fha loan difficulty paying

[little3wolfs]

What is the name of your state (only U.S. law)? Pennsylvania

my hubby and I bought out first home with an FHA loan. We had put 500 down but received it back at closing for some reason. We closed just over a year ago and our mortgage has since risen over 100 dollars. We are finding it hard to make our payments in full and are now slightly behind. We listed our home to sell on the market but its not going so well. We owe more now than our house is worth. If we sell and have difficulty paying off the rest of the loan, are there any options for us? What will they do? We were fine until recently when hubby lost one of his jobs.

 

[OHRoadwarrior]

At this point, it sounds like the best short term solution is to call your lender and advise them of the problem. Ask if they can give you a better rate. If you can do so, advise them you will make it up with your tax refund in a few months. Hopefully you or hubby can get a job by then to make up the difference. Regardless, you need money to pay for rent.

 

[Zigner]

What is the name of your state (only U.S. law)? Pennsylvania

my hubby and I bought out first home with an FHA loan. We had put 500 down but received it back at closing for some reason. We closed just over a year ago and our mortgage has since risen over 100 dollars. We are finding it hard to make our payments in full and are now slightly behind. We listed our home to sell on the market but its not going so well. We owe more now than our house is worth. If we sell and have difficulty paying off the rest of the loan, are there any options for us? What will they do? We were fine until recently when hubby lost one of his jobs.

Are you saying that the $100 per month was the make or break point on this house?

I suspect the reason that your monthly payments have gone up have been due to the impound portion increasing to cover increasing property taxes & insurance rates.