10-31-2007, 03:09 PM
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#1 |
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Greenhorn
Join Date: Jul 2006
Posts: 24
Rep Power: 6  |
Do I have any options? I was recently laid off and could not afford my mortgage.?
Forclosure proceedings started after 120 days of missed payments. Once it started I tried to make payments but the lender would not accept them. I recently went back to work and worked out a Forbearance agreement with the lender. The payments are extremely high but I was desperate to not lose my home. I made two payments but can;t keep it up. The lender seems difficult to work with but I know they don't want to foreclose. It is an ARM loan and due to rise in Jan 2008. Do I have any options at all.<br />
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10-31-2007, 03:09 PM
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#2 |
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Greenhorn
Join Date: Jul 2006
Posts: 14
Rep Power: 0 |
Do I have any options? I was recently laid off and could not afford my mortgage.?
Yes. Contact the lender and explain this situation. Put it in writing if necessary. Try to rework another agreement. If not, the other option is to sell the property and at least attempt to get the equity out of it.
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10-31-2007, 03:09 PM
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#3 |
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Greenhorn
Join Date: Jul 2006
Posts: 26
Rep Power: 6 |
Do I have any options? I was recently laid off and could not afford my mortgage.?
Check with some local banks and see if you can refinance the loan into a 30 year fixed. That will put you into a more comfortable payment, catch you up on late payments, and you also usually don't have a payment at all the first month after refinancing. Bank of America and Wachovia are good banks to check with.
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10-31-2007, 03:09 PM
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#4 |
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Greenhorn
Join Date: Apr 2007
Posts: 17
Rep Power: 0 |
Do I have any options? I was recently laid off and could not afford my mortgage.?
I would try to sell the house and get one a little more modest, or move into an apartment for a while.
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10-31-2007, 03:09 PM
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#5 |
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blah
Join Date: Mar 2007
Location: bay area, ca
Age: 26
Posts: 9
Rep Power: 0  |
Do I have any options? I was recently laid off and could not afford my mortgage.?
There are a number of things you can do.
1) Sell the home. You have nearly 6 mos to do so. 2) Work out new terms with the new lender letting them know that you have a new job... (difficult but not impossible to do) 3) See about refinancing 4) Rent the house out for a while until you are back on your feet ( maybe a 7 mos lease) this will give you some needed help with the mtg. If you can stay with a family member and save some money, you could save the house. Good luck! |
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10-31-2007, 03:09 PM
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#6 |
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Greenhorn
Join Date: Jul 2006
Posts: 17
Rep Power: 0 |
Do I have any options? I was recently laid off and could not afford my mortgage.?
I may be able to help. It is not good to be in trouble wth payments once you are in a forbearance situation. It would be wise to get out of it before the ARM rate goes up (and chances are that with the market of today, they will). Call me for ideas....520-245-6607.
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10-31-2007, 03:09 PM
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#7 |
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Greenhorn
Join Date: Jul 2006
Posts: 9
Rep Power: 0 |
Do I have any options? I was recently laid off and could not afford my mortgage.?
Hire an attorney NOW!! The attorney will be able to work with the lender to work out a deal that will be good for you and the lender. Time is running out though, so please find a real estate attorney because the lender will not necessarily wait.
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10-31-2007, 03:09 PM
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#8 |
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Greenhorn
Join Date: Jul 2006
Posts: 17
Rep Power: 0 |
Do I have any options? I was recently laid off and could not afford my mortgage.?
call em and ask for options, you can sell and short sell it
or they can offer you loan modifications and stuff |
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