Posted on: 01st Dec, 2010 09:10 am
I have two mortgages, I have been making payments on the first one with my unemployment benefits. However, I have not been able to keep up with the 2nd mortgage. I had paid for an insurance that covered me for 12 months and now that it has run out I cannot pay the 2nd mortgage. I contacted the lender and the reduction they provided us is still too high for us to come up with the money which is $696, but my husband who is employed can only come-up with $300 dollars. The lender has said that is not enough and they are going to start foreclosure procedures. My unemployment benefits will soon run out this month and I still have not secured a job. What options do I have? I don't want to lose my home. I have worked very hard for it.
Hi Iva!
Welcome to forums!
If you cannot pay off the amount as asked by the lender, there's hardly anything that you can do. You should contact your lender and try to negotiate and check out if he agrees to lower the amount to some extent. If the lender agrees to it, then you will be able to save the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you cannot pay off the amount as asked by the lender, there's hardly anything that you can do. You should contact your lender and try to negotiate and check out if he agrees to lower the amount to some extent. If the lender agrees to it, then you will be able to save the property.
Feel free to ask if you've further queries.
Sussane