 | | 
10-03-2005, 05:01 PM
| | Junior Member | | Join Date: Sep 2005
Posts: 20
| | | late mortgage
What is the name of your state? Texas
My wife and I have lived in our house since july'04 and only last 2 months have we been late(helping out in-laws with medical bills).We plan to file for chapter 7 in next 4-5 days but we are late with September mortgage and October mortgage is right here.We've been told by people to pay the principal and interest. We called wash mutual(lender) and got a difficult answer from them(pay sept-Hello? we can't). We'll probably have enough this friday for principal/interest but we are so behind with other creditors,which is why we are filing chapter 7.
We are just afraid we'll lose house to foreclosure....any advice? |
10-04-2005, 11:06 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote: |
Originally Posted by roberto6564 What is the name of your state? Texas
My wife and I have lived in our house since july'04 and only last 2 months have we been late(helping out in-laws with medical bills).We plan to file for chapter 7 in next 4-5 days but we are late with September mortgage and October mortgage is right here.We've been told by people to pay the principal and interest. We called wash mutual(lender) and got a difficult answer from them(pay sept-Hello? we can't). We'll probably have enough this friday for principal/interest but we are so behind with other creditors,which is why we are filing chapter 7.
We are just afraid we'll lose house to foreclosure....any advice? | **A: you got your priorities mixed up. It looks like you need to sell the property. |
10-04-2005, 10:52 PM
| | Junior Member | | Join Date: Mar 2005
Posts: 6
| | | I'm no expert but do whatever you can to pay at least one payment now. Can you borrow some money from somewhere/someone and try and get caught up? Don't let it snowball like my husband and I did. It's a nightmare. Good luck! |
10-05-2005, 09:59 AM
| | Junior Member | | Join Date: Sep 2005
Posts: 20
| | | Late Payments
Texas....
Homeguru? Priorities? I guess you are right**************my in-laws needed help in paying medications and i assisted them rather than have them die.It's not like we were always late,we assisted them with excessive medical expenses and we plan on having them move in with us to help them out(rent too much for them).Sometimes mortgage companies need to realize that they assisting home owners will go a long way.I rather add 2-3 months to my mortgage and help my family,than be a crumb about it.
I guess some people do have different priorities. |
10-05-2005, 10:23 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote: |
Originally Posted by roberto6564 Texas....
Homeguru? Priorities? I guess you are right**************my in-laws needed help in paying medications and i assisted them rather than have them die.It's not like we were always late,we assisted them with excessive medical expenses and we plan on having them move in with us to help them out(rent too much for them).Sometimes mortgage companies need to realize that they assisting home owners will go a long way.I rather add 2-3 months to my mortgage and help my family,than be a crumb about it.
I guess some people do have different priorities. |
**A: yes, you are right. |
10-05-2005, 10:25 AM
| | Member | | Join Date: Mar 2002
Posts: 218
| | | What Homeguru is saying is that your stealing from Peter to pay Paul. Yes it's nice that you help your family but not at the expense of losing your home.
It would've been better for you to borrow the money needed to help your family then to default on an obligation you have with the mortgage company. Now you need to be upfront with your mortgage company by calling them and asking for a payment plan to get back on track or you won't have a home to share with your family members. |
10-05-2005, 10:33 AM
| | Junior Member | | Join Date: Sep 2005
Posts: 20
| | | priorities
texas
Samm...I understand what homeguru is trying to say...and appreciate the advice.We had noone to borrow money from(not from friends,other family,noone).I can't even get home equity because don't have enough equity. My in-laws had noone to help them,yet they have 3 other adult children.My wife and i are only ones that assist them every time(money,trips to dr,etc). |
10-05-2005, 10:40 AM
| | Junior Member | | Join Date: Sep 2005
Posts: 20
| | | Prorities
Texas
I spoke to bank holding our home loan and they seemed pretty unreasonable.We told them that they can see we have not been late till last month and explained all our present expenses and that we are just trying to catch up,not avoid our payments.We were hoping they would allow us to pay the principal/interest and let us catch up,but they are hesitant.I've spoken to other people who have gotten their mortgage deferred for 1-2 months.Crazy ! |
10-05-2005, 11:17 AM
| | Member | | Join Date: Mar 2002
Posts: 218
| | | They're going to give you a big flat no to start with. The person assigned to your file is compensated based upon his deficiency percentages so he/she needs you to get current or he needs to get this into foreclosure.
