Active Duty Military One Month Behind on Mortgage; Struggling to Make Payments

[Joel Fraser]

Hello!I am SO glad I found this forum and I pray that someone can provide some direction to my husband and I as we are both completely stressed out.Here is the situation - in July 2006 my husband, active duty military applied for VA Loan through Wachovia for a house in North Carolina. My credit was not great and would increase the interest rate so it was recommended that the mortgage alone be put in my husbands name but the deed is in both of our names. This was the first house we have ever purchased and were not educated on the mortgage process etc. My husband barely make 25K that year; he is enlisted. I make approximately 65-70K per year but again my name is not on the mortgage. The payment was approximately $1775. Our mortgage was then sold to Chase and our taxes went up shortly after increasing our mortgage payment to $1890 per month. Believe it not this increase has caused us hardships as we have been a month behind on our mortgage for the past two months. We are unsure what to do at this point...at first we contacted Chase regarding a short sale but we need our house and we could afford it if we could just get our payment back down. We bought the house for 250K and they rolled 5K I believe in closing costs into the mortgage so I think at this point we have just gotten the mortgage after paying for 2 years down to the 250K. We had done some renovations, new carpet, hard wood flooring etc. so we believe it should have increased the value of our home but my husbands debt to income ration is now very poor so no one will let him refinance. I have a credit score of approximately 680 but I was told no for a mortgage as well.PLEASE anyone with any info that can provide some direction - we do not want to loose our house but do not see a light at the end of the tunnel unless I win the lottery. THANK YOU FOR YOUR TIME AND ASSISTANCE!