Posted on: 09th Jul, 2010 03:38 pm
wife and i out of work for 14 months. car was repossed,paid taxes for house, owe 80,000 on a house that is worth about 60,000 (56,000 mortgage, rest credit card debt and new roof loan on the house)
we have started to work again and saved some money, but don't feel the house is worth saving now.
help! we will never get out what we have in the house, new furnace, roof, drainage and few incidentals.
we have started to work again and saved some money, but don't feel the house is worth saving now.
help! we will never get out what we have in the house, new furnace, roof, drainage and few incidentals.
You need to do a loan modification first, after you are done with the modification you can proceed to do the bankruptcy. Let the debts collectors do their job and let them bother day and night, but please save your house. If you do the bankruptcy, first the lender will not want to talk to you and then you will lose your home.
Call your lender and tell them your situation, they need to give you all the options available, there are many today. When your loan is modified, they add whatever you owe to the loan amount. Today they have the home affordable plan modification (2%) available and if you receive help from your family to pay your mortgage or rent a couple of rooms you can count that income to qualify. Please do no stop fighting for your home, you need to be very aggressive with the lender and keep insisting. Most of the time the customer service people that answer the phone are very incompetent and if you dont get the right person to answer your call you lose your home. It is sad but true. By law, they have to let you know about the options available. Please dont give up.
Call your lender and tell them your situation, they need to give you all the options available, there are many today. When your loan is modified, they add whatever you owe to the loan amount. Today they have the home affordable plan modification (2%) available and if you receive help from your family to pay your mortgage or rent a couple of rooms you can count that income to qualify. Please do no stop fighting for your home, you need to be very aggressive with the lender and keep insisting. Most of the time the customer service people that answer the phone are very incompetent and if you dont get the right person to answer your call you lose your home. It is sad but true. By law, they have to let you know about the options available. Please dont give up.