Losing My House

[Wired1]

Got the bad news yesterday. My loan modification failed because my house is worth less than I owe (2 years without a real job sucks). Going to a mortgage seminar and counselling tomorrow in hopes there's some way to keep the house. Thank God for my fiance, Ted. He's been my rock through this.

Anyone have some insight for me on how to save my house, aside from winning the lottery?

 

[Himark]

Make the payment, or let it go. If the payments are rediculous and the value is way short let the bank have it back. You can negotiate a short sale and try and save your credit, then go find a more affordable house that meets you income.

 

[DOO DAWG]

Very sorry to hear that. this economy sucks!

 

[tc_villain]

If you can still make the payment and ends meet, I say keep paying on it. The housing market will rebound, though it might take a few years, but it will. If its worth fighting for, fight.

 

[Jizzo]

Ive heard of alot of people, one of my friends included, that just stoped making their mortgage payment. Thats all, just quit paying it and get caught up on everything else. They are all so backed up with paperwork and everything that the forclosure process is taking them forever to deal with. Look into it. Its working for a friend of mine.

 

[SNOWMANN]

With some more info maybe someone can help or have some advice?

 

[milehighassassin]

Many have touched on what you can do.

1. stop paying on it, save X-Amount of money each month until you get evicted. Plusses: You pocket your mortgage amount each month, you live rent free for 2-12 months?

2. Talk with the bank, let them know you cannot pay the mortgage, try and work something out with them. Many banks would rather have someone in the house to take care of it, pay utilities, etc. If they kick you out, the house is empty and they have to cover everything, heat, upkeep, etc.

3. "give" the house back. This is similar to being forclosed on but your credit does not take the hit it normally would. You will still be hit, but not as hard.


I would see what they have to say tomorrow. Good luck, What doesn't kill you makes you stronger right?

 

[happylilcuss]

Great.. Just stop paying and let "the bank" take the hit.. Yeah right the bank.. Come on people the only ones getting hurt by people not paying their bills is US.. The tax paying public is the only one getting hurt by people walking away from their debt.. I am sure this will be the end of the good ol usa if people dont grow up and take responsibility for themselfs..

Also this is in no way a rip on the OP. I am truely sorry you are losing your home.. Keep working your butt off and keep paying your bill and hopefully things will turn around for you. Good luck.

 

[Himark]

Great.. Just stop paying and let "the bank" take the hit.. Yeah right the bank.. Come on people the only ones getting hurt by people not paying their bills is US.. The tax paying public is the only one getting hurt by people walking away from their debt.. I am sure this will be the end of the good ol usa if people dont grow up and take responsibility for themselfs..

Also this is in no way a rip on the OP. I am truely sorry you are losing your home.. Keep working your butt off and keep paying your bill and hopefully things will turn around for you. Good luck.

Sad part is the programs that are out there wont take effect unless you do quit making your payment. Its screwed up for sure.

 

[Gibsons]

do you have a spare room or basement you can rent out?

 

[milehighassassin]

Great.. Just stop paying and let "the bank" take the hit.. Yeah right the bank.. Come on people the only ones getting hurt by people not paying their bills is US.. The tax paying public is the only one getting hurt by people walking away from their debt.. I am sure this will be the end of the good ol usa if people dont grow up and take responsibility for themselfs..

Also this is in no way a rip on the OP. I am truely sorry you are losing your home.. Keep working your butt off and keep paying your bill and hopefully things will turn around for you. Good luck.

I hear what you are saying but there is a reason loan forgiveness, bankruptcy, foreclosure, etc are all in place.

It is to get people back on their feet. There comes a point when a person/family can no longer keep up their debt obligation. Their choices are slim and these programs make it so they can continue to contribute in society. Without them we would no doubt see people just give up altogether. Large companies take advantage of this all the time, these companies hurt "the people" way more than individuals do combined.

Things change in people's lives, if you can't make the payment you can't make the payment. Many people have lost jobs, or had special circumstances (medical bills are the reason people file for bankruptcy something like 60% of the time).

There are people that take advantage of the "system" but no system is free of abuse.

 

[Mafesto]

None of us are walking in your shoes, so there are certainly details none of us know.

However, you are asking our opinion........like it or not, here's mine.

Before you fail to fulfill the financial obligation you agreed to when you signed your mortgage......GET RID OF......
Cell phones
Cable/satellite tv
Internet
Toys
Booze
Tobacco
ANYTHING that is holding you down financially.
Learn to eat cheap.

Your children & friends will respect these actions.

 

[mikew5945]

None of us are walking in your shoes, so there are certainly details none of us know.

However, you are asking our opinion........like it or not, here's mine.

Before you fail to fulfill the financial obligation you agreed to when you signed your mortgage......GET RID OF......
Cell phones
Cable/satellite tv
Internet
Toys
Booze
Tobacco
ANYTHING that is holding you down financially.
Learn to eat cheap.

Your children & friends will respect these actions.

I agree.
Remember what we lived on in college?
Is it a need or a want?
ANYTHING is the key. Two minimum wage paying jobs equal anything.
When you married you said "for better or worse". Think of it the same way with your financial obligations.
If it is not part of your survival gear, sell it and pay down your debt.

 

[Skogen]

None of us are walking in your shoes, so there are certainly details none of us know.

However, you are asking our opinion........like it or not, here's mine.

Before you fail to fulfill the financial obligation you agreed to when you signed your mortgage......GET RID OF......
Cell phones
Cable/satellite tv
Internet
Toys
Booze
Tobacco
ANYTHING that is holding you down financially.
Learn to eat cheap.

Your children & friends will respect these actions.

Good advice above.. I would say walking away from the mortgage should be your last option.

Talk to your banker, talk to LOTS of bankers. Many different banks or state banks have different programs. Sometimes the lending stipulations are hard to get qualified for, but it is worth a try.

Keep your chin up. Best of luck.

 

[snowmobiler]

nowadays you need internet to find work and sell your stuff

Internet

 

[whitegold46]

nowadays you need internet to find work and sell your stuff

Most public library have internet.... even the grocery stores up here have free internet with their coffee shop... just sayin'...

 

[snowmobiler]

true.but then you spend 5 bucks in gas going there everyday.unless your close enough to walk.

 

[mastertech]

None of us are walking in your shoes, so there are certainly details none of us know.

However, you are asking our opinion........like it or not, here's mine.

Before you fail to fulfill the financial obligation you agreed to when you signed your mortgage......GET RID OF......
Cell phones
Cable/satellite tv
Internet
Toys
Booze
Tobacco
ANYTHING that is holding you down financially.
Learn to eat cheap.






Im glad to see someone things the same as I do these days.. Thats hard to find!

If you have done all of the above and are truely a hard working person trying to do all you can. I would say walk away from it and get on with your life.. When your in that deep there is no way to get out of it when your paying every dollar you have/earn to pay for your house if your already going to loose it..

 

[harrysmith500]

short sale is the best way. Im neighbor is short selling his house and moving to logan into a much cheaper home where he has gotten a solid job.

 

[Mafesto]

nowadays you need internet to find work and sell your stuff

and how's that working out for her so far?