Posted on: 06th Apr, 2009 04:20 pm
My husband just received notice that he will be laid off the end of May, we have no savings, the house is worth less than we paid 7 months ago; we put all of our savings into the down payment-it is all gone, we missed March and will miss April; haven't called wells fargo yet; we live in arizona; moving to another state; what should we do?
The most important thing to do is contact the lender as soon as possible to see if theyll agree to an alternative payment plan. In some cases, theyll offer a plan to make up the payments youve missed. Or they may agree to change the terms of your loan to something more affordable.
With so many people falling behind, lenders are swamped with calls. So you may want get in touch with a housing or credit counselor who can help you through the process.
With so many people falling behind, lenders are swamped with calls. So you may want get in touch with a housing or credit counselor who can help you through the process.
hi terry, im sorry about your husband being laid off. as far as the house. it just depends have they sent you any letters for being delinquent? i have heard of people that have there house being foreclosed that they stay in the house for months at a time before getting the 30 day eviction notice. if your really trying to buy some time, call the bank and ask for a loan modification. i think you have to call there loss mitigation dept? and you can always short sale the house which can keep you in the house for a while. it just depends on the bank..