My b/f lost his job. He filed chpt 7 8mo ago but reafirmmed on the house and was making payments until he lost his job. It's now close to foreclouser. What other options does he have to get out from under this house. It's in a small community so it's hard to sell houses here.
2006-08-19 21:43:12 · 5 answers · asked by Dee 2 in Business & Finance ➔ Personal Finance
Definitely speak to someone to refinance it at a lower interest rate. Take the money and pay the mortgage. OR Do a balance tranfer (check) from a credit card that offers a low or no interest rate. Deposit the theck or pay the mortgage with that check.
This can be done many time but be careful, it affects credit scores everytime you open new accounts.
If you guys are really close you can share the balance transfer process. BUT be very careful and be absolutely SURE that you will be paid off. Otherwise you will incur debt and you don't want that.
Alternately he/you should get any job you can get to pay for some of it. The other answerer also had a good idea, let the mortgage company know what is going on, but nicely. And tell them that you really want to pay but things are tough right now. Make sure that you tell them that you are willing to pay...GL
2006-08-19 22:11:06 · answer #1 · answered by poojally 2 · 0⤊ 0⤋
He needs to make his first priority on finding a new job. Maybe he can take in a roommate to help with the house payments in the meantime.
This is why an emergency fund is so important.
2006-08-20 06:52:34 · answer #2 · answered by T O 3 · 0⤊ 0⤋
Contact your lender and explain the situation. However, if foreclosure has been started then it may be too late. Once the process is begun, then most lenders will go through with it and he will lose his house. Sorry.
2006-08-20 04:59:41 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Can you get a job to help pay the mortgage?
2006-08-20 04:51:52 · answer #4 · answered by nursesr4evr 7 · 0⤊ 0⤋
sorry
2006-08-20 04:48:33 · answer #5 · answered by gurusenthilkumar g 2 · 0⤊ 0⤋