage? National city mortgage told me to look @ my paperwork. I did that and didnt see anything about it.

Checked Fannie and Freddie and neither one owns it.

How does modification works? Do you get the same low interest rate of what is being offered now?

I don't guess that far in advance.  Rates will be what they will be so stay tuned and hopefully they will be favorable.