Posted on: 30th May, 2010 03:55 pm
1-Lost job in 05 due to closures-had to relocate
2-sold that house at lost, purchased new house in 2005
3-Dec 07 another job office closure-lost job,got rehired by previous co 5 months later but 800 miles away.(still had house and making payments on it and apt(in apt had a mattress, coffee pot and lawn chair-all furn still in house-didn't see my house for 15 months
4-Got transfer back to Florida June 09 but still round trip is 170 miles-Creates a 3 1/2 hr commute -Work 10-12 days, so rent room during week, go home on days off
5-Purchased with 80/20, the 20 is for 48k interest only loan, the interest rate on this loan will eventually go back up. I have not made a dent in that loan but am current.
6-total Loan is 260k total and house worth 95 to 120
7-Health is starting to fail, completely stressed with all of this, 63 years old will be having to retire next Nov or my pension will be reduced
8-Parents mid and late 80's out of state and need me
9-I will not qualify for bankruptcy or loan mod at current salary
10-Feel trapped,stressed having to live like this. house is anchor around my neck.
11-Do I have to wait until I retire and try to get out of this, I want my life settled. worked all my life, never take any vacations(only 2 in my entire adult life, go to the movies nothing. I will not be able to afford the house on my retirement. I make over the 31% margin for a modification at the present. Any help,advise somewhere to turn.
Everything that I have read and believe I have done months of research predicts that it will be at least 2036 before the market makes recovery in my area. That would put me at about 90-I really do not think I am going to live that long and I cannot work until then.I do not want to be in the streets.
I am going crazy spending most of my life in a rented room. I really have no life.
This house is located in a very small town in Florida which used to be the fastest growing back in 05 when things were booming. Now you see thousands of houses vacant and for sale, boarded up, there are zero jobs here, no growth. It is a sleepy little small town that has about 5000 houses for sale, houses that are 1000 sq feet bigger are selling for 130 to 140 now.
I see no hope in them agreeing to a modification loan, everyone I have talked to they were put through the mill for a year or more and then wind up they would not do anything or they sent them paper work where they actually increased their loan by 500 a month for a certain time period rather than decrease, The moment you ask for it Your credit score takes a major hit.
I see no hope with this other than jumping off a bridge, but then would my daughter be hit for this. I have a small life insurance of 50k and it is all I have for her and she has 3 kids with one with some disabilities and her husband is disabled. Not quite ready to jump just yet Smile but I do want to make sure if I die that my daughter is not hit.
I just don't know what to do, I just don't think I can keep fighting this much longer.
If I rented the house I would only be able to get about 600/700 a month around here and that is not even half the payment. You also take the chance of someone tearing it up, that has happened to a lot around here. I can see just on my street how things have gone downhill.
I knew when I bought I could not afford this house when I retired but I thought I would have about 5 years or so and that I would be able to sale it with no problem and maybe make 20k to help with retirement since I did not have much in a 401. i almost backed out when I was about to close and my real estate agent put a lot of pressure and kept saying your crazy you have equity before you even close. Which of course that is no longer the case 5 yrs later. My agent did not even show up for the closing he went out of town on a vacation.
Sorry for so long of details but I have NO ONE to turn to. My parents are very elderly and sick and do not even know I own the house and they could not help if they wanted to. I have no one that can offer me assistance.
This is consuming me night and day and I need some kind of direction if someone can please offer some viable advise. Thank You
2-sold that house at lost, purchased new house in 2005
3-Dec 07 another job office closure-lost job,got rehired by previous co 5 months later but 800 miles away.(still had house and making payments on it and apt(in apt had a mattress, coffee pot and lawn chair-all furn still in house-didn't see my house for 15 months
4-Got transfer back to Florida June 09 but still round trip is 170 miles-Creates a 3 1/2 hr commute -Work 10-12 days, so rent room during week, go home on days off
5-Purchased with 80/20, the 20 is for 48k interest only loan, the interest rate on this loan will eventually go back up. I have not made a dent in that loan but am current.
6-total Loan is 260k total and house worth 95 to 120
7-Health is starting to fail, completely stressed with all of this, 63 years old will be having to retire next Nov or my pension will be reduced
8-Parents mid and late 80's out of state and need me
9-I will not qualify for bankruptcy or loan mod at current salary
10-Feel trapped,stressed having to live like this. house is anchor around my neck.
11-Do I have to wait until I retire and try to get out of this, I want my life settled. worked all my life, never take any vacations(only 2 in my entire adult life, go to the movies nothing. I will not be able to afford the house on my retirement. I make over the 31% margin for a modification at the present. Any help,advise somewhere to turn.
Everything that I have read and believe I have done months of research predicts that it will be at least 2036 before the market makes recovery in my area. That would put me at about 90-I really do not think I am going to live that long and I cannot work until then.I do not want to be in the streets.
I am going crazy spending most of my life in a rented room. I really have no life.
This house is located in a very small town in Florida which used to be the fastest growing back in 05 when things were booming. Now you see thousands of houses vacant and for sale, boarded up, there are zero jobs here, no growth. It is a sleepy little small town that has about 5000 houses for sale, houses that are 1000 sq feet bigger are selling for 130 to 140 now.
I see no hope in them agreeing to a modification loan, everyone I have talked to they were put through the mill for a year or more and then wind up they would not do anything or they sent them paper work where they actually increased their loan by 500 a month for a certain time period rather than decrease, The moment you ask for it Your credit score takes a major hit.
I see no hope with this other than jumping off a bridge, but then would my daughter be hit for this. I have a small life insurance of 50k and it is all I have for her and she has 3 kids with one with some disabilities and her husband is disabled. Not quite ready to jump just yet Smile but I do want to make sure if I die that my daughter is not hit.
I just don't know what to do, I just don't think I can keep fighting this much longer.
If I rented the house I would only be able to get about 600/700 a month around here and that is not even half the payment. You also take the chance of someone tearing it up, that has happened to a lot around here. I can see just on my street how things have gone downhill.
I knew when I bought I could not afford this house when I retired but I thought I would have about 5 years or so and that I would be able to sale it with no problem and maybe make 20k to help with retirement since I did not have much in a 401. i almost backed out when I was about to close and my real estate agent put a lot of pressure and kept saying your crazy you have equity before you even close. Which of course that is no longer the case 5 yrs later. My agent did not even show up for the closing he went out of town on a vacation.
Sorry for so long of details but I have NO ONE to turn to. My parents are very elderly and sick and do not even know I own the house and they could not help if they wanted to. I have no one that can offer me assistance.
This is consuming me night and day and I need some kind of direction if someone can please offer some viable advise. Thank You
Welcome conniesb,
You have mentioned that you are 63 years old. In that case, you will be able to apply for a reverse mortgage. This will help you in saving the property and you won't be liable for the monthly payments. However, in order to get a reverse mortgage, you will have to stay in the property. You can contact the local lenders and apply for a reverse mortgage.
However, if you do not want to save the property, then you can apply for a deed in lieu of foreclosure. Though you won't be liable for the deficient balance, your scores will go down by 250 points.
You have mentioned that you are 63 years old. In that case, you will be able to apply for a reverse mortgage. This will help you in saving the property and you won't be liable for the monthly payments. However, in order to get a reverse mortgage, you will have to stay in the property. You can contact the local lenders and apply for a reverse mortgage.
However, if you do not want to save the property, then you can apply for a deed in lieu of foreclosure. Though you won't be liable for the deficient balance, your scores will go down by 250 points.
11
Thank you for your reply however It is my understanding that you cannot apply for a reverse mortgage unless you actually have equity in your home. I have No equity, I am under water over a 100k