ok - I have my own opinion, but I'd like to hear as many others as possible ~
senerio:
My cousin (in-law) lives in a smallish town, 20+ miles outside a major city - having a hard time finding a decent paying job but is currently employed @ $8.50/hr (40 hr week) - Has also been searching for a better job for at least 3 months, and pays for one child in daycare.
cousin (in-law)'s spouse is currently employed (and highly educated in the field in which they work) in a profession that pays flat rate (meaning only gets paid when there's work) ($24.85/hr when there's work) This is the type of business that has been hit hard with a crappy economy.
Example of income: $400 - $600 per week total. (spouse recently cancelled medical insurance for the family due to not making enough money to survive, so this should give an extra $150/week starting next week)
Mortgage is $1448 per month
Currently, mortgage is past due $4344 (3 months) but cousin (in law) will pay $1500 on this Friday making the new balance of:
Mortgage is past due $2897 (2 months)
Bank sent letter stating that they must agree to a repayment plan that consists of reg. mort. payments PLUS additional $287 per month. If aggreement isn't kept up, or is late, full amount past due will be due in full.
Cousin (in law) has been sending as much as possible weekly for the past 5 months or more, but is consistantly a month behind despite their best efforts.
Bank told them this morning, they can't continue to go on paying whatever they can, and they need to sign the agreement.
Everything they can sell has been sold. Aside from selling a kidney, or a kid, there's nothing else to bring in extra at this time -
sooooo - MY question is
"what is your opinion on signing that agreement with the bank???"
The way it was posed to them, they don't have much choice, so the cousin (in law) wants to know - can the bank MAKE them sign it?
I vote: continue what they are doing, and every little bit they can send, send, but DON"T sign anything!
what say you?
senerio:
My cousin (in-law) lives in a smallish town, 20+ miles outside a major city - having a hard time finding a decent paying job but is currently employed @ $8.50/hr (40 hr week) - Has also been searching for a better job for at least 3 months, and pays for one child in daycare.
cousin (in-law)'s spouse is currently employed (and highly educated in the field in which they work) in a profession that pays flat rate (meaning only gets paid when there's work) ($24.85/hr when there's work) This is the type of business that has been hit hard with a crappy economy.
Example of income: $400 - $600 per week total. (spouse recently cancelled medical insurance for the family due to not making enough money to survive, so this should give an extra $150/week starting next week)
Mortgage is $1448 per month
Currently, mortgage is past due $4344 (3 months) but cousin (in law) will pay $1500 on this Friday making the new balance of:
Mortgage is past due $2897 (2 months)
Bank sent letter stating that they must agree to a repayment plan that consists of reg. mort. payments PLUS additional $287 per month. If aggreement isn't kept up, or is late, full amount past due will be due in full.
Cousin (in law) has been sending as much as possible weekly for the past 5 months or more, but is consistantly a month behind despite their best efforts.
Bank told them this morning, they can't continue to go on paying whatever they can, and they need to sign the agreement.
Everything they can sell has been sold. Aside from selling a kidney, or a kid, there's nothing else to bring in extra at this time -
sooooo - MY question is
"what is your opinion on signing that agreement with the bank???"
The way it was posed to them, they don't have much choice, so the cousin (in law) wants to know - can the bank MAKE them sign it?
I vote: continue what they are doing, and every little bit they can send, send, but DON"T sign anything!
what say you?