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2 Bumps

HELP!! we are going to lose our home

OK my huband and I have been trying to make ends meet(you may remember me from another question) So back in Feb we decided to pay our own insurance and taxes on our home thinking we could save on our monthly note. well we paid our taxes up front and our insurance is very low so we are saving about 200 a month. well in April we renewed our policy and we thought everything wa fine. well this morning i get an email from our insurance co saying : just a friendly reminder: your texas windsorm policy is due for 1000!!!!! what e don;t have that kind of money we are lucky to have food on the table. its due on the 21st and they will give me til monday to pay it then they will send a letter to our mort. co they WILL take the house. i have three babies what do i do??

Getting a loan is not an options (we tried) we can ask family but they have helped us out so much we are dreading it!!

Answer Question
 
Cajuntexan03

Asked by Cajuntexan03 at 10:34 PM on Jul. 19, 2010 in Money & Work

Level 7 (173 Credits)
Answers (11)
  • Do what you have to do...I would ask the family. I know it will be hard, but either ask for the cash or ask them if you can move in, either way you will be asking for help.
    nkkk07

    Answer by nkkk07 at 10:39 PM on Jul. 19, 2010

  • Have you talked to Hud or fannie may we paid enough to bail them out? GL Momma
    pinkdragon36

    Answer by pinkdragon36 at 10:40 PM on Jul. 19, 2010

  • call the insurance company first thing in the morning and explain your situation. See if they can put you on a payment plan or put payments back into your mortgage. Whenever you owe anything it's always better to contact the company you owe to and discuss options. They probably have some sort of means to help you. See if there is a minimum payment that you can make to keep the policy active and then do everything in your power to meet it.
    beckcorc

    Answer by beckcorc at 10:41 PM on Jul. 19, 2010

  • Have you asked it you could pay it in installments, or get an extension on the due date?
    JeanetteRene

    Answer by JeanetteRene at 10:43 PM on Jul. 19, 2010

  • I have never heard of a mortgage company taking your house because the insurance is due. Insurance is paid in advance so the insurance company should be able to take monthly payments to keep it current. If they are not willing to work with you the mortgage company will. If there is no money in an escrow account they will usually pay what is due and then increase your monthly payment to cover it over a 12 month period.
    Kari126

    Answer by Kari126 at 11:11 PM on Jul. 19, 2010

  • Call your mort co and ask them. I called mine one time with a hurricane coming at us and had just found out I didn't have the required insurance. They told me who to call and get it all taken care of. Don't panic. They don't want your house. they want to help.
    admckenzie

    Answer by admckenzie at 12:01 AM on Jul. 20, 2010

  • No one is taking your house. Call them, tell them there has been some sort of error. You can set up a payment plan. They are not going to take your house. Foreclosure proceedings take a long time and the bank doesn't want your house at all. They would rather have someone pay something than an empty foreclosed house. Trust me. The insurance company and bank do not want another house. They want your payment, even a late payment.
    ecodani

    Answer by ecodani at 12:07 AM on Jul. 20, 2010

  • See if the insurance company will give u extensions.
    mamaofficer

    Answer by mamaofficer at 12:33 AM on Jul. 20, 2010

  • econdani is right, they aren't going to take your house. Take a deep breath, call the insurance company, tell them you want monthly payments, not a 1 time payment.
    customcat2000

    Answer by customcat2000 at 12:15 PM on Jul. 20, 2010

  • heres the catch my mortgage company is an individual not a company and once we forgat to pay the insurance and she threatened to forclose the house and its windstorm and it has to be paid in full no exceptions... we have to pay it by tm and we only have half...
    Cajuntexan03

    Comment by Cajuntexan03 (original poster) at 3:37 PM on Jul. 20, 2010

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