We are on hardship repayment plan with our mortgage company. It states that if we are even "1" day late the the repayment plan is null and we immediately go into foreclosure. I have been 1-2 days late before but with their prior permission to do so. So while I was in MO, dh had to make the payment and didn't do it until last Friday, one day late, I freaked when he told me that he did that but nothing I could do about it since it was the weekend. The mortgage company refused it and sent the money back to Western Union on the 24th. I got the letter yesterday, too late to call them but I'll call them on Monday and see if there is any way to work it out.

I need some brainstorming from you all. Right now I see 2 clear choices...

1. Work like crazy selling stuff to try and come up with the $4000 or so that will be needed to take it out of foreclosure in probably less than 30 days if the lawyers will allow that. Dh just got his last check from unemployment. He will currently be working an average of 2 - 3 days a week for atleast the next 2 weeks. I only get disability.

2. File bankruptcy with the mortgage money that was returned and possibly keep the house. We are 51 and 52 and don't have a clue how to do this or even want to do this but we can't lose the house because all of our money is in the equity. No lender will let us refinance because we were not current on the mortgage even though we were on a payment plan and paid monthly on time, till last week...sigh.... :jug:

Any ideas or words of advice would be greatly appreciated.

Don't know what to say but hope things work out for you.

~ first - ((hugs))

now that we have that out of the way - I think you should stay calm until you talk to them on Monday -

I'd opt for the selling of everything possible to come up with the back pay - the problem I would see with filing bkry is that the laws have changed so much the past few yrs, are you sure you would be able to keep the house? also, it will ruin you for the next 10 yrs. My mil & fil filed about 5 - 6 yrs ago and it's been hell ever since - they are in their 60's.

Good luck!! I hope everything works out for you!

Gosh, I have no advice but it seems to me that with the huge mortgage crisis that the nation is facing these days they would be willing to work it out with you when you contact them. You'd think it would be much easier for them as well you. I wish you good luck!

I do not have the foggiest how to advise you. But I will send up a prayer for you!!!

I'd do whatever I could to avoid having to file for bankruptcy. Hopefully when you call and speak to someone, they will be willing to work with you.

:hugz: I would wait until Monday and call them to see about negotiating. Otherwise I would try to raise the funds, too. I'll be thinking about you all. I hope everything works out!

I have no experience with this but i'd start making plans to sell everything until you can come up with the money in case your bank will not work it out.

I'm very sorry you are going through this and will send good thoughts your way.

I am so sorry this is happening. I have no advice, just sympathy.

Hopefully you will be able to get this straight on Monday. :hugz: I would also do whatever it takes to avoid bankruptcy.

Oh, dear! This sounds like quite a mess. I don't know if you've seen this website, but take a look--maybe there's an agency listed here that can help:

http://foreclosurehelp.nv.gov/HousingCounselors.html

be sure to scroll all the way down the page, because there are several agencies listed that might be of assistance.

That aside, I'd start selling stuff to cover the back mortgage payments. Do you have any friends or relatives that might be willing to give you a low interest loan until you are back on your financial feet? Even if you have to beg, that's preferable to losing your home. Bankruptcy laws changed recently, and personal filing is really no benefit anymore, other than stopping creditor harassment. Regarding whether or not they can take your home to cover bankruptcy debts--that's a state-by-state issue. For Nevada, it looks like you can claim an exemption for homestead real property to $125,000, but I don't know what the implications are if your home is worth more than that.

http://www.nvb.uscourts.gov/BankruptcyInfo/Bkbasics.htm
http://www.bankruptcyinformation.com/NV.htm

Sorry you're going through such difficult times. :hugz:

This just happened to us the week before Christmas. We called our mortgage company, and were told that the woman handling our account had left and neglected to note our account when I called to let them know our payment was going to be late.

We explained the situation, and they told us to fill out another mound of paperwork, and are going to go over it to rework our payments again. We had a 13 month agreement, and we've paid 9 months of that, so maybe that's why.

The foreclosure rates are outrageous now, and I really believe that your mortgage company will be willing to work with you.

I tend to panic, so I was a basketcase until the day after Western Union notified us. Try to keep calm, and give them a call as soon as you can. I'm keeping my fingers crossed for you!

Many hugs :hugz: to you. Keep us updaed on what they say on Monday.


--Michelle

I don't have any advice Carolyn, just want to offer you a :hugz:

That is awful! I wonder if Consumer Credit Counseling Service could help you, if the lender won't cooperate? Years ago, I worked for a collection law firm, and we were instructed to suggest this option if the debtor discussed filing for bankruptcy.

