Need advice? Had a house built, only had it for 9 months and cannot afford the mortgage anymore?

Question

What should I do? I am behind on a couple of payments.

Answer 1

If you have someone you can board with at a cheap rate do that and rent out the house to pay it off, or get a cheap caravan and set it up in the back yard of your place and rent out the house.
Good Luck

Answer 2

I agree you need to get some good faith payment to the mortgage company immediately.
If you're paying for internet and television, what good is it doing you if you don't have a home. That might be $100. Same for cellphone -it's a luxury if you're paying for 2 phones....
Cut back on your utilities. I don't mean just turn off that light when you leave the room, I'm talking disconnect electric alarm clocks, turn off your computer/television, keep your a/c at 74, hand wash dishes instead of dishwasher.
Rope in your personal expenses, cancel all your credit cards, leaving open only the ones you still have a balance on. And stop using all credit cards until you clear this up.
Any creditor isn't going to be very sympathetic if you show frequent charges to Wal-Mart, etc...
Is it a good guess to say you spent lots of money on your new home those first few months - new gadgets, trash cans, etc... Now might be a good time to have a garage sale, every little bit going to the mortgage company.
Good luck.

Answer 3

Assuming that the reason you can't make the payment is that you really haven't got it and cannot get it:

First, call your lender today and explain the problem. They do not want to foreclose. They lose money when they foreclose. They will usually try anything they can within reason to work with you.

Second, whatever else happens, rates are up since then. I seriously doubt you're going to be able to refinance into something you can afford. There are negative amortization loans and stuff out there to minimize your cash flow, but they are not a long term good idea. More on why here:

http://www.searchlightcrusade.net/posts/1126189276.shtml

So try and find a loan you can afford, but be aware going into the process that it's probably not going to work.

Third, you want to really consider putting your property on the market *NOW*, before the situation gets any *worse*. If you cannot make your contractual payments, the situation is going to do nothing but get worse, and you are going to owe more and more money.

Fourth, after you've done all that, you might want to talk to a lawyer about suing your buyer's agent and/or loan provider. They should not have gotten you into a property you cannot afford.

Answer 4

Well, if you're behind on your payments by 2 months, you'll be looking at foreclosure very soon.

Try for a quick sale -- or lease it out if you can get enough to cover your payments.

But get a payment in immediately if there's any way possible to avoid or at least delay foreclosure.

You were able to make 7 payments. What happened to change your ability to swing the payments??

Answer 5

Contact your lender. It is also to their advantage to avoid having to foreclose on your house. If you have equity in the house, you want to sell your house and pay off the loan. This will prevent your credit from being completely trashed(the late payments are hurting it already) and will likely get you more money back than if you go through foreclosure.

If you are "upside-down" on the loan, see if the lender will take the deed in place of the loan balance. It will be bad for your credit, but it will be better than foreclosure.

Answer 6

My mothers and dads tought me social reward and handouts from the government are for people who want it and not someting that would desire to be abused. i do no longer comprehend your difficulty yet i could do in spite of i ought to do be self sufficient and not having to count on others to pay for me. of direction the father would desire to pay baby help and proceed paying his share of their upbringing. Be very careful once you establish what to do on the subject of the homestead. seek advice from a attorney and your economic corporation and absolutely everyone who's keen that may assist you out yet study each and all of the nice print and get a expert to advice you. it ought to cost a touch money yet ought to shop you from an mind-blowing form of concerns interior the destiny. If the homestead you already stay in isn't too huge for you and you opt to stay there, i'm advantageous there are assistance on the thank you to refinance the morgage. solid success to you

Answer 7

It's probably the emotion holding you to it, or you would have already sold. Realize you can build another one when you're in a more financially stable position! Move fast! The above posts are accurate - but time is not on your side.

Answer 8

I would have to disagree with some of your answers i am amtg broker i deal with hundreds of lenders who i have submitted loans through .Many of my customers are in the same boat as you or in much worse condition than you we were definately able to better their financial situation and realy change peoples lives please feel free to write back [e-mail] or call 813-546-0153 Anthony

Answer 9

Sell it quick, for a profit, pay it off, build another one that is more sensible.