I got behind on my mortgage when I had to send my teen daughter to a drug rehab. I have been trying to catch up but the are requesting almost $5000 before August 5th. My credit is horrible and I have no family or friends I could borrow this from. Does anyone know where I could get a loan with my horrible credit? I am able to make the payments now that everything is back to normal, just catching up is the problem.
2007-07-16 08:18:47 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Call the mortgage company and explain the situation and see if they can work with you, maybe stretch out the payments like you make a regular payment plus an extra hundred or two each month. Most times especially in todays market with all the foreclosure's they will be more willing to work with you, they lose more in foreclosing than working with you. If not call a consumer credit counselor it is possible that they can intervene for you. Good luck
2007-07-16 08:24:32 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
Your best bet is with your current mortgage holder, since you already have a loan with them. Do your best to explain your current situation, and be prepared to offer them a financial plan of 'catching up', meaning that you will pay your current obligations plus an additional amount along with that each month until you reach current status.
Most lenders would prefer to work with you thusly, rather than initiate a foreclosure, since that ends up costing them dearly in the long run.
2007-07-16 08:34:14 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Please do not take any loans from private lenders offering thier services. I was just in your shoes and got scammed. I got behind because I was helping my mother who was hospitialized and got behind on my mortgage payments. I was desperate and stupid and got money laundered through my account by these types of lenders. I called my lender to work out the past due payments but there also companies like ACORN that can stop the foreclosure and talk to your lender for you.
2007-07-16 19:30:36 · answer #3 · answered by ve25 1 · 0⤊ 0⤋
If you credit is horrible then making the payments would indeed seem to be a problem. Talk to your lender or file bankruptcy.
2007-07-16 08:22:31 · answer #4 · answered by Anonymous · 0⤊ 0⤋