2007-08-04 06:00:15 · 17 answers · asked by dou89 1 in Business & Finance ➔ Renting & Real Estate
It happened to me I was forced to declare bankruptcy and it took 13 months before we had to move. During that time we save our money and and had enough to put on another smaller house.
2007-08-04 06:08:34 · answer #1 · answered by Anonymous · 1⤊ 1⤋
Do everything you can to pay your mortgage, McDonalds is always hiring . Seriously though do you want to have a foreclosure on your credit report for 10 years ?
Try to figure out how to keep your house
1 can you refinance based on credit alone and use equity to hold you over until he finds another job ( youll need to do this before you miss payments)
2 can you cut out the unneccessary expenses like cable , snack foods and single serve grocrey items, can you walk instead of drive , you can take away an insurance payment and gas by taking your car off the road ( provided he has a means of transport to job interviews)
3. Can you borrow from family ?
4. How much will unemployment pay
Generally foreclosure proceedings start after 2 or 3 missed payments. It can take up to a year to officially evict you and repo your home. But try to avoid that by any means possible. You can always sell your home for the mortgage balance. There are companies looking for distreessed homeowners . Look up Distressed homeowner and your state on the internet and you'll find a bunch of people with cash in hand to buy you out , some may rent your home back to you too so you wont even have to move out.
Good luck
2007-08-04 13:11:50 · answer #2 · answered by Anonymous · 1⤊ 1⤋
You need to be up front with lender. DO NOT seek help from anyone you do not know, who says they can help you. It is a shame how many lenders, brokers, and RE agents have scammed trusting buyers. That is why there are soo many foreclosures in our Nation right now. Try to have your husband get a new job or income NOW. Your home is your most valuable investment, well besides family, but you know what I mean. If you wish to dump home, because there is no equity in it, there will be in due time. Basically, it takes about 9 mo. for bank to foreclose. Seek advice from a Real Estate Lawyer also. Inquire about a short sale too, but the difference you save will be added to your earned income and you will pay taxes on that. Good luck
2007-08-04 13:18:58 · answer #3 · answered by Respuesta 2 · 1⤊ 1⤋
Ok you're in crises mode now but you can and will get through this. First apply for unemployment granted not as much as he was making but do able (was there) Next contact your mortgage company and explain the situation, it is possible that you could make interest only payments for a few months.While hubby is looking see if you can get a part time job somewhere. Next call the rest of your creditors and see if you can get a forbearance on any loans (you skip payments for a couple of months but the loans still accrue interest) if you can that saves your credit score. Worst thing to do is to not inform your creditors of what is going on. Most of them will work with you. Devastating? Yes! Insurmountable? No! Keep your chin up, get on the phone, hang in there, and best of luck to you
2007-08-04 14:19:42 · answer #4 · answered by Pengy 7 · 0⤊ 1⤋
Please don't go to those in here spamming for business.
Contact your lender right now and explain your situation. Hopefully they will accept short payments until he finds another job. Don't wait, now is the time to be proactive to save your house. If you have been a good customer, this should be an easy process.
Hopefully your husband is already looking for another job. If not, he should be.
Get out your bills and start calling those people too. Shut off the cable TV. Cancel your magazine subscriptions. Cut back on grocery spending. Coordinate errands trips and do them by bicycle if possible. Find out where all the money is going and make changes everywhere you can to cut back on spending.
2007-08-04 13:30:27 · answer #5 · answered by godged 7 · 0⤊ 1⤋
Depends on the mortgage company you are with. Mine will start foreclosure procedding if you are more than one month behind. You might want to look into chapter 13 bankruptcy, as soon as you file it will immediately stop all foreclosure filings and all debt collections, it is not alot to start it up and you will only have to make small monthly payments that you can afford and all debt besides things like your mortgage will be discarded. If you have no other options, it might be something to keep in mind. Good luck and I hope everything works out for you.
2007-08-04 13:05:36 · answer #6 · answered by sweetgirl 4 · 1⤊ 1⤋
contact the bank or mortgage holder and explain the situation and most of the time they will work with you and help you out. They'd much rather do that than have you go into foreclosure. Sometimes will let you make partial payments or interest only for so many months or give you a couple of months without a payment and tack it on to the end, etc...
2007-08-04 13:04:19 · answer #7 · answered by Jeff 4 · 2⤊ 1⤋
If you don't pay your payment for next 3 months, your bank will start sending you default notices... Now in 6 months from now, your house will be foreclosed and you will have to leave it...
Its always good to refinance before getting into such situation or sell the house. Refinancing is a good idea because you can get a power option ARM mortgage where you will have to pay very little payment for first 5 years.
Seeling is something you should consider when you are sure you can't refinance or afford payment for next 3 months and above!
I can help you with this!
Mohit Madaan
Loan officer
+1-718-775-3226
Mohit@ImpressiveLeads.com
2007-08-04 13:03:14 · answer #8 · answered by Thats_me 3 · 1⤊ 3⤋
You usually have to be 120 days late on a payment to start the forclosure. After 120 days late even if it is not showing on your credit report most lenders will consider it a forclosure and probably won't do the loan. Call your lender and ask for a forberance agreement if it comes to that point.
2007-08-04 16:44:07 · answer #9 · answered by lvdjf 1 · 0⤊ 1⤋
Is there a reason why you both can't work a lower paying job to not lose the house?
If you have children, there is no reason why one of you can't work days while the other works nights.
If you fall behind in your mortgage, you'll have a hard time renting..you need to figure out how to stay where you are.
2007-08-04 13:21:41 · answer #10 · answered by Expert8675309 7 · 0⤊ 2⤋
If you live in California please email me at ttiraturyan@yahoo.com I am a mortgage broker and I could check for equality in your house and based on your credit score put you in a loan program that would be much easier to pay. There have been 17,000 foreclosures in California this year so act as soon as possible.
2007-08-04 17:49:20 · answer #11 · answered by Tiko 3 · 0⤊ 1⤋