This is a fairly common problem but since my husband lost his jobs over a year ago and although he is looking, he has not found anything steady - there are not a lot of openings for electrical maintenance in Houston for 55year old. The bills are becoming overwelming. My credit rating is being distroyed - we are paying but late. Can anyone suggest from personal experience a way for us to keep our house under these circumstances.
2006-06-18 07:27:08 · 9 answers · asked by Goodmomma1 3 in Business & Finance ➔ Personal Finance
What about setting up an appointment with a financial advisor...I am sure you can get a free consultation without paying, just to see what your options are. OR, last resort, seeing someone in the bankruptcy business...they can often give suggestions on what to do before declaring bankruptcy...hope this helps
2006-06-18 07:32:41 · answer #1 · answered by Anonymous · 1⤊ 2⤋
You didn't mention if you are working? I suspect that you were a 2 income family before your husband lost his job. It is tough when you reach 55 & are unemployed. After this long, I'm sure his unemployment ins. has run out. He needs to find a job doing anything, even if it's not his regular line of work & even if it doesn't pay a lot.
I think you should see an attorney & consider bankruptcy. Texas & U.S. legal provisions may allow you to keep your home, but you still have to make the payments.
We are considering the same recourse, as I underwent 2 open heart surgeries in the past 7 months. Our income dropped by two-thirds. One hidden opsticle is that our credit score suffered & is now too low to refinance the house, which would have provided enough money to re-group & alter our life style to accomodate a lower income.
Before you do anything, check your credit score. If it is above 500, you may be able to cash-out your equity and gain some breathing room without bankruptcy.
Keep working at it, seek professional legal advice you will likely find a way to keep your home & get on with life.
Good Luck!
2006-06-18 07:51:34 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I've been in a similar circumstance, though mine was due to illness. First, we sold all that we could do without. At the same time my husband went to work at a second job. Then we refinanced our home and got a lower interest rate, and were able to consolidate our monthly payments. If both of you are out of work then find a job or a second until the job that your husband is qualified for is available. Also, cut down on all expenses. (even necessities) Remember our necessities of our day is not really necessities. The most important things are home, food, utilities, and medication.
2006-06-18 10:04:18 · answer #3 · answered by wendy0475 1 · 0⤊ 0⤋
If you have some equity (the amount you've paid off compared to the total loan) you may be able to borrow money against that equity, and use it to pay off as many monthly payments as you owe. Eventually, of course, you'll have to start repaying that loan also--but hopefully you'll have found income by then. If not, well, the lenders will foreclose, but at least you'll have been able to live there a few more months without paying rent.
2006-06-18 07:36:08 · answer #4 · answered by gwhillikers2000 5 · 0⤊ 0⤋
you are able to in no way make that statement. First, via the indisputable fact that is incorrect, as Ted had already left his spouse previously taking on with you, and second, via the indisputable fact that is absolute to inflame Jimmy. many human beings would fee different issues larger, yet believe is basic to all relationships, and is one in each of the most significant problem in maximum failures. You suggested you and Jimmy were jointly, and curiously like you're sharing a house as you said . you also did not element out even if Jimmy is observing you to be a spouse, yet allow's presume he's questioning that way.. once you've the opt to make your relationship with Jimmy paintings you'll need lots of staying power, and a at the same time as. you are able to sit down and performance a quiet communicate with him and clarify the positives you need to provide. concentration on them. tell him of your love for him and choose for a destiny. someplace in there you are able to element out that you pick him to believe you're worth of his believe, yet do no longer comprehend a thanks to objective this, via previous. ASK him for suggestion
2016-11-14 22:46:28 · answer #5 · answered by ochsner 4 · 0⤊ 0⤋
Get a line of credit on your equity.
Borrow from a friend or relative.
Look for someone to give you a living trust using your home as collateral, with a buy out option at an agreed upon interest payment.
2006-06-18 07:46:15 · answer #6 · answered by Nick R 3 · 0⤊ 0⤋
seek out hard money lenders. They come at a high interest rate but you can get a loan for a 90 day period. Or do a stated income program, but again they are higher percentage points.
2006-06-18 07:31:19 · answer #7 · answered by mbrenth36 2 · 0⤊ 0⤋
Bite the bullet and take lower paying jobs until you find "real" work.
Other than that you can always "off" a rich relative.... Just kidding :-)
2006-06-18 07:31:46 · answer #8 · answered by CJP 3 · 0⤊ 0⤋
have you considered relocating to a different state that does have the type of employment your husband is experienced in ??
2006-06-18 07:57:33 · answer #9 · answered by Anonymous · 0⤊ 0⤋