I found their NV website for you:
http://www.cccsnevada.org/

Best wishes to you.

Saying a prayer for you! I really hope that they will work out something with you!

I don't have much advice either except to try not to worry alot until you talk to them on Monday.

I hope everything works out ok.

What I have to say, I know a lot of people may really object to, but here it is:

SOMETIMES BANKRUPTCY IS THE ONLY ANSWER.

When I was married we owned several stores. As we were breaking up we closed them. One of the malls sued us for $320,000. Where on God's green earth would I ever come up with that kind of money? My ex stiffed me on all of the marital debt and I still ended up paying the whole $30,000 instead of the $15,000 the judge told me to pay. The lawsuit debt was completely insurmountable, so I filed for bankruptcy on this. It was hard, but it was NOT the end of the world. It was a fresh start, although instead of starting with no black marks, I had to start out overcoming the black marks.

What kind of money do you owe? To take such a huge step as filing for bankruptcy it should, in my opinion be an insurmountable amount. There is no shame if circumstances have changed to the point that you cannot live and pay these bills at the same time. Is the debt only your home or is it a lot of other stuff too?

Here is how the bankruptcy 6 years ago has affected me:

~I cannot get credit cards with reasonable interest. Heck, I can hardly get credit cards at all, but really, that just gets you into trouble. You can absolutely live without them.
~I had to have a higher downpayment to buy my house. But you already have your house, which you would exempt from your bankruptcy, so unless you plan to move this does not matter.
~I have to pay a hefty deposit for things like cell pones, utilities, etc. So I use pay-as-you-go cell phones and if I move, I suck it up and deal with the large deposits.

I am not saying this is the best answer, I am saying that it is not necessarily the end of the world. Your house is probably cheaper than a rental would be. A foreclosure will absolutely look every bit as bad on your credit as a bankruptcy. If you don't mind my asking, what kind of debt would you be claiming if you took this action?

Good luck to you, and I hope that you are able o bail yourself out of this situation. My thoughts are with you.

I wouldn't normally recommend this, but in the case of trying to stay out of foreclosure, to come up with the 4k funds to get out of that can you cash out some retirement?? I know, you'd take a hit. But it's an option to keep from losing your house. I'd only recommend that in an extreme situation, and it sounds like you're there. At least, it'd be another option for you if the bank is unwilling to work with you. If you're anything like me, I feel not quite some anxious when I know I've got different options available.

FWIW

The only advice I have is regarding when you call your mortgage company. If the person you speak with says you are out of luck, ask him/her if he/she is in a position to tell you "yes, we can help you". If they say "no", then ask to be transfered to someone with that power. If they say "yes", keep working on them.

Good luck...this is such a hard time of year anyway, and I'm sorry you're dealing with this :(

My advise would be to talk to the lender and see what options are open. At this moment the housing market is in an all time low, your lender does not want the house they would prefer the back pymts and future pymts. Call and talk to them, if you get no where with the rep on the phone, talk to a manager. Ask about rolling your late pymts to the back of the note, a lot of companies will do it just to get you current. In the mean time I would search for a new lender, go to a local bank, the rates are lower and you can sit person to person with them. Good luck and I hope all works out with you.

The only advice I have is regarding when you call your mortgage company. If the person you speak with says you are out of luck, ask him/her if he/she is in a position to tell you "yes, we can help you". If they say "no", then ask to be transfered to someone with that power. If they say "yes", keep working on them.

Good luck...this is such a hard time of year anyway, and I'm sorry you're dealing with this :(

This is wonderful advice. Call and ask to speak to the corporate office, do what it takes to get through...be persistent etc. when you get to the very top ( yes it is possible) explain your situation , background ( financial etc) and plead to have a review of case etc. This happened to a very dear friend and she received advice from a mortgage broker ( who under the circumstances was not able to refinance her) He told her: ( "get past the 5.00 person and their job restrictions and mentality" ) this is no offense to anyone working there , doing their job etc.(but most are only allowed to follow what the script or computer tells them etc) basically just that you have to go high up, be persistent and polite. She prayed for the right person in corporate to intervene and they did. Hope this helps. I will pray for you and the right person to help you through this .

This may not be popular advice, but since the amount is $4000 -- can you use a c/c to get caught up on your mortgage? Maybe a low interest for life balance transfer offer from a c/c?

If you get caught up on your mortgage - will you have the funds to keep current & pay the c/c?

or, can you sell your home? what's the market like in your area? Can you sell the place & move into more affordable housing?

