2006-11-17 14:47:36 · 12 answers · asked by howard w 1 in Business & Finance ➔ Renting & Real Estate
Get a second job, cut your expenses, rent out rooms in your house, sell some of your belongings such as your TV, cell phone, computer and couch.
2006-11-17 15:25:57 · answer #1 · answered by DebtWillEatYouAlive 2 · 0⤊ 0⤋
You do do not have many options to choose from.
You are required to pay your mortgage on a monthly basis because like any loan you are obligated to pay it back.
You should take a look at the agreement you signed with the bank when you first obtained your mortgage.
Over time, you credit will become problem-some and the bank by law can foreclose your house if you become extremely delinquent. And this will reflect negatively on your credit report too.
Think of if this way, You lend a friend $1,000.00. And you ask the friend to back it back in 6 months at an interest rate of 10%. You ask a friend to sign a promissory note and he agrees to start paying you back immediately. However your friend decides he does not want to pay you back and moves out of town leaving you high and dry. This money was from your savings and you cannot afford to keep putting money in your account to build it back up.
Now how do you feel??? Be honest. Well this is how banks feel too.
Contact the mortgage company and seriously inform them of your situation. This will show them that you are trying and possibly they will be able to help you.
Hope this info is helpful to you.
God Bless and I pray that you will find a meaningful way to continue to pay for your mortgage!
2006-11-17 23:01:34 · answer #2 · answered by ye 4 · 0⤊ 0⤋
Rent the house for the mortgage payments and move to something more affortable, get roommates, sell the house, or get a second or third job.Other than winning the lottery- those are your options!
You may also try calling your mortgage company and se if you can arrange something to pay "interest only" or whatever till you get omn your feet.
2006-11-17 22:52:00 · answer #3 · answered by Down to earth 4 · 0⤊ 0⤋
Lose your job? ARM jump way high? Why can't you pay? You should get in touch with the mortgage company. Call them! And before they have to take legal action. Believe it or not some will work with you. Especially if you have not been avoiding collection calls.
2006-11-17 22:59:15 · answer #4 · answered by SugarBear 7 · 0⤊ 0⤋
the roommates would work but don't get to the point of re-po then it's hopeless sell first
MOST IMPORTANT talk to your lender tell them the truth about your circumstances they don't want to re-po it cost them money
they can help in many ways - like taking interest only payments but they will only do so if you communicate before you get too far behind ( they can extend the loan length also and reduce the payments ASK THEM FOR HELP )
2006-11-17 22:50:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋
i am in the same boat. talk to your lender. get your financial information together( bills,pay stubs, bank info) and write a hardship letter, and send that to your lender. they have to work with you by law. if they wont work with you it will go into forclosure and be sold. depending on the state it could take 30 days to 6 months after the sheriffs sale for you to vacate. try to do what you can to avoid this humiliating time, it sucks when they come to throw you out.
2006-11-17 23:01:55 · answer #6 · answered by knowitall 4 · 0⤊ 0⤋
Increase your income
Decrease your expenses
Rent rooms out
Sell the property
Deed in lieu of foreclosure
Get foreclosed upon.
2006-11-17 23:44:17 · answer #7 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
pay what you can -do not stop paying. The bank will still get pissed off but it will be worse if you stop paying all together. You may need to negotiate with them. Can you rent to others?
2006-11-17 22:52:36 · answer #8 · answered by CAE 5 · 0⤊ 0⤋
rent out rooms or sell it
2006-11-17 22:52:27 · answer #9 · answered by scottb03gt 4 · 0⤊ 0⤋
sell before it gets repossessed
2006-11-17 23:13:43 · answer #10 · answered by Anonymous · 0⤊ 0⤋