Posted on: 10th Apr, 2011 04:13 pm
I'm currently in the military. I was planning to get out and had only 14 months left on my service commitment. I already had a job waiting for m in the reserves. However I was given an assignment at my 1 year mark and was told that I had to take the assignment and extend exactly one year or lose my option to join the reserves. I felt backed into the wall, so I reluctantly took the assignment. I had a mortgage on a condo,looks more like a townhouse, in the amount of 101,000. I purchased the home for 115K and put 14K down. It was a traditional loan and I had good credit. I didn't even have a bad interest rate. However my mortgate payment to include my HOA fees which were $320 made it impossible for me to be able to afford rent in Maryland where I was reassigned and in my mortgage in Florida. Feor almost a year I struggled to pay both rent in the new place and my mortgage. Eventually I had to stop paying my HOA fees. Then eventually I had to stop paying my mortgage. I sought military programs for help, but no one was able to give me assistance. I sought credit counseling and housing counseling and the best advice I got was to save cupons to save on grocery bills.
The fact was that I had always been smart with credit, I had no real debt and nothing substantial that really made me look as if I was in trouble, except the fact that I was only making $2,500 a month and had with $1,500 in mortage and rental expenses. So I stopped making payments when I completely exhausted all of my savings. I tried to do a short sale, but my home steadily declined in value from 100K to a whopping and unbelievable $17,500. It's really just sad. I had 6 offers for a shortsale and there were many times that I felt it was actually going to happen, however the HOA refused to forgive the balance owed on the HOA. So after 2 years of trying to sell and rent my home with no luck, my realtor dumped me and wrote me an email saying my home was no longer worth the effort. Now my mortgage company wants to settle the loan for $15K and I dont have the money. Does anyone know of any service or agency that I can seek out to help me? I tried to get a personal loan, but because I have a 180 late payment for my home, no one will give me one. I'm at a loss for what to do. Any help or advice would be great.
The fact was that I had always been smart with credit, I had no real debt and nothing substantial that really made me look as if I was in trouble, except the fact that I was only making $2,500 a month and had with $1,500 in mortage and rental expenses. So I stopped making payments when I completely exhausted all of my savings. I tried to do a short sale, but my home steadily declined in value from 100K to a whopping and unbelievable $17,500. It's really just sad. I had 6 offers for a shortsale and there were many times that I felt it was actually going to happen, however the HOA refused to forgive the balance owed on the HOA. So after 2 years of trying to sell and rent my home with no luck, my realtor dumped me and wrote me an email saying my home was no longer worth the effort. Now my mortgage company wants to settle the loan for $15K and I dont have the money. Does anyone know of any service or agency that I can seek out to help me? I tried to get a personal loan, but because I have a 180 late payment for my home, no one will give me one. I'm at a loss for what to do. Any help or advice would be great.
Hi nglover,
You can speak to your friends or relatives and check out if they can help you with a personal loan of $15k so that you can settle it and get rid of the mortgage.
Thanks
You can speak to your friends or relatives and check out if they can help you with a personal loan of $15k so that you can settle it and get rid of the mortgage.
Thanks