i can no longer afford to pay my house mortgage.
2007-12-23 11:50:54 · 10 answers · asked by cristina s 1 in Business & Finance ➔ Renting & Real Estate
The worst that can happen is that you will lose your house and all the past payments you have paid for it. In addition, your credit rating will go down and you will have difficulty getting loans in the future.
2007-12-23 11:55:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Well, let's see, they will take your home and you will be given a very short time to get out, your credit will be ruined, and if your house is not worth what you owe, you could still owe the mortgage company.
My best suggestion is try to figure out how to get your equity back like selling it before they foreclose or find out if someone can assume your loan and just take over the payments and maybe make a payment to you depending on your equity. You really want to figure out how to save your credit. Even your car insurance goes up if your credit gets bad and it will haunt you for a very long time.
I don't wish you anything bad but too many people buy more than they can really afford and then when anything happens they are just screwed. Sorry it's you but a house is a huge purchase and you need to understand the consequences of signing that contract before you sign.
2007-12-23 20:03:17 · answer #2 · answered by towanda 7 · 1⤊ 0⤋
Ok, all 5 of your current answers are correct, but lets see what I can do to help. First, have you even contacted the lender you owe yet? It is crazy but over 65% of the homeowners in trouble do not even contact their mortgage company and in many cases they understand and WILL help if you are persistant! If you have not contacted your mortgage lender, do so, now. The first thing you can do is contact the lender you owe the mortgage to and request for a forbearance, this is where they make arrangements to lower your payments to help you stay in your home. They will send you a package to fill out and see if you qualify. This package needs to be filled out correctly, showing them why you can not make your payments. Then, you can try to do a modification. This is where they add what you are behind to the back of your loan and re-adjust your payment to a new lower rate to help you stay in your home. Both of these will buy you time to sell your home and save your credit. If there is any equity left, many investors will give you some money to move and take over your payments.
2007-12-23 20:23:18 · answer #3 · answered by Sharon B 3 · 2⤊ 0⤋
i tell you call and look for help call mortage company and see what can be done I did not do that and I lost my home 5 yrs ago its a shame when you loose a home you put money into ,can you get a person to loan you money or rent a part of the house to make payments. if not maybe you can sell it private on your own so you will not loose. Hope all goes well
2007-12-23 20:24:16 · answer #4 · answered by neet 2 · 0⤊ 0⤋
You may be able to get assistance from a variety of federal, state and local resources. Among them are the federally sponsored rate freeze for some subprime ARMs, refinancing through FHA, and getting assistance from nonprofit organizations to renegotiate your mortgage. See the webpage listed below for details.
2007-12-24 20:24:55 · answer #5 · answered by Uncle Leo 5 · 0⤊ 0⤋
Your credit will be horrible.
You will have no where to live.
You will have just wasted all of the time and money you have allready put into the home.
You will not likely be able to rent anywhere, I know that my company doesnt rent to people with a foreclosure in there credit history...
it would screw a ton of things up, I would get to pulling whatever resources together you can find.
2007-12-23 20:01:03 · answer #6 · answered by This is harder than it looks? 6 · 0⤊ 0⤋
go to the bank tomorrow and explain what has happened. You might get some sympathy. Basically you need family to help or lose it all.
2007-12-23 22:18:06 · answer #7 · answered by Anonymous · 0⤊ 0⤋
remember that interstate overpass down the way? that will be your new home.
Merry Christmas!
Old Guy, Who paid more attention when getting a Loan
2007-12-23 20:00:03 · answer #8 · answered by Anonymous · 0⤊ 0⤋
you sleep on the street? perhaps you can find some tunnel where you can block the snow.
2007-12-23 19:54:45 · answer #9 · answered by papa 3 · 0⤊ 0⤋
Umm, well you have to get out, if not voluntarily then forcefully.
2007-12-23 20:20:03 · answer #10 · answered by ? 7 · 0⤊ 0⤋