Both my husband and my income is less than our debts, this doesn't even include food and gas! All of this due to our cluelessness when we bought our home with no money down, 100% financed, 3/1 (interest only) ARM!!, that can not be refinanced because property values have gone down so much. Thanks in advance for the advice!
2007-11-05 05:04:13 · 10 answers · asked by enlforever91 1 in Business & Finance ➔ Renting & Real Estate
I look forward to some decent replies to this one. I am in the same boat as you. I'm told I could get a lawyer to fight my mortgage consolidation but who has money for that? They did not disclose a number of items in the loan.
See if your credit card companies and car loan holder will lower your interest rates or even stop interest from accumulating so you can get back on your feet. It has been known to happen. Tell them you are facing bankruptcy. They know if that happens they won't get a dime from you so it is in their best interest to work with you on lowering your payments.
2007-11-05 05:13:32 · answer #1 · answered by Deb S 6 · 1⤊ 0⤋
contact your mortgage company - they should be willing to work with you. they can allow you to do forebearance---this is skipping a few months (like 6 months) to get ahead. the skipped payments and a fee will be tacked onto the end of the loan --thus lengthening your loan.
also contact the national forecloure hotline 1-888-995-4673 ---this was set up for people just like you in this situation.
also -i agree - attempt to either consolidate your other bills or contact each creditor and try to arrange lower payments.
most important - stay in touch with your mortgage company---try not to let it go into default.
good luck :)
2007-11-05 05:27:17 · answer #2 · answered by Blue October 6 · 1⤊ 0⤋
A lot of people around the country are finding themselves in this situation. Luckily, the federal government just announced legislation to allow you to re-finance your home at a fixed rate.
Contact your lender for help - they should be able to help.
Most of all, don't try to "hide" from the problem. Your lender doesn't want to take your house away - they will help you if you let them know what's going on.
Good Luck
2007-11-05 05:08:48 · answer #3 · answered by bonybroad 1 · 2⤊ 0⤋
I don't remember the exact words I used in response to your original post, but this just adds to what I should have said in the first place: Wow! What a magnificent work you offer us! I can only imagine the effort your poem required, but its quality is obvious. Slavery is an abomination and, as your poem gently but poignantly shows, treating others as second class citizens is no better. If the ills of humanity really could be fixed with words, our world would be much closer to the utopia we want (and some imagine) it to be. But I say, "Let the words continue to flow!" Unexamined errors are unlikely to be fixed. Our words are beacons to illuminate the problems. Although I am not familiar with the processes you describe, I felt as if I could almost see the brick-making in action. The richness of your words is delightful. Terms like "pugging," "Temperer," and "clots" must now be added to my lexicon. Suggestion for your next epic: Perhaps it would be easier for you to do as two separate posts. For those of us who follow your work, that would be only a minor inconvenience (and worth the effort on our part). [And I assume you have corrected typos by now (Fnal vs. Final and integrel vs. integral)]
2016-04-02 06:26:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You either need to reduce your bills or make more money.
I had to do it myself, so I'm not telling you to do something that I wouldn't do myself.
Ways to make more money:
Both of you get second jobs. Also get higher paying jobs.
Rent out one or more rooms in your house.
Ways to save money:
Start selling your possessions. Sell all of your tvs except one. Get rid of extra furniture. Craigslist is great for this. Apply the money to your debt.
Sell one of your cars. Or sell both of them and buy one used car. Rideshare or one you you take the bus.
Eliminate ALL unnecessary bills -- including cable, magazine subscriptions. clothes shopping, extra insurance policies (such as AAA, policies on your cell phones, etc.) cell phone or home phone, home internet access, all dining out, gym memberships, eat meat every other day instead of every day, take lunch to work. Get library cards instead of buying books.
Reduce debt: Renegotiate terms on your debt. Go to Consumer Credit Counseling for help. Sell your house (short sale, which will mean taking a hit on your credit).
All of this will be painful, but if it will be easier and you will feel better if you take responsibility for this and take steps to get it all under control.
Good luck!
2007-11-05 05:18:32 · answer #5 · answered by rochelletherealtor 2 · 3⤊ 0⤋
Contact a Bankruptcy Attorney to discuss your options. Once you get over the pride factor of giving in to this, you'll realize that this may be your best solution. At this point, you can't do it alone.
Good luck.
2007-11-09 02:25:28 · answer #6 · answered by Anonymous · 0⤊ 0⤋
1. cut up the credit cards
2. cancel all that is worthless (cell, cable, internet, 3 way calling, newspaper, etc)
3. sell the house
4. stop buying EVERYTHING but food
5. start listening to Dave Ramsey to get out of the hole.
http://www.DaveRamsey.com
Listen to him for a week on the radio and he'll start to make sense. Even call him on the radio for more help.
2007-11-05 05:09:25 · answer #7 · answered by Anonymous · 3⤊ 0⤋
Start selling what you do not need. Sell your cars to get out of the payments, buy cheaper cars with cash. Get second jobs. See if you can rent out part of your house to help with the mortgage, even if its just a room to a student.
www.daveramsey.com
2007-11-05 05:07:49 · answer #8 · answered by sahel578 5 · 5⤊ 0⤋
Go to the Financial Peace University.
2007-11-05 05:14:33 · answer #9 · answered by Carl W 4 · 3⤊ 0⤋
welcome to the American dream.you and most of the country want to know what to do.well do what some have then fake a disability collect and live in a fixed income housing spending your disability check on booze and drugs blaming things on the government.
2007-11-05 05:10:08 · answer #10 · answered by mr. y 5 · 2⤊ 3⤋