i cannot afford the mortgage loan i have , what can i do ?

Question

442.06 for 30 years on a 50k loan they took 4500 fee [ oak st ]. then sold it to option one /hr block .i have paid on it 2 years .i am now late for the first time .

Answer 1

Let it go to foreclosure. They will move your belongings for you and give you a free cardboard box.

Answer 2

You always have options. The first is to refinance and find a different program. Who was your original Mortgage Broker and where are you from?

Companies sell loans to other companies all the time. It's how they make money. What happens is that some people can not qualify the criteria of one company and have to go to another. Example: there is a $100,000 loan from company A; They sell the loan for $110,000 to company B; it does not, should not affect the loan of the client.

If this is your first time late, do not worry so much. When you are 120 days late the company will foreclose you.

You can email me if you have any more questions; I am a Mortgage Broker from Washington State, and we work with over 100 lenders; I know about option one mortgage.

[e-mail]

Answer 3

Do not continue making late payments. By making even one late payment you harm your ability to possibly refinance at perhaps more desirable rates.

If you cannot refinance then sell it. Before you do all this, really take a hard look at your finances. Eliminate the waste with a very hard eye. Get rid of all the unnecessary expenses. Cut the cell phone. Cut the gym fee. eliminate all the money that slipps through that "hole in the pocket" that seems to appear when one carries cash in the pocket of purse.

It will be hard to replace housing at a lower cost than what you are already paying. Rentals in most areas cost more than $442. and renting will not be accruing equity.

Do your budgeting finance reevaluation work quickly. do not put it off at all. If you cannot cut enough out of your spending or increase your income, then sell the house and sell it soon. You absolutely DO NOT want it to put a mark on your credit report. This can harm your ability to buy another home for 10 yars to come.

Do your best to separate the emotions fromthe decision and do what needs to be done. I know it is painful, but the alternatives are really much more damaging.

Good Luck.

Answer 4

Rent out your house if you have to. Or a room.
Also you can try to borrow, the interest will most likley be less than the late fee....or forecloser, but this is not sustainable. In the mean time find a sustainable way to help until you can rent it or sell it.

Answer 5

If you can not afford the mortgage you have you can always sell the property. You could also try to rent it out for $550 - $650 depending on the condition, location etc.

Answer 6

I would say maybe refinance, but sounds like that wont work for you either. What happened in your life that made you late?
Maybe a budget class will work better for you.
Remember Life Happens! Be Ready!

Answer 7

If you really cannot afford it, then try to sell. Hopefully your estate has appreciated (value increased), that way if you sell, you'll at least get the equity back that you put into it.
Another option is to re-finance.
Good luck to you!!

Answer 8

Your situation isn't entirely clear to me from the wording of your question, but if you are just now late for the first time and if you can find a way to get it caught up (even if you have to borrow it from someone) do that first. You don't want it to go past being late once.

If you know that from now on you won't be able to afford it then either see if you can refinance it or sell the property. If, by any way, there's a way to increase your income that would also work.

If you need a temporary fix to get you through a rough spot but you know that if you can get "reorganized" you'll be ok then either talk to the bank/mortgage company or else look into personal loans that would get you through this rough spot.

I know my suggestions aren't the most creative; but if you can't afford the mortgage you're options are to either come up with money by earning it or borrowing it (if necessary) to get through one rough spot or else to refinance the mortgage or else sell the property.

Would it be possible to rent the property for enough to cover the mortgage, so that you could move out to somewhere less expensive while still keeping ownership of the property?

Is there any way you could team up with someone else who'd like to make some money and, say, ask them to cover your late mortgage while the two (or more) or you go find a piece of property that needs fixing up. You work as a team to fix it, sell it for a profit or else rent it, and divvy up any profits as appropriate and as they occur?

Is there any way you could get a high-credit-limt credit card (ideally with low interest and no annual fee) and put the mortgage payment on that? I know that seems extreme, but then you would be caught up to date and could pay off the "rogue" payment over time. (This only works for one-time rough spot too. Obviously, long-term inability to afford the mortgage wouldn't be helped with this.)

Is there any way you could sell this property, get your finances all reorganized and then buy another property on better footing?

I don't know what states have what kind of welfare assistance, but if there are minor children involved and you stand to be kicked out of the house (and have it taken) there may be the chance your state welfare agency may have some kind of emergency assistance. My state has something where there is some program aimed at preventing homelessness.

Might you be able to find an attorney who will give you an free initial consultation or else try a legal aid group in your area, and see if - because the mortgage was apparently sold (if I'm getting it correctly) you may have any legal recourse with regard to any refinancing options they may offer you?

There are a lot of "predatory lenders" who say they'll give you a mortgage even if you have some minor problems with credit or with a payment. You have to be very careful, and I wouldn't want to see someone leave their property with such companies for too long (because they'll grab it at the drop of a hat); but if you have no choice and if that's the only kind of place you could get a mortgage you may want to consider such a place even if just for a limited time (make sure you know what's involved if you want to later change your mortgage to someone else). I know this type of action may be drastic and unwise, but if it gets so that's your only option its one, I suppose, to consider.

Consider taking in a boarder.

This is drastic, and I don't know what the laws are that would make you able to do this even if you wanted to; but if you have absolutely no other options, could you ask an attorney who specializes in bankrutpcies if you would be able to file for Chapter 13 bankruptcy, put all your other bills into that as well as the late mortgage payment, and then be left with just the mortgage and future utility bills? In other words, get reoganized financially. To the best of my knowledge this is a certain type of bankruptcy that allows people to keep their homes and get reorganized. Its far from ideal, but if keeping your home is the main thing you may want to ask about it. You've probably heard that recent laws have made it more difficult to file for bankruptcy, but maybe that wouldn't affect you in whatever situation you're in.

Ideally, if you could talk to the bank/mortgage people and see if they'll work with you (based on the argument that they took the fee) they may do something like let you divide up the payment over three months if you otherwise make the next payments on time.

The longer you let the lateness continue the less your chances of finding other options and other ways out get. Try to act as soon as possible (even if that means borrowing from a relative and paying them back over four months or something like that). Maybe you could do something like get a credit card, live on it for a little while, and pay the relative back as much cash as you can.

Finally, I don't know if you're elderly; but there is such a thing as a "reverse mortgage" (which is kind of scary because you get money and get to live in your house until you sell it or until you die, but you don't get to leave property to family; and there are probably other serious considerations involved)). If you're elderly and your aim is to just stay in your home you may want to look into this - but be super, super, careful.

Good luck.

Answer 9

try to get a fix lower mortagage it will save u money in the long run.

Answer 10

Try the links in

http://www.hot8sites.com/credit-repair/locating-a-bad-credit-mortgage.html