I am a single mother of two. In the past I have been using my tax refund to pay my homeowneres insurance but due to the increase I could not afford it. So I tried to get by saving what I had and coming up with the rest. But that wasnt fast enough for my mortgage co. And now I have to pay an extra $592.00 per month along with my mortgage for the next 10 months. Now what I did have save to get the insurance on my own has gone to them, and I cant afford to pay that extra money on top of my mortgage payment. I have been threatened with foreclosure. Any help will be appreciated.
2007-08-11 10:01:58 · 3 answers · asked by uh 1 in Business & Finance ➔ Personal Finance
Your insurance is 592 a month? That is not right, unless your home is a multi-million one.
You should always include taxes and insurance when determining how much house you can afford. You seemed to have skipped some of that. There are not organizations that pay bills for luxuries, and home-ownership is that.
You may want to borrow the money for now and sell your house, if you can't afford it now things will not magically get better.
Buy within your means.
2007-08-11 10:10:55 · answer #1 · answered by Landlord 7 · 0⤊ 0⤋
Maybe you should shop around for cheaper insurance.
Is the $592 for insurance that the mortgage company added because your policy expired? Perhaps you can get that cancelled by providing a new insurance policy.
Homeowners insurance shouldn't be that expensive. It really sounds like you have way more house than you can afford.
2007-08-11 11:43:21 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
if your insurance is 592 dollars a month -- you must live in the white house or buckingham palace. come on get real!!!
2007-08-15 02:59:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