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Hi, Any advice would willkommen.Mein husband and I bought our first house last year for $ 286,500 you put 3.5% down and have reached our monthly payment is about $ 1950pcm the problem I lost my job in April and since we lived in savings and now not even a month break-even point. I save everything I can, but carry more than $ 400, my husband cut the credit. I want the house was as fast as possible, estimated at $ 294,000 and real estate agents as we have said, we should be happy with $ 289,000 it is very nice to talk to sell, but as soon as we pay the costs of agency costs 6% and probably close we do not move. We do not want to go into foreclosure, we currently have good credit and need to rent because we have no family nearby. I juggle all our bills and do not know where to go from here to there. I have a bank that does not speak a short sale, it seems that our only option is to pay the mortgage and seizure. We do not save enough money to make us more setzen.Nur almost to notify you when you tell someone, look for another job that I tried to take on Avon wants to do, but I ‘m in the seventh month of pregnancy and did not know what would happen. I want to sort them.

6 Thoughts on Mortgage / A debt counseling?
  1. Reply
    January 7, 2013 at 2:38 pm

    Welcome to life. Bad things happen to good people.

  2. Reply
    January 7, 2013 at 2:39 pm

    You can also look into to renting out the home, using the rental income to pay the mortgage. Then move into a rented apartment or cheaper home for the time being to lower your living expenses until you are able to find a job and get back on your feet financially. At that point, you could let the lease on your home expire and move back in, or look into selling it.

  3. Reply
    January 7, 2013 at 3:33 pm

    Avon is not going to do a darn thing for you.
    At most, you will be able to buy a dress once a month.
    Most people end up spending more on gas or parties than they make.
    And don’t fall for online work at home scams. They are all scams.

    Have you contacted your mortgage company?
    There are federal programs in place to help you out.

  4. Reply
    January 7, 2013 at 3:50 pm

    First thing I would do is ask family members to help me out each month for a while. If you had 4 family members willing to lend $ 100 a month you would get to breakeven. 8 people at $ 50 a month would get you there too.

    Your husband should try to get a second job, at least until the baby comes. 20 hours a week @ minimum wage would bring in more than $ 400/month after taxes.

  5. Reply
    January 7, 2013 at 4:47 pm

    Try to refinance with a FHA streamline rates are much lower than last year (historical) and in some cases income (verication) is not needed and there is no out of pocket cost unless an appraisal is needed. Hopefully that $ 400 can be absorbed with a reduced mortgage payment to weather the strom and employment can be secured. Onwards and Upwards good luck

  6. Reply
    January 7, 2013 at 4:58 pm

    If you cannot afford the payments, then your best course of action is to sell the property. Although you spoke to the lender about a short sale, and were rejected, I recommend that you speak with them again. A refinance will not help you, because you already have taken the maximum time frame and have paid back just one year’s worth of principal. Also a FHA streamline refinance comes with hefty upfront fees.

    Here is you best plan of action:
    1. Budget out the difference of renting versus the your mortgage payments. You should be able find a more affordable rental which will be less than your current housing costs, including principal, interest, property insurance, property tax, and mortgage insurance. Some of this savings can go to pay off any balance and part to cover your monthly budget.

    2. Budget out the amount of money you will be short if you sell the property. Work out with your real estate agent a discounted fee. Based on the numbers you provided, you should be about $ 10,000 short (or less if you get the discount and more than $ 289,000).

    3. Find out if you live in an anti-deficiency non-recourse state, such as California. Check out the table at page . If you will not be liable for any deficiency balance (and if so, check with your tax professional any tax obligations that might rise), then you will be in a much stronger bargaining position.

    4. Show your numbers to your lender. Explain, that you cannot afford to make your payments. You should be able to show him your monthly budget, the projected shortfall and the amount of money they can get by allowing you to sell the house. Then, you can work out with them an unsecured loan for the balance, which should not be too large. Strive to work out reasonable and affordable payment terms, over a 3-4 year period, with a prepayment clause (no penalty).

    5. Do not be tempted to take short term expensive loans, such as payday loans to make up the shortfall. This will only land you deeper and deeper into debt.

    By preparing a detailed and well organized plan, you should be able to convince your lender to make a short sale. After all, foreclosure will bring less money and is an expensive process.

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