In Feb i lost my job due to buyout, tried new career thru mid aug w/limited sucess and no $. Severe illness limited work and now the housing market has bottomed out. Thought spouse was helping take of bills only to find out spouse was taking care of herself, she left , left me w/kids, pets, bills and illness w/no $. I have alot of equity but w/poor credit rating and now seriously behind conventional loans are out. Any ideas?!!
2006-09-27 12:18:31 · 4 answers · asked by gullible 1 in Business & Finance ➔ Personal Finance
Put your house on the market and sell it as fast as you can. Once you sell it move into a small apartment and build up a 3-6 month emergency fund. I hope you can get that from the sell of your house. Hopefully that will give you time to get over your illness and find a job. You do not want to go though foreclose with your kids and be kicked out on the street which will happen.
2006-09-27 12:25:34 · answer #1 · answered by remanagermark 3 · 0⤊ 0⤋
If you have no income, you will not be able to refinance, and even if you did, you would be back in foreclosure fairly soon.
If foreclosure has been started, you should talk to a bankruptcy lawyer about a Chapter 13 with a plan that proposes the sale of the house and paying off all creditors.
If you have some wiggle room, you should apply for SSDI and SSI if you have not already done so.
You may find some help from your church or town organizations. Talk to your friends and town officials.
File for divorce or separate support from your wife, with a motion for temporary orders of support. NOW!
2006-09-27 19:37:00 · answer #2 · answered by thylawyer 7 · 0⤊ 0⤋
Seriously? Ditch the house. Really.
If you have a lot of equity in it, sell it and downsize to something more reasonable. The housing market hasn't really "bottomed out" so much as it has "topped out". And that's just as true for a house you're buying as for one you're selling. If it's a disadvantage one direction it's an advantage the other direction.
Sell it, take the money and get something smaller before your wife comes smelling after the cash.
2006-09-27 19:28:44 · answer #3 · answered by Anonymous · 0⤊ 0⤋
what you do is SELL THE HOUSE
and look for a smaller one via Pre foreclosure or REO sale
in other words you can get the same home for less IF YOU DO YOUR HOMEWORK
you have equity so that helps A LOT !!
when you sell the home
DO NOT ALLOW THEMM TO KNOW THAT YOU ARE DESPERATE NEVER NEVER EVER!!
keep that in mind
2006-09-28 03:59:26 · answer #4 · answered by Scanless1999 3 · 0⤊ 0⤋