I am 5 months behind on mortgage. I have been in process of refinance for awhile and having a hard time with that. Credit score is 500 I have great income. Wife stays home. 3 kids ages 8,4,2 I am scared to death here. I have a co-signer available with a credit score in the 700's if needed. What can I do? I am desperate. PLEASE HELP!!!
2006-12-05 08:26:00 · 6 answers · asked by lilmomma25@sbcglobal.net 1 in Business & Finance ➔ Personal Finance
drop me a quick email... I have a few things to ask you. I may be able to do something..
info@valueinflow.com
www.valueinflow.com
2006-12-05 08:35:08 · answer #1 · answered by rmijares 2 · 0⤊ 0⤋
I don't know enough about your situation, but here's a question that may be helpful: Do you own a new car or a vehicle that you could downsize? Often people pay $600 or more per month on a vehicle when they could sell it and pay only $200 or less. Better yet, if you could outright buy an old car then you might not have any payments. That would hypothetically be $600 in savings per month to go towards a mortgage. Other than that, you need to get intense...have garage sales, sell things that you don't need online, get a second job. Pay off your debt, and check out the web site below. It changed my life. Dave Ramsey is a NYT best selling author who wrote a book called the total money make over. Buy it today!!!
2006-12-05 17:02:57 · answer #2 · answered by Ryan 2 · 0⤊ 0⤋
I'm not sure what you CAN do. I'm curious that you say you have a "great income" and yet your Credit Score is so low. Your co-signatur is probably not going to take it well, but the ONLY way I can see for you to save your house is to have him bring you up to date on that 5-months' arrears, and then make arrangements with him to pay him back as much as you can at a time, and resolve to keep your mortgage payments up from there on. He must have a lot of trust in you or he would not have co-signed -- unless that person is your father, in which case he must be pretty disappointed. You can restore both your credit, and your respect in his eyes, by making sure that you honor both your mortgage payments, and repayments to this person, until you are free and clear.
You and your wife also need to have a good sitdown heart to heart talk about a belt-tightening budget, so that not one single shiney dime goes out of the family earnings unless it is an absolute cut-throat necessity.
2006-12-05 17:20:39 · answer #3 · answered by sharmel 6 · 0⤊ 0⤋
if you have the safety net, use it, do still refinance, but don't wait until you are in foreclosure
2006-12-05 16:39:00 · answer #4 · answered by LatterDaySaint and loving it 6 · 0⤊ 0⤋
consult a credit counselor...this is what they are there for.....you can also contact a local realtor and they can probably help you also
2006-12-05 16:35:12 · answer #5 · answered by cookiesmom 7 · 0⤊ 0⤋
HERE: http://www.foreclosureassistance.com/
You should call right away!!!
2006-12-05 17:01:43 · answer #6 · answered by ALEGNA 3 · 0⤊ 0⤋