If you can convey a willingness and an ability to honor a payment plan, it's not likely the file will make it through the foreclosure commitee. Be persistent. Even write a letter and mail it outlining how you propose you bring the loan current. Be reasonable. They are not going to allow you to add the arrears onto the end of the loan. They are going to want you to bring the loan current within a reasoneable period of time - 6 months or less. You need to demonstrate exactly how you're going to able to do that. They may even ask for a financial statement outlining income vs monthly debts. If you don't have any extra money in your budget, they'll not likely agree to a payment plan. Get a part time job if necessary. If your family members are moving in with you, list the rent as additional income you didn't have before. Also, don't pay the late payments now. Worry about those after you get the loan current. If your family members have a rental deposit they'll get back when they leave their current residence, use it too.
If in your budget you have expenses for things like cable television, high speed internet, weekly massages, getting your nails done etc... you better eliminate the fluff from your expenses.  |
10-05-2005, 11:26 AM
| | Junior Member | | Join Date: Sep 2005
Posts: 20
| | | priorities
Texas
Part-time job? Difficult when my wife and I work 7am-8pm(mon-sat).We've eliminated cable,cell phones about 5 months ago.Last time we purchased any clothes/shoes(3 months ago),we haven't been to movies in 2 yrs,we last rented movies 4 months ago.Massages/nails? People actually do that? lol ! We're considering Chapter 7....don't know.What will help is the money that in-laws can provide when they move in and our 2 sons finally working(attend school f/t). gotta have faith. |
10-05-2005, 11:29 AM
| | Junior Member | | Join Date: Sep 2005
Posts: 20
| | | prorities
Texas
Samm...thanks for advice...I'll mail out letter outling all our debts/income |
10-05-2005, 11:49 AM
| | Senior Member | | Join Date: Sep 2005 Location: Sunny Fl
Posts: 1,162
| | | Experience tells me that once you get past the collection agency the attorneys will work with you. In truth the mortgage company wants your money,not your home!
I hope you have contacted every possible agency, church, etc to get assistance with the medical bills!
Want some more free advice? When things get tight you must keep a roof over your head and your cars on the road (so you can get to work)! Keep the light on and food in the fridge. Most importantly, don't be too proud to ask for assistance from outside the family. There are plent of people who could work that take advantage of the system, so if you are really in need you need to be getting all you deserve. |
10-05-2005, 12:17 PM
| | Junior Member | | Join Date: Sep 2005
Posts: 20
| | | true
Texas
How true ! We're looking at all outlets and will try to do whatever to keep our house/car,even it means chapter 7 on all our other debts.I know chapter 7 does not prevent bank from foreclosing or having our car taken,but it gives us a "fresh start" and that helps. |
10-05-2005, 12:23 PM
| | Member | | Join Date: Aug 2004
Posts: 71
| |  hind sight
NEXT TIME, call your mortgage company and communicate before the problem occurs.
Normally preventitive measures will save you time, money and stress.
Try to enter into a payment arrangment. If you can't afford to make any payments, you need to make some quick and definate decisions.
Allowing your mortgage to continue to be late or not paying it will continue to decrease your credit rating and future ability to obtain financing.
You need to find the money and get your contact person to agree to accept it. You are on thin ICE. Don't allow your situation to get any worse.
Good luck
Last edited by m martin; 10-05-2005 at 04:39 PM.
|
10-05-2005, 02:18 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote: |
Originally Posted by pojo2 ????
Perhaps a moderator will notice soon and tell me I am dead wrong concerning solicitations around here! |
**A: you are dead right. | |
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | | | | Thread Tools | | | | Display Modes | Rate This Thread |  Linear Mode | | 
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off | | | |
|
