Posted on: 27th Jun, 2010 10:07 pm
i have 1 st mortgage for $109,000,and a 2nd for $17,000 been living in the home for 12 years and paying both with no problem,i got laid off from my job a year ago,and now i'm losing unemployment and know i won't have enough funds to continue paying both of these with the job situation in this economy,what can i do ? do i file for bankruptcy,forclosure,short sale or what ? please advise
Contact your lenders and apply for a loan modification. From the situation you describe, you will start to become late but still would like to keep your home. Hope this helps.
Loan modification seems to be a good initial step here.
Of course, modification is a simplification for one losing unemployment benefits and the government taking for dig-dang ever to decide to re-fund the program that we all paid into.
Don't lose hope. There are strategies that will likely be unique to your situation and maybe the gov will wake up and put a hold on all forclosures as they've done in some states...
Please check out the loan modification before you do anything else and whatever you do, PAY NO ONE to do it for you! It's free an dif you need help a HUD rep will enthusiastically go over everything with you...I promise.
BLESS YOU
& Yours....
Lacey
[Email address and phone number deleted as per forum rules. Thanks.]
Of course, modification is a simplification for one losing unemployment benefits and the government taking for dig-dang ever to decide to re-fund the program that we all paid into.
Don't lose hope. There are strategies that will likely be unique to your situation and maybe the gov will wake up and put a hold on all forclosures as they've done in some states...
Please check out the loan modification before you do anything else and whatever you do, PAY NO ONE to do it for you! It's free an dif you need help a HUD rep will enthusiastically go over everything with you...I promise.
BLESS YOU
& Yours....
Lacey
[Email address and phone number deleted as per forum rules. Thanks.]