Hi,
I'm new here, and reading through all the other posts. We have an 80/20, the 20 is with Beneficial. We are not behind, but have been talking with them for over a year, I have medical problems and lost a great deal of income plus added lots of medical bills. However, unless we get really behind, they don't want to even work with us. We owe 328K on the house, 81K of that is with Beneficial. The house would probably appraise around 300K right now. So if I do the math correctly, that means that Beneficial would only get around 20K, or even less when the fees are added in.
So, I guess my guess is, what is their motivation to allow us to do the H4H program? Do we need to just stop paying? I hate to totally destroy my credit, will the H4H affect credit like a short sale?
Is there anything we should be doing now to increase our chances of getting this to work for us? Right now, we are paying 2850.00/month, but with H4H, we would pay less than 2K, which would be great! Otherwise, I am guessing we will eventually start missing payments and lose the house anyway.
Any advice would be great!
Maggi
