I need HELP with my mortgage payment?
Posted By admin on January 31, 2010
eripapito asked:
I bought my house on 4/06 it has a year already, in Florida the real estate business went down so what I paid for my house $235k is not the value of my house right now. My husband lost his job and was unemployed for a month, I called the mortagage company and I have a payment plan which I have to pay $390 extra every month, so I’m paying for my 80/20 mortgage $2523..Can’t sell the house, can’t refinance.. what I sould do? The payment is too higher for us… We have 2 jobs each one and it is not enough, I’m depress and I don’t want to loose my house.. what I should do?
I bought my house on 4/06 it has a year already, in Florida the real estate business went down so what I paid for my house $235k is not the value of my house right now. My husband lost his job and was unemployed for a month, I called the mortagage company and I have a payment plan which I have to pay $390 extra every month, so I’m paying for my 80/20 mortgage $2523..Can’t sell the house, can’t refinance.. what I sould do? The payment is too higher for us… We have 2 jobs each one and it is not enough, I’m depress and I don’t want to loose my house.. what I should do?
Which is more important? Your mental health or the house?
Walk away from it
sue the moragage company.
Sell the house, you can always buy again but why lose your peace over a place to live when you can’t afford to keep it. You can always save for another place when you are on your feet again. Rent with an option to buy a place.
Talk to the Lender.
You’re not the only one having this problem.
Talk to the lender and see if you can get a forbearance for set period of time. During this period you may not need to make a payment, but they will add allthose payments to the loan.
Give them a call, it’s worth a shot.
A Short Sale maybe another option. Contact a Realtor in your area.
Sell and move into a smaller house. I really dont understand….how if both are working 2 jobs each and still cant afford it…How was you affording it before….just barely it seems. Sell the house before your credit goes bad and you wont be able to get another house.
I’d say sell it, a mortgage company can’t tell you not to sell. It’s not up to them. Sell it and cut your losses. Find a place you won’t need to work two jobs, life is too short.
Contact an attorney and ask about what they call a Short Sale
I know you are looking for peice of mind, but you are really in a Catch 22. Damn’d if ya do, and Damn’d if ya don’t. Try to say a float on your mortgage. It has more bearing on your credit score than anything else. Try to consolidate any other debt you have. For example, put all of your revolving debt (credit card, charge accounts, etc) on just one card. Preferably with the lowest interest rate. See if you can’t lower your mothly out going payments as much as possible. If that doesn’t work, start looking for a VERY aggressive appraiser. What ever you do, DO NOT let them initiate forclosure. It is 10 time worse than Bankruptcy. But you are in a horrible situation. Have you considered renting the place? Do you think you might be able to rent it for 2k a month? If not, then the real question is why did you buy it in the first place?
Your options
1- foreclosure – this will severely hurt your credit
2- Tough it out- From your post this may not be an option. Look if there is anywhere else you can cut expense and make it happen.
3- Most places in Florida the market is crap so chances are you will not be able to get out of this house seeing as you have an 80/20 mortgage without bringing cash to the table (which it sounds like you don’t have) or making an arrangement with the lender(short sale).
Unless you make changes quickly, it sounds as if your only option will be foreclosure, which is probably the easiest way out. The problem is, it will take years to rebuild your credit.
Good Luck
hate to say this…but theres 2 million others, that have that same problem
in this country, today……..The U.S.