Posted on: 22nd Aug, 2008 05:37 pm
I bought my home 5/2005, and arm mortgage,my daughter's name is also on it. I am now in an upside down situation. I have worked three jobs to keep this house,and developed rheumatoid arthritis in the process. I put it on the market as part of the requirements of the lender for a loan modification,got zero offers,then the home insurance co. threatened to cancel for overexposure. I make too much money for chapter 7, and too little for 13 bankruptcy.No equity and I have run out of wiggle room, too much debt, living on credit cards in order to pay mtge. I am ready to walk, but with a conscience. I owe 398,000,and the house is worth approx 360,000 now. I cannot pay 8/08 payment, my 1st late payment.Is this the best way to go, I am past worrying about my credit,although I feel bad for my 25 yr old daughter.
Hi Marie,
Welcome to forums.
Do you wish to know whether deed-in-lieu can be an option for you? Well, it depends on what's your entire situation is like at the moment. You have only 1 late payment, is it? With a single late payment, I don't think the lender is going to accept a deed in lieu or any workout plan that you ask for. Usually they do wait for 2-3 months to check if you're at all not able to continue with the usual payments. However, you can still try and negotiate with the lender and find out what option he has to suggest.
Thanks
Welcome to forums.
Do you wish to know whether deed-in-lieu can be an option for you? Well, it depends on what's your entire situation is like at the moment. You have only 1 late payment, is it? With a single late payment, I don't think the lender is going to accept a deed in lieu or any workout plan that you ask for. Usually they do wait for 2-3 months to check if you're at all not able to continue with the usual payments. However, you can still try and negotiate with the lender and find out what option he has to suggest.
Thanks
I think i just got logged out!
I have the same problem as Marie. I bought this house in 2007. I'm in the military and I had to move out of my house in Texas, now I'm in Virginia. I emptied my entire savings account trying to keep this house. My credit cards are max and I'm behind so far one payment. I heading for foreclosure and I dont see no way out.
Hi nathaniel,
Don't lose hope just like that. I mean negotiate with your lender, tell him all about your exact situation, if at you wish to keep the home. When will be the home foreclosed? how much time is left for it?
"My credit cards are max and I'm behind so far one payment. "
That's just one payment but I think what's affecting you more is that you maxed out your credit cards and now you need to pay them off too. Isn't it so?
Look what I suggest is, talk to your lender about what options he can provide you with so that you can avoid foreclosure and save your home. After you get a workout plan, try paying off the credit cards by consolidating them. Well, you'll have to move step-by-step. I believe it's not that easy but not impossible either. What's important is whether you'd like to keep the home with you or concentrate more on paying off credit card debts.
Thanks.
Don't lose hope just like that. I mean negotiate with your lender, tell him all about your exact situation, if at you wish to keep the home. When will be the home foreclosed? how much time is left for it?
"My credit cards are max and I'm behind so far one payment. "
That's just one payment but I think what's affecting you more is that you maxed out your credit cards and now you need to pay them off too. Isn't it so?
Look what I suggest is, talk to your lender about what options he can provide you with so that you can avoid foreclosure and save your home. After you get a workout plan, try paying off the credit cards by consolidating them. Well, you'll have to move step-by-step. I believe it's not that easy but not impossible either. What's important is whether you'd like to keep the home with you or concentrate more on paying off credit card debts.
Thanks.