Posted on: 01st Apr, 2010 04:00 pm
i am self employed in n ga in construction. no way anymore to make enough money to pay the bills. falling behind w mortgage co. family will put us up in miami so i can recertify my paramedics in july. should be employed w hospital in may.
will be able to start making payments to bank on house in may/june. they are foreclosing on us may 4th. should i try to work something out with them until we can get me working as a paramedic and can come back, or just declare bankruptcy. spoke with a loan modification "specialist" with my bank (gmac) but i don't think he is the right person to be dealing with. ie he spoke of clearing a repayment plan with a supervisor, but he said i needed 50% of the arrears as a down payment ( 12k behind, need 6k he said) then he would take it to supervisors who may or may not approve it. alos have a second with indymac and am behind with them for about $1500.
what do you suggest at this point. we are definately going to miami as the family will pay all living expenses and all tuitions to recert as a paramedic and even finish my last 6 months of my rn degree. just trying to figure the best way to deal with the house. we will be going down, but my adult son is planning to stay and can occupy the home while we are away.
thank you for your help!
will be able to start making payments to bank on house in may/june. they are foreclosing on us may 4th. should i try to work something out with them until we can get me working as a paramedic and can come back, or just declare bankruptcy. spoke with a loan modification "specialist" with my bank (gmac) but i don't think he is the right person to be dealing with. ie he spoke of clearing a repayment plan with a supervisor, but he said i needed 50% of the arrears as a down payment ( 12k behind, need 6k he said) then he would take it to supervisors who may or may not approve it. alos have a second with indymac and am behind with them for about $1500.
what do you suggest at this point. we are definately going to miami as the family will pay all living expenses and all tuitions to recert as a paramedic and even finish my last 6 months of my rn degree. just trying to figure the best way to deal with the house. we will be going down, but my adult son is planning to stay and can occupy the home while we are away.
thank you for your help!
Hi woodexpert,
As you would be able to pay off your mortgage dues from May/June, it would be a better option to speak to your lender and get a repayment plan. You can apply for a forbearance with your lender. Either the lender will reduce your payments or forgive the payments for the time being. Once you are employed, you can start making regular payments.
Thanks
As you would be able to pay off your mortgage dues from May/June, it would be a better option to speak to your lender and get a repayment plan. You can apply for a forbearance with your lender. Either the lender will reduce your payments or forgive the payments for the time being. Once you are employed, you can start making regular payments.
Thanks