I would think your mortage company would want to work out something you were one day late not 1 week or 1 month late that seems crazy even though you were on a payment plan that still seems crazy to me. I would ask to speak to a supervisor you usually get more done with them then a customer service rep. But I would think that they would want to work something out then be stuck with the house in this market. Good luck!! But call and talk to someone and keep calling and talking to someone until you get someone who can help you right.

I think if it is a struggle for you to pay this mortgage then you should seriously consider selling and moving to some place that is more affordable for you. Instead of this house being a blessing for you it is being a curse.

I am sooooooooo sorry .....you know I was thinking about your situation and I remembered that my sister is a mortgage professional so I called her and asked her opinion here it is.
1.) Keep calling the mortgage company until you reach a manager who can listen and help you. Don't stop with the lower peons.
2.) Consult with a real estate lawyer. Find one who offers free consultations.
3.) Don't file for bankruptcy make it the last resort.
4.) After you get current in your payments then put the house on the market to sell if you can not afford to keep up the payments.
I hope these suggestions work. :popcorn:

I am sooooooooo sorry .....you know I was thinking about your situation and I remembered that my sister is a mortgage professional so I called her and asked her opinion here it is.
1.) Keep calling the mortgage company until you reach a manager who can listen and help you. Don't stop with the lower peons.
2.) Consult with a real estate lawyer. Find one who offers free consultations.
3.) Don't file for bankruptcy make it the last resort.
4.) After you get current in your payments then put the house on the market to sell if you can not afford to keep up the payments.
I hope these suggestions work. :popcorn:


I think these are excellent suggestions! I hope these work for her.

My heart goes out to you! We were in the same position last month. With our mortage, our payments were being returned and we were told, that unless we could send in all the past due payments at one time (and within 30 days) they would forclose...period.

So, basically, I did what you were thinking. I got on Craigslist and ebay and sold everything and anything that I could to make the money. I actually think it was the best thing I could have done. Because now, we are current on our mortgage and we are a bit more financially stable now, so that I can keep us current and we won't fall behind again.

I hope you figure something out! If you decide to sell things, just remember that the little things do add up. Dh was making fun of me, because I was selling old purses and old dishes, for $5 or $10 each...but it all added up for us and we were able to get out of our mortgage disaster!

I personally agree with larbelles recommendations. My other suggestion would be to discuss your situation with Dave Ramsey. He has the experience to direct you to the right decision.....
nurseliz :vibes:

Wow! You girls are the best! You've given me lots to think about and lots of encouragement.

We're in a 'wait and see' mode so haven't freaked out this weekend.

To answer some of your questions...

We were both working for the same company 6 years ago when they went bankrupt due to their son stealing 2 million from the company. We have never actually recovered from that and should have made drastic decisions then but tried our best to stay a float as we just knew we could make it work. I was eventually able to get disability and dh changed professions. Our ds is mentally and physically handicapped and is age 21. He tried to work some but a job rarely last longer than 3 months due to his mental and/or physical problems so we end up with emergency expenses for him and he is not approved for disability.

We have '0' savings. We have '0' retirement. We have nothing except the equity in our home. We sold our home in the state we moved from and put 'all' of the profit on this place figureing we were healthy, able to work and could always depend on the sale of our home and moving to someplace smaller or another town when we wanted to retire.

Right now our debts are: Mortgage: $65,000
CC's: $12,525 (these are already charged off)
Loans/non cc bills: $ 4,906
Medical: $ 25,993 (preliminary) This is probably more since I haven't added on my latest surgery bills. Dh's stroke last year hit us hard financially and we already have a $1,200 lien on our house for a hospital bill. It's hard for him to work lots of overtime as his left side is partially paralized and goes numb alot. Think he has lots of anxiety attacks also so he really needs his rest just to do the 40 hours a week. I've tried to work in the last 3 years but my brain doesn't work right for office work anymore. I can't remember things well enough. I can sell on ebay but only because I can take my time and there is no pressure.

Our income is only $887 a month from my disability and approx. $300 a week for dh. Our electric runs from $220 to $380 a month. Our house payment right now is set at $807.11 a month.

