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Additional Details
We're moving from a semi to wait in rented for the ideal property (hopefully) a detached in the NW of England. From the answers so far, doesn't look like I ... |
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 WHAT ABOUT THE ONES THAT ALREADY LOST THERE HOMES? I WAS A HOME OWNER FOR 12 YEARS I WANT MY HOUSE BACK. HELP? |
I WORKED HARD FOR MY HOUSE AND I COULD AFFORD IT TOO.
I THINK IT IS MY ERROR BECAUSE I LACKED KNOWLEDGE OF ARMS AND HOW SUB PRIMING WORKED. (MY FAULT).
BUT I AM NOW LIVING IN AN APARTMENT ... |
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My tenant has not paid their rent, they are past the due date and they will not return any calls what can I do.
Additional Details
Thanks responce.
The tenent is a mum of 2 going ... |
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jburb | ANY ADVICE??? we currently are buying a house that we can not afford. We have an arm and are currently? |
paying a 10.5 interest rate. we are three months behind. we were working with our mortgage company to get the rate lowered then our loan was sold. when we bought the home it was based on all of the overtime that he was getting and now is not and there has been an addition to the family.(please don't preach on birth control) things are not going to well at his place of employment and don't look to get any better. fha will not help us do to the fact that we are behind. this new company that we were sold to only has the options of a deed in lieu or a short sale. my husband doesn't want to do either one. we owe more than what the house is worth sooo... it is not logical for me to get into the workforce because of daycare expenses, i've been out for so long and i also home school our children. if anybody has any suggestions please i have an open ear, i don't know how much more i can take
Additional Details
ok i guess i need to clarify a few things. we have 4 children. we are ready for out children, we did not base it on the ot, we made it very clear to the broker that ste pay stubbs that she was seeing had a lot of ot on them. no it is not logical for me to work in the evening because i nurse our baby and no pumping is not an option. the hours of his work day vary so we never know what his schedual will be. there is no "forcing or making" him take a second job he is willing to do that but cant due to his current job and no he cant quit his current job and find a new one because he is in contract with them. I'm not trying to sound like a bich or post a rebuttle to everyones advise i just feel that i didn't clarify everything that i needed to. also i just found out that the people that our loan was sold to is not actually a "mortgage co" per say i don't quite understand it but they don't have a mitigation dept. they are i guess the way it was explained to me a collector. |
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Janet P
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It really sounds like you need to force your husband to take a second job if you want to keep the house. To say "we want to keep it, just not pay for it" isn't going to work out very well for you.
If your husband does not want to work two jobs so you can stay home with the kids you should due the "deed in lieu" and rent something that is in the income level you and your husband are willing to earn. The foreclosure will hit your credit rating harder then just giving the house to the bank, increasing the odds of you renting a half way decent place. |
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Tim
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Since your husband is not getting the OT that was expected, why not get a second job. Or while he is home to watch the kids at night, you could get a job?
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chris b
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I would pick up whatever work I could. I feel bad for you guys only because you have a kid to feed. You should be doing whatever you can to make your bills and feed your child. I know saying this won't help any but you should never buy something like a house relying on someones overtime money. I purchased a home 2 years ago with my wife and we set our budget for what we thought would be the lowest of our incomes combined no overtime we even added what we could to the down payment so we shouldn't have any problem with our bills in the future. We do get overtime but it's to risky factoring that in as guaranteed income. Also how is it not logical to join the work force I mean I can see if you don't want to because some people don't want other people looking after their kids but if you figure that child care is about $600- $1000 a month you should be able to find a job that makes that a month. If you are not financially ready for kids birth control is the best thing for you. I say rent the house out and move in with his or your parents to help save money for the time being. |
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Dan B
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Unless the lender is willing to work with you then you're going to lose the home.
Contact the Loan Mitigation Department and be persistent, but not belligerent. You may have to make a few calls until they are willing to talk. They might say that since you are behind, they can't work with you. However, if you are not behind, why would you have to call them in the first place unless you knew in advance that there's going to be a cut in overtime and other income?
