What options are there to keep or home after being 2 months behind?

Question

We are 2 months behind on everything due to a job loss. Everything happened at once! Bought the home in Nov of 06', bought a new car in Dec of 06', Aqquired 1 credit card for 2500 in Jan 07. Took a perosnal loan for 5k in order to visit family in Europe, Expecting a child now in Sept - LAID OFF from work in Feb 07! Depleted resources to keep up with bills and now we are emtpy! If we don't do something soon, I fear the outcome. I do have new work starting in 2 weeks, but then there will be another 2week delay before pay rolls in. You see the porblem I'm sure. Of course we spoke to the mortgage company of course and all creditors infomred. Regardless that does not prevent negative action on their part. WE DO NOT KNOW WHAT TO DO!!!!!!

Answer 1

Life happens like that.

Do you have a 401(k) you can take a loan against?
If your credit card is not maxed, ask for convenience checks to get you out of the mortgage hole.
Call your bank and see what they can do for you.

Answer 2

First, make a list of your priorities. Mortgage is #1. Credit cards and unsecured loans are last. It would be better to miss credit card payments or unsecured loan payments and take the ding on your score than lose your house.


If you can make the house and car payment and keep the electricity on, then sort out the unsecured debt when the money starts coming in.

Before you let yourself lose the house, do a voluntary repo with the car and turn it in, if it comes to that. It will take the loan company a while to sort it out, and yes eventually they'll come after you for any negative equity, but atleast you wont lose your house.

Keep the loan/cc companies up to date and always let them know when to expect payments-- even late ones-- sot hey can note it on your accounts.

Answer 3

they want try and take your home until you are 120 days past due on your mortgage. so bout time you get paid you should be able to make a payment on your mortgage.