Forgot to add the $6,000 car note. The car was reposessed and dh was the co-signer. It was another crazy idea that we had to help our son and it didn't work out.:beat:

So yeah, our credit is crap now and will be for years to come.:ack:

dolphin - you are so honest and candid on things most people would not even dare speak about! I am so glad you are not in panic mode right now. Sell everything you can, beg, borrow, do what you have to do. Talk with the mortgage company and keep talking. Get the advice of a professional and do what you have to do. I know things are tough on you now, but do what is the best for you and your family - though it may be unpopular with some folks. Best Wishes to you and like everyone else - I will check back to see how it goes! Fingers crossed!!
Dianne

dolphin - you are so honest and candid on things most people would not even dare speak about!

:tmi: LOL, I'm pretty much an open book since my son died 9 years ago. I don't keep much to myself anymore. Guess I'm always reaching out for knowlege, help, prayers or to give others hope when I can. Our son's funeral is where dh's retirement money went.... Now my family is needing $2000 from me to help with Dad's funeral. :dead: Sometimes, it's all just too much! But, I've got to keep going and doing and 'I will'. One step, one day, at a time.

:hug2:

I haven't found out anything from the mortgage company yet. "MY Guy" that I have to speak to has his answering machine on. I left a message this morning and will keep trying. I'm going to try a different department but I've tried that before and was told I could only speak to this one guy. Hopeing he hasn't taken off for the holiday today.

Well I hope all works out for you. But I think selling the home might be the best thing for you if you only bring home that amount each month and your mortage is so high. Does that include your taxes and insurances? Ours is only $658 a month with taxes and insurance and that is a $87,000 loan.

I wish you and your family well but just be prepared to move if you can't work something out I would think that they would want to but since you were on a payment plan and defaulted they may think you are a high risk and one they can't afford to keep any longer.

Good luck thou and hope all works out for you and your family. Can you get any type of assistants? Since your husband and son really can't work??

:surprise:MAN OH MAN YOUR HOUSE PAYMENT IS REALLY HIGH COMPARED TO YOUR INCOME....I agree with Critter I would sell that house and find cheaper/smaller housing. Have you thought about renting a small apartment until you can decrease some of your bills. You are just paying much to much in housing and utilities.

Update. The mortgage co. guy called me back after their office had closed for the day! He said he will go over our paperwork on Wednesday when he gets back to work. I'm going to go ahead and send a hardship letter and a note of exactly how much we could come up with asap. Hopefully, we can agree on something. Atleast he didn't say NO today.

Our normal house payment is $637.00 a month which includes insurance and taxes. It is only $807 because of the repayment plan which was set up before dh got layed off to help us get caught up from last December when dh got layed off. We had almost completed our repayment plan. Our interest on the fixed loan is 8 1/4%. We failed to have it refinanced at a lower rate when our credit was good before the company we worked at closed. The house across the street is for rent. It is much smaller and has less land and outbuildings and it is renting for $1000.00 a month. The rent is high here. We are much better off if we can work something out with the mortgage company until we could sell for a decent price which would mean getting enough to pay ALL of our debts and enough to purchase another home for cash in a state or area where housing is cheaper. It's my dream but not sure I can make it come true because dh hates the cold weather and likes living in the desert. But, that way, we wouldn't have to worry about dh getting layed off because we could live 'frugally and off the land' and my disability and dh could just work part time. I've yet to figure out how to 'live off the land' here. I can't even grow a stinkin garden in this desert although I do know it's possible.

Ok I totally understand where you are coming from. We are currently on a repayment plan also. Thank god we haven't been late. So did you have a chance to call the mortgage place today? Good luck honey, keep us posted!!

I hope you get this worked out. I will say a little prayer for ya!

I am praying for you and I'm hoping that everyone else here that reads this will say a prayer for you. You need all the prayers you can get.

I'm formally inviting you to move to the south :D

It's much less expensive and you can grow an incredible garden :)

It's HOT in the summer, but winter only lasts 2 months or so -

Good luck dolphin, I really hope the mortgage guy can help you out!!

but I'd agree with the idea of selling off everything and just starting over someplace less expensive!

dolphin - it is good news that the mortgage man has not said no!! I agree to that moving to a cheaper area might benefit everyone. Plus perhaps move somewhere that is closer to town - remembering one of your other post about DH having to walk so far to the store. I know change is hard - even though we move every three years or so, it is still tough to let go of ties, friends, and even memories sometimes. I hope 2008 brings loads of happiness and brighter times!! Please keep us updated when you can - Happy New Year!
Dianne

Hope everything works out. I am saying prayers for you and your husband.