They'll want proof that you can't afford the payments - pay stubs, bills and other debts, etc. They'll run a debt to income to disposable assets comparison to determine if the process will work for THEM. They don't have any interest in allowing you extra money for a boat or better lifestyle. So, any of these things will have to be discarded. Two cars? Unload one of them. Things like that will be considered.
You'll probably lose all of the equity you've built up in the home, but that may be better than losing the home. A new loan will have to be drawn up with new terms, expenses related to a new loan, and such.
Good luck
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I Buy And Sell Houses
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Let's take this logically.
You've got more money going out than coming in. That means that if you want to retain your home, you either have to reduce your expenses or increase your income. Presumably you've cut expenses. Cut them some more. Then increase income. You say it doesn't make sense for you to work. OK. Then hubby has to do it. And if the overtime isn't there for one job, then he needs a second job. Or...he watches the kids while you work. That way you eliminate the need for daycare, and he gets to spend quality time with the kids.
So: To retain your house, cut expenses and boost income.
To avoid foreclosure: Hubby doesn't want to do a deed in lieu of foreclosure or a short sale. Tough. You were working on a forebearance or restructuring. Are you absolutely sure those are no longer possibilities? Keep pestering the mortgage company to try to get one or the other. If you can't get a forebearance or restructuring, and if hubby won't do a deed in lieu of foreclosure or a short sale, then you're just a couple of months away from foreclosure.
Oh, and if anyone posts any "suggestions" here about work at home schemes, or earning money with computer surveys...or says they know a lender who'll lend money...ignore them. That's just not going to happen.
Hope that helps. |
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spoildrotn
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find a really good agent and put the house up for sale. try to sell asap!!! If you owe more than its worth, thats better than owing the entire amount. Secondly, try to find work out of your home. I work for westathome.com but it can take up to months to hear something back. try chacha.com also...you could also take a night shift while your hubby is home.
Things will be hard for a little while but there is light at the end of the tunnel. You may have to rent something smaller until you crawl out of this hole. Hang in there!!!! |
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Valuation Expert
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Selling your home at this point is probably not a good idea. It will cost you more to engage an agent and attempt to sell your home on the market now. unless you can afford to hope for another 6 months that it will sell and at a price that will allow you out. Being that you owe more than its worth this can really only be a hope, because an informed buyer will be aware of this.
A short sale is one way for you to get out. Essentially the bank will look to get the liquid value of the home. That is enough to cover their costs. You lose whatever equity you had in the home and the home itself, but you don't have hundreds of thousands of dollars following you around. This might not be an option, depends on your specific numbers and lender requirements.
Picking up additional income where available is best and save for the inevitable. I don't mean to be a negative Nancy, but you have to prepare for the worst. You shouldn't feel bad or down on yourself here, a large percentage of our country is in the same spot you are. If the only road out is foreclosure or giving up the house voluntarily, then plan for it. Assuming, since you're 3 months behind, you have some additional cash that isn't going to the mortgage, put it towards a new lower cost rental.
I came up in a single parent family and my mother often worked 3 jobs to keep us, 4 of us plus her, fed and clothed. Took a toll on her mental state, but we got through it and together. Take advantage of your dual income producing capabilities, if you're teaching and caring for the kids, then maybe your husband needs to step up and work some more. Divide the responsibilities so that no one is more taxed than the other.
Good luck and hang in there. |
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elisabeth h
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I agree with the idea to sell the house and downgrade. Either get a smaller house or staying back with parents. THey can help you to take care the children and you can start to get into the workforce. You can start from a part time clerical job or sales assistant. If you have certain skill maybe can do a small scale business at home like sewing service, home bakery or something?
Another option is to rent out part or whole house. Maybe this can help? |
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Jay S
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You may want to try a loan modification company.
The one I am familiar with uses lawyers to scare the lender into working things out. They will request a copy of your file for a forensic audit to determine if you were properly disclosed when you closed your loan. If not, I have heard of cases where lenders were required to forgive the balance of the loan and in some cases pay back some fees. |
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RM
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I assume with a new baby you can't get a job. Tell your husband to get another job- especially since it's close to the holidays everyone is hiring extra help. Or have him babysit at night while you go and work. No reason to use loss of OT as an excuse for not making your mortgage payment. You need to get caught up on the back payments ASAP.
