Penny Mac FHA Loan in Forebarance - Any advice is helpful
Hello All,
Me and my wife have been in our house for 2 and a half years now. I am the sole provider - our household income is 80k. We have a FHA loan at 4.99% - Our initial mortgage payment (with escrow) was initially $1650. Our mortgage went up $900 (due to property taxes), so we should now be paying $2550 starting this month. We haven't been able to afford the 1650 mortgage payment as of last year due just after my wife's diagnosis and rising medical expenses, etc.That's why I selected forebarance last year. I'm also getting very concerned because we have accrued 9k in back payments or arrear from the forbearance.
My ultimate question is, since the house is 100% unaffordable now and we have NO equity as of now, should we try to short sell or just give the house up and take an L? OR go through the process of keeping the house because the gained equity in the future theoretically should eat up the arrear?
By the way: our house is located in the North East dallas region
Any tips or advice from your experience with pennymac or forebarance in general?