Dolphin I would like to second Bumplett's invitation for you to move to the South. Further more I think that you should consider moving to the GREAT REPUBLIC OF TEXAS!!! :horse:

Dolphin I would like to second Bumplett's invitation for you to move to the South. Further more I think that you should consider moving to the GREAT REPUBLIC OF TEXAS!!! :horse:

I agree with Larabell 100%. And will you and your family in my thoughts.:grouphug:

Head on up to Iowa! We may have snow, but you can grow a heck of a garden.

Head on up to Iowa! We may have snow, but you can grow a heck of a garden.


I second Iowa. We were in Western Nebraska before we came here and Iowa is such an inexpensive place to live! Plus the people are very friendly!

:lol: :lol: see, look at that! We all want you !!!

but it goes to show that there are numerous options for you when you are ready -

I am sorry that I don't have any advice. Good luck to you both!

Dolphin, here is a forum worth checking out:

Don't give up!!:fpunch:

http://www.loansafe.org/forum/index.php

I will continue to say a prayer throughout today and the remainder of this week for you.....I am also in the south and really believe the cost of living in somewhat better.
Stay postive in your thoughts....alot of people are on your side.
nurseliz :nurse:

Mortgage guy just called and asked if we could make a payment of $900 this month and since they sent back our $807.00 all we need to add is $93.00 so I said yes! He also asked if I could still continue to pay on the 20th of each month and I said yes with the understanding that we will call a week before when my check is scheduled after the 20th. He said ok and said he would call me back later today after sending all of this in. Not sure if it is a done deal yet. May have to go through higher up review but keeping my fingers crossed. Not sure what the new monthly payment would be either but I'll accept anything today to get out of this mess!:drama:

Dolphion, that is great news!! Keeping fingers crossed here that it is a done deal. It will be so nice to have this behind you, I'm sure it has been a burden. Glad it seems to be going the right direction! Let us know for sure when it is all worked out.

Good luck sounds like everything is in order and just has to finalize all the paperwork. Are you going to think about selling? How long will your payment be this high? I just can't imagine a payment of $807 a month. Good luck thou

I am hoping that this will work out!! Keeping my fingers crossed for you.

Good luck sounds like everything is in order and just has to finalize all the paperwork. Are you going to think about selling? How long will your payment be this high? I just can't imagine a payment of $807 a month. Good luck thou

People that live around here would give just about anything for a payment that low. Our rent it $2500 for a small house!! That's why we live with my in-laws, it makes it more affordable all around.

to the OP, I hope everything works out for you and that things take a turn for the better for you!!

Praise the Lord! I would make sure that this never happens again. I would try to get current as soon as possible and establish an emergency fund as soon as possible too. I'd make sure to get the payment to them early to show them that you are serious.

That's great news, hope that is a done deal and everything works out OK

Great news! Glad things are working out.

I am so glad things are working out for you! What ever you do, do not move to PA at least the south east part! LOL! Our mortgage is more then you repayment plan and we live in a half a double! Thank goodness we got in before all the houseing prices rose, or there would be no way we could have gotten a house!

It sounds like things are working out for you and your DH. I am glad that the mortgage company is being understanding. You are in my thoughts and prayers.

I'm glad things are looking up. Keep us updated on what happens with the new payment.



--Michelle

Thank you for keeping us updated on this! I am so happy for you and DH. Good things still happen to good folks! But the good news - you are still a stronger person for what you have been through!! Still sending good vibes!
Dianne :tubby3:

I'd do whatever I could to avoid having to file for bankruptcy. Hopefully when you call and speak to someone, they will be willing to work with you. I agree with this... and I'll be thinking of you and your family.

Oh, what a huge relief! It sounds like the mortgage company is really trying to work with you, which is great. Now that your DH has a job, hopefully you can get this all cleared up.

Thank-you for keeping us current related to what is going on. PRAISE THE LORD that everything is going to work out!!! :dancing:

Now look to the future...be thinking about if you can afford a $900 house payment. If not be thinking about selling the house and moving to a cheaper area/state and renting an apartment. There are many states which have much lower costs of living then where you are currently located. (Missouri, Kansas, Texas, being just a couple of them)

I know your hubby does not want to move but if you get into this same situation again do you think the mortgage company will be as sympathetic??

I'm glad that it sounds like they are working with you!!

That is great news, I am praying all works out.

Hugs,

Angel

Glad things are working out and hopefully you can put your mind at ease!

I'm so glad to hear everything is working out for you. If you ever decide to sell and move to a less expensive part of the country, give the Georgia coast a try. Mild weather in the winter, fresh seafood you can catch yourself to fill your freezer, great growing seasons for summer and winter gardens, slow paced, county, down home living. We sure would love to have ya.