I was diagnosised with cancer in April of this year and have to undergo to different surgeries thus causing me to lose my income. Due to the excessive medical bills we are currently behind on our mortage payments and are facing a possible foreclosure. Is there anyway to keep our home and be able to get our payments back on track? We are finally getting back on track but still cannot make the back payments. We are still living on my husbands income alone. Help!!! I have no idea what to do or where to go for assistance. We have 3 children and do not want to lose our home. I have checked here locally for assistance and have come up with nothing. Any suggestions would be helpful. Thanks and God Bless!
2006-09-16 19:59:23 · 9 answers · asked by ByGod'sGraceWe'reSaved 1 in Business & Finance ➔ Renting & Real Estate
In order for your lender to be of some help to you, the situation that cause or is causing you to be in foreclsoure has to have changed.
In order for your lender to be of help to you you need to call them and explain your situation to them. Ask if they can be of any help to you so as not to lose you home.
Ask them for a forebearance agreement. This agreement will basically call for you to make the back payments up in small monthly payments at a payment you can do in addition to your regular monthly payments.
This agreement can last from 24 months to some where around 48 months. Make the best deal you can so you can afford the two payments that you will be required to make.
It will be sort of like you now having two (2)mortgages
They might also have other programs for you to consider, so make sure you ask if there are others. If you don't get the response you want from the first person you speak with ask for a manager. Failing to reach an agreement with a manager ask for a supersvisor.
You have to remember the mortgage company does not want your house. They are in the business of lending money not managing or selling houses. They already know you and would rather keep you as a client. Keep asking for someone until they agree to make an arrangement with you.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2006-09-16 20:37:09 · answer #1 · answered by Skip 6 · 0⤊ 0⤋
Hope you're beating the cancer!
First off, contact your mortgage holder and explain your situation. Most of them have no desire to forclose and will work with you as long as you stay in touch with them! If you are in a position to make your current payments, they will often accept partial payments towards the arrearages to avoid foreclosure. And I've know some who will waive the late fees as well if you have a good reason; and you certainly do! I even knew of one who rolled the arrearages to the back end of the loan for a friend in similar circumstances. That added a few years to her mortgage, but brought her up current virtually over night. The worst possible thing that you can do is to not contact them. If they don't hear from you, they'll just figure you as a deadbeat and foreclose. Don't let that happen!
When the choice is medical bills or mortgate payments, ALWAYS pay the mortgage! You can file bankruptcy and still keep your home most of the time. This will make the medical bills go away but at least you will still have a roof over your head. Food and shelter have to come first. Medical bills and credit card payments go to the back of the list every time!
Good luck and God Bless!
2006-09-16 20:23:44 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Before your bank starts a foreclosure, call them up, explain the situation and see if they would be willing to roll the back payments into the loan and you will continue to make payments. They might even be able to work out a payment plan for you. If they are not willing to do this and you have equity in the home you may try to refinace with another bank. Your interest rate will likely not be very good though since your missed payments will show on your credit report.
If all else fails attempt to sell your house with a Realtor. They should be able to help you with any questions you have. If you have no equity in the house, you may still be able to get an offer on the house and negotiate with the bank to accept it as full and final payment.
Of course, I'm not a lawyer and if foreclosure is the direction your going, your going to want to talk to one.
2006-09-16 20:10:17 · answer #3 · answered by Spencer B 2 · 0⤊ 0⤋
hard to answer not knowing where you live, there is no quick fix that i know of. One solution is to call up a home vestor. Some will help by basically buying the home from u, but allowing you to still live there and pay the mortgage. then the will sell u back the house when you are able to take the responsibility back. Some only charge the buying and selling commission which u don't pay. It comes out of the loan. And some take the equity.
or refi with what they call a rap around. you pay less then what the interest is and the rest goes to the back of the loan. short term solution
2006-09-16 20:16:13 · answer #4 · answered by puck 1 · 0⤊ 0⤋
Due to a medical hardship, you should be able to get on a repayment plan with your lender. If you visit our site: www.KCHomeSolutions.biz, then you can browse the site for some answers. Since foreclosure is a complicated situation, the available remedies are different for each individual.
You can call us, and I'd be happy to answer any questions you might have.
2006-09-18 04:07:10 · answer #5 · answered by Pat F 3 · 0⤊ 0⤋
Most financial institutions will allow you to pay the monthly interest only until you get back on your feet, Have you asked them? If they say no ask why not? The interest is their primary concern, they have your property as collateral so why not? Good luck and stand up for yourself.
2006-09-16 20:11:17 · answer #6 · answered by patti duke 7 · 0⤊ 0⤋
Call me tomorrow morning. I'm a loan consultant and can sometimes make some magic happen. tollfree at 8005469080 ext ension 199
here is my companys website www.equityconsultants.com
2006-09-17 17:05:24 · answer #7 · answered by Robert s 1 · 0⤊ 0⤋
of course the only way is to pay the bill. but if its ain't possible for now, why don't you ask for a time, or maybe sign a promissory since anyway your excuse is valid.
2006-09-16 20:05:59 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Call an attorney.............. there are many good ones out there who truly help people. I am not an attorney. I hope all works out for you.
2006-09-16 20:25:19 · answer #9 · answered by ThomasR 4 · 0⤊ 0⤋