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foreclosure

My bf and i were laid off from our job i found another one that is paying almost the same as my prioir job, but my bf is makin less and now is out on wc bc his foot is broke. now the bank doesnt want to help us with refinacing or etc.. does or any been through this.// we are behind 4000 and have been paying 450 a month trying to atleast keep something going toward the note

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Anonymous

Asked by Anonymous at 10:15 AM on Jan. 22, 2010 in Money & Work

Answers (8)
  • The bank won't help until you stop making payments. You should know that defaulting on your mortgage does not absolve you from the debt. Just because you get kicked out doesn't mean you don't owe the difference between the short sale price and the original loan. You should look into any way to unload that house, rent it out, etc.
    IamPatSajak

    Answer by IamPatSajak at 10:29 AM on Jan. 22, 2010

  • The banks won't help you period. And what you do send them won't count unless its the full payment. So they hold all the money you send untill it equals up to the full payment. I know becasue we had the same thing happen to us last year. My husband lost his job and we called the bank right away to let them know and to see what they could do to help they said nothing unless you are late, so when we were late on our payments we asked them for help and they said they can't help us unless we are current on our morgage. So all the bank will do is screw you. sorry if this sound bad, but our life has been a living hell the past year becasue of the ecomomy. So like the pp said try to rent it out. or try to get rid of it for what you owe.
    motherwanting6

    Answer by motherwanting6 at 10:43 AM on Jan. 22, 2010

  • what about banrupty.. we both have good vehicles is that an option
    deverrick

    Answer by deverrick at 10:59 AM on Jan. 22, 2010

  • Are you upside down on the house?
    I'd get on written budget and start cutting expenses like crazy. Maybe sell your cars and buy a couple of beaters. If you can, it would be even better to go down to one. Do you guys have any money coming in?

    Anyway if you aren't upside down it might be best to just put the house on the market before you get foreclosed on.
    Bankruptcy will work but you'd still lose the house and any valuable possessions (depending on where you live).
    Anonymous

    Answer by Anonymous at 12:02 PM on Jan. 22, 2010

  • we live in louisiana and their is no way to sell the cars bc he works an hr away.. we are upside down.. we got screwed with the first note
    deverrick

    Answer by deverrick at 12:26 PM on Jan. 22, 2010

  • How did you get screwed with the first note?
    Anonymous

    Answer by Anonymous at 2:28 PM on Jan. 22, 2010

  • what about a short sale?
    rkoloms

    Answer by rkoloms at 4:21 PM on Jan. 22, 2010

  • well we really didnt look into it and its our fault.. we owe like 280,000 on our home and it aint close to being worth that. we realy dont want to sale our home or have to move.. i mean we saved for this and now its like we can;t get any help.. i mean we have been paying something like they told us to ,, now we find out it hasn't been applied to anything.
    deverrick

    Answer by deverrick at 9:36 AM on Jan. 25, 2010

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