If you're already 3 months behind and can't catch up soon your lender will foreclose on you. Short sale is probably your best option if a lender won't work with you. You should contact a lender the minute you know you won't be able to make a payment- don't wait until you're 90 days late to negotiate... by that time the foreclosure ball is already rolling |
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kurtwascool
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If you lose your home to foreclosure...fight it on the basis that the bank did not give you proper consideration for your mortgage. Banks make money out of thin air. The bookkeepers for the banks just add your loan to the books and then they create the money out of thin air and keep their money without loaning to you at all. They just make more to cover the cost of the loan. This creates inflation. In 1964, this was declared unconstitutional and void.
First National Bank of Montgomery vs. Jerome Daly
Read the case. Maybe you can do the same thing. I believe that everyone facing foreclosure could do this, and eventually fix this system and enlighten people enough to back the dollar with a real asset again. |
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Freedom
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You will have to make some sacrifices.. You will have to sell the home for a loss and you shouldn't have bought a house based on overtime. I hope you understood what an ARM loan was before you purchased the house because that is personal responsibility. You couldn't afford it in the first place so you thought getting an ARM loan would cheapen the mortgage but you only get for interest for about 2 to 5 years then you have to pay extra costs because you didn't pay the mortgage itself. You will have to put your kids in school and get a job if you want to keep the house and your husband is not making enough money. And it's never too late to go back to work or to school. Wal-Mart or any other retail store is a starting job until you can get a better job. Or your husband should get a second job if you decide to stay at home.
If you sell your house at a loss you can pay the banks back the loss, but if you foreclose you won't be buying a house for 10-15 years. So it's better to sell it for a loss then lose everything.
That is reality people are dealing with today. I'm sorry you are going through a tough time, but you either have to work and put your kids in school or you have to sell.. |
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Pengy
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If in three months you could not come up with 1 mortgage payment lets face the facts, even if the interest rate was lowered to 2% you could not afford the house. The banks know this, you need to accept the fact that it is beyond your ability and move on from there. |
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Alterfemego
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Well, let's start with trying to find some help. HUD approved this non profit to advise homeowners in your situation, call them today! 888-995 HELP. Talking directly with lenders loss mitigation department also. Have you checked with other lenders to see if you could refinance to a lower rate and still afford the payments? Not sure of your husbands hours, but maybe you could consider a part time job in the evenings to help supplement, that way your husband could take care of the kids and you wouldn't have daycare costs. You might have to try selling the house. If you do, find a Realtor that is familiar with short sales and for closed properties. They have the expertise to work with lenders, most Realtors don't have that. It's important.
The chances are that you may received a knock on the door shortly and find the sheriff with notice of default. Don't panic, it's his job and he can't advise you one way or the other. But make careful note of when the sheriff sale is. From that date forward you will have six months to either redeem the property by paying all back mortgage amounts, plus fee's etc. or you can live there rent free for six months and let the house go back to the bank. That way you can save a few dollars, it gives you time to locate a place to live.
There are some options for you. I hope it helps. Try not to get too stressed out over this, there are millions of us going through a very similar scenario. Hugs to you and your family! |
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lonnie w
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A deed in lieu is your best option. It means that you can walk away from your home by just signing over the deed. No future problems. I suggest you deed in lieu and move out. If you cant afford it then you need to move where it is more affordable before the lender forecloses on you. You should contact an Atty. |
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Deborah Kirk
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Hi
I saw your question I have decided to help people out due to the fact that I myself has been scammed twice by fake lenders in my search for a loan but at last I got a reliable lender that gave me the loan($60,000 USD) that I was in dire need of even with a bad credit. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email address charles_lenders@yahoo.com Please tell him that Deborah Kirk he gave out a loan to me even with a bad credit. I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him.
Thanks.
Deborah Kirk |
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