Who can help me from losing my home because I can't pay two mortages?

Question

My husband is in the army in Iraq. I had to move to my home town because I'm pregnant. I bought a house there because my realtor assured me that my first house near the military base would sell in a few weeks. I need 135k from the house to break even what I have put into it. I owe Sunflower bank 115K still. Unfortunately, I can't make 2 mortgage payments. The bank said they could do nothing to help. Is that right or is it just because I am a woman? They will not accept interest only even. What if I went a couple of months and didn't pay anything on the mortage? Or what if I just sent them $200 a month instead of the $900 that I owe? Thanks for your answers.

Answer 1

Your question regards very complicated and expensive matters that should only be answered by a professional (or two or three). There is the matter that you have two houses. The bank could place a lien against the one you have if you default on the other. There is the possibility that you could lose both houses.

You should contact your nearest base and ask if they have legal and/or counseling assistance. Most military bases have low-cost or free counseling and legal help for service members and their families.

Regarding the bank's response, yes, they were being honest with you, and it has nothing to do with you being a woman. Banks know that the real-estate market in the U.S. is tanking, and they don't have any need or desire to try to make special arrangements with you, in most cases. Most banks and mortgage companies have resigned themselves to allowing bad notes to be foreclosed upon. The bank doesn't have special funds, or any real financial interest, in helping you pay your mortgage.

I hope the house sells soon, because that would solve your problem. But remember, you need legal and other counseling to explore your options, because you don't want to create a situation in which you lose both houses. Contact the base tomorrow and start looking for help. Tell the base you want to know if they have legal assistance for military families, and ask if they have counseling assistance too. I suggest the counseling assistance, because they might be aware of financial assistance that would help you. Best wishes.

Answer 2

To start with, there is no way a Realtor knows how fast a house will sell. Sounds like they just wanted to sell you a home. If you are struggling with payments, talk to the Realtor where you have the house listed and let them know you will rent it out. They can help you with this such as finding a renter and collecting rent money for a small fee. At the same time, you still can have the house listed for sale with them. Main thing is getting some kind of income from the property to help you with payments until it sells. If things get real bad, talk with the Army Jag Office about your situation since your husband is in Iraq. Good Luck....

Answer 3

It doesn't have to do with your gender. It has to do with fulfilling your now overstretched obligations.

If you go a couple of months without paying, you are going to slowly erode your credit score. After 3 months of non-payment, the lender will start foreclosure. Same if you short pay.

I would suggest that you take what you can get out of house #1 and write this off as a bad lesson. And dump that Realtor that told you your house was going to sell quickly, that is a big leap to make with someone's quality of life. Or is it possible that you can rent house #1 until the market recovers?

Good luck to you.

Answer 4

Your first error was in taking on more mortgage responsibility than you could handle. And your realtor was a putz.

However, now that you have made the error, you need to find a way to handle it. Lower the price on the former house so you get out of it what you can. This is not the time to worry about getting back all the money you put into it. Take what you can get, and just make sure that you get enough net out of it to satisfy the mortgage holder.

Answer 5

You can ask for some government assistance from the state or federal government. They are pushing through some legislation to help people. You're right once a bank has a signed contract with you, they will not help. Realtors are there to sell you homes. They have no vested interest in you. You are money to them. Any real estate agent who assured you that your home would sell in this market is a fool.

Answer 6

The will not accept any payment less than the minimum amount due monthly. If they are unwilling to work with you on your payment you will have to find a way to pay, or sell quickly. You could also ask the government if there is any assistance for wives of someone serving over seas. Although I doubt it. Your best bet is to get a second job and stick it out until you can sell.
Good luck

Answer 7

Unemployment. ailment. ailment and medical expenditures are the wide style one clarification for extraordinarily own bankruptcies in this united states. persons have continuously lost houses from lack of jobs and ailment. it is merely that we've lost a lot more advantageous jobs, and medical expenditures are lots more advantageous. Banks used to paintings with a proprietor of a house to keep them of their living house till they could come back on their ft. Now banks pile on consequences and strengthen prices of pastime. Foreclose once they legally can. You lose the fairness you had, and also you lose the down fee on the living house. Then actual sources speculators purchase the living house inexpensive from the commercial organization, do slightly fix-up and promote it at a earnings. the international has replaced. it is all about being worthwhile for banks.

Answer 8

How much equidy do you have in your house by the base? How bout I give your 70K, you give me deed to you house. I feel badly for you and this is a horrible situation. Let me help. I have the money to you in a few days.