just bought a home in 9-05 lost my job in 11-05 behind 3mo what now?

Question

worked for 9 years lost job,cant get unemployment , used up all the money,looking for new job but 3mo behind on mortgage,dont have any help have 2 children.i went back to school to get GED passed two test today 3 to go ,what can be done i have no one to call on .and no family .losing car i have been paying on for 2 1/2 years thing are out of controll Help

Answer 1

Contact your mortgage company and explain the situation. They'll do their best to help you save your house. Worst case, you ma be able to do what I did when I found myself in a similar situation - I got a lender to loan me enough to make 6 months of payments and put that money into escrow.

Then I put the house up for sale and was able to keep my credit and get a little cash out of the house so I could move.

Of course this only works if you have equity.

Other than that, you may have to take any work you can to bring in some money. Swallow your pride and buck up and do it.

Do you have a spouse that can earn money?

Answer 2

Sell or refinance the house and find something you can do for money, maybe in a new town, better job market. Sell the car if you have any equity and can get caught up and refinanced into another. First thing, see what the house is worth v/s what you owe. Upside down there, threaten both bank and auto loan with bankruptcy, get them to work with you, but don't ever do it. If you made a good buy on the house, maybe you can lease it for $200 or so a month over mortgage. That would help a little. Get off your A and get busy!

Answer 3

Look up Save A Home Mortgage. Try calling 1-800-555-1212 and ask for that listing. There may be some agencies that will help (not give you money assistance) save your home. If all else fails, file a chapter 13. That will help you keep everything, but there has to be a source of income in the home.

Answer 4

Sounds bad. I have had 7 years of this paticularly bad luck also. Your going to get all kind of adivice here, like pray, or some out reach programms, you can pretty much imagine and you will find these answers out yourself. This is a tough one but I am going to be up front, you'll get a lot of softies with encouragement BUT THAT IS NOT GOING TO CHANGE your situation. Responsibilty and accountability is what I have learned. Go back, take a look at what you might have done wrong? Life throws us a curve ball now and then to teach us something. Most people are really in control of their lives they jusy don't know it or believe it. You are in a desperate situation when people get to that point they make desperate decisions. Closed doors mean........ better opportunitys await you, believe me I knwo this from experience, life has a way of working out, seek first the kingdom of God and all these things shall be added to you, the problem is most Christains don't understand that the kingdom is ' within you" my dear you have all your answers, go inside yourself and find them.

Answer 5

dlee - could not have said it better.

There are agencies out ther to help you. Call your red cross, they have been known to help with a mortgage payment. Churches - salvation army is a good one too.

On your home loan - see if they will let you re-afirm it - so it does not get into forclosure - at 120 days out, it is considered a fc.

Can you rent a room out, to a freind, etc advertise for a room-mate, have the kids bunk in together....Call your local hospital, talk to client services, let them know you have a room for rent, shower etc - for family members that can not afford a motel room to be buy a loved one in the hospital......Have a yard sale, anything that will bring in some money...What ages are your children, see if they can wash neighbors cars, etc mow a lawn to help - everyone can put the money into a coffee container, and watch the money grow, as a reward - make a homemade pizza as a treat.

Not sure if this helps, but you will get thru it - if you have to sell, or refinance, if your credit score is high enough, you may have equity in your home, to live on for awhile, but your payments will be due in September, but it will give you july and aug as a breather.....Good luck to you.

Answer 6

First thing, tell the mortgage company what happened.
They can be reasonable and you can pay partial payments.Same thing with the car. If worse comes to worse, you may have to sell it and use public transportation. You can get a job, even if it's cleaning houses.You'll pass and get your GED. And by the way , where is the father of your children,or his family?
Don't forget, there's always welfare. Don't be too proud to accept help. Good luck and Godspeed.

Answer 7

Tackle the most important problem first. Try very hard to find a job, even if it's a temp or graveyard shift job. You need the money to feed your children and yourself. Next, talk (or negotiate) with your banker / lender / mortgage company. Explain your situation to them, see if they can extend your lending period by lowering your monthly payment.

If you can find a job quickly, save as much money as you possibly can. Then use this money to settle parts of your overdued payments. This is gonna sound stupid, but you're in fact buying time for yourself to delay your bankers from taking any legal action to take back your house. Mind you, it's delaying, not stopping.

In the meantime, you have to adapt your lifestyle accordingly. Live very modestly. This is extremely hard to do, but you have to be strong and positive for yourself and your family.

Do talk to your family, relatives and friends for help. If you fail, try and try again until you can find some or any help. Never give up hope! Never, never, never give up hope.

Another thing, there's no shame in talking to a trustee as regard to filling for a personal bankcruptcy. This is perhaps a last resort. But these people may in fact offer you some very good suggestions for you to consider.

I'm going to repeat this again. Don't give up hope. If you fall, you need to learn how to climb up again.

Answer 8

Contact your mortgage lender NOW!!! The direct approach is the best & if they have any programs they will help you, they do not want you to go into forclosure. If you are to far behind in your new mortgage, atleast you will know up front, and you can make other arrangements for your family. You don't want to come home one day w/ a sheriffs officer serving you eviction papers.

Answer 9

You can call 211 info line which has 300,000 information and referral for human services needs all over the state and country.www.211.org.They will basically refer you to all your needs. There are non profit agency all over the country that have programs for Eviction Prevention,Foreclosure Avoidance and they can also mediate for homeowners for the debt owed.You can also contact the loss mitigation deparment and set up a work out plan or forbarance.You can also do a forbarance for the car.Do temp work,babysitting just to get by.Good luck..Real Estate Investor
www.foreclosureavoidance.ws

Answer 10

Call the person who has your home loan and explain, they can usually set you up on a payment plan you can afford until you can get back on your feet, I know with our car loan when I got sick I was able to skip a month and add it onto the end of the loan just by calling and explaining everything to them. From experience do not ignore them, let them know what is going on and most creditors will work with you.