2007-06-19 07:20:56 · 7 answers · asked by Matt 1 in Business & Finance ➔ Credit
Sounds like it is time to sell.
Call each mortgage company and get a forebearance which will place the next 1-3 payments on the back end of your mortgage (you won't have to pay for the next 1 - 3 months). This will give you some extra cash to bring your other debts into line during this time....best bet is to put the money you would have used on the mortgage into a savings account and hold it....as I will explain below
Next, if you do not need both homes, then sell one of them....the one with the most equity....... It is most likely that you have equity in both.......your homes most likely appreciated in value since you purchased them..... The only way to find out is have a realtor give you an appraisal to find out what kind of money you will have after sale and payoff of that mortgage minus fees/commissions.
Take the money from the sale and the money you saved during the forebearance to a refinance on the home you are keeping....place the money either in escrow (this will give you a cushion should you have payment trouble) or the best bet as a paydown of principal.
Now, your single home will be cheaper and you will have saved your credit.
2007-06-19 15:58:47 · answer #1 · answered by Jeffrey F 6 · 0⤊ 0⤋
It's time to start the process of repairing your credit. Usually companies charge hundreds of dollars to simply pull your credit and send correctly worded dispute letters—this is the key…..people will tell you that you can do this yourself for free but the truth of the matter is that the credit bureaus will throw your letters away or simply reject them. There is an easy to use online kit that will deliver the results you want available for just $19.95 at the source website. A similar kit is being sold via infomercials and radio talk shows for seventy dollars more but they try to solicit you repeatedly for other services after the fact.
2007-06-19 22:42:06 · answer #2 · answered by stephen l 2 · 0⤊ 0⤋
You are going to have to help yourself.
With that low a score and facing foreclosure already, no bank I know of will loan someone additional money to bail them out unless there is massive equity in the homes and you borrow against that.
2007-06-19 14:45:19 · answer #3 · answered by ? 7 · 0⤊ 1⤋
Your best bet would be to sell those homes (although the re-sale market is not good right now) for at least what you owe on them. Sell them and start over from scratch. Good luck.
2007-06-19 15:43:40 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I would think your options are limited to the guy on the other side of the Pearly Gates.
Good luck.
2007-06-19 17:42:39 · answer #5 · answered by acermill 7 · 0⤊ 0⤋
You need a financial adviser. They dont charge to assess the situation and can probably give you options.
2007-06-19 14:31:29 · answer #6 · answered by Barbarian 5 · 0⤊ 0⤋
http://www.suzeorman.com/index.cfm
It really wouldn't hurt to give this a try. She is the best!
Good luck and fortune...
2007-06-19 14:37:53 · answer #7 · answered by summersailing 3 · 0⤊ 0⤋