If you like this blog, you might enjoy my e-books. I'll be adding more and have one specifically geared toward the unemployed in the works.
Foreclosure Pending
Fri, 07/23/2010 - 23:07
To make a very long story short, I am facing foreclosure on a home I have lived on with my husband & kids for the past 10 years. My income decreased due to work furloughs, no increases or bonuses at my last job, and my husband has been unemployed for 2 years. Now we are both unemployed and have no way of paying the mortgage. I had been trying to work out a loan modification for the past year and a half with the bank but got nowhere.
Now the clock is ticking and I am basically waiting to be thrown out. I never thought I would be in this situation, as when we bought the house our family income was close to $150K and now it is $0, with no job prospects in site. It is amazing to think that we were so naive that we expected the house to only increase in value and our income to increase accordingly. Ha!
I have owned property for the past 15 years so it will be very strange to be a renter again, assuming I can find someone to rent to me since I don't have a job.
Is anyone else out there facing foreclosure or had been through it? I would be interested in hearing from you & maybe we can share tips on getting through this.
Thanks!
Fri, 07/30/2010 - 11:11
#2
Simon
Hi,
I have been there. When I left my job, in 2003. I moved across the country to follow my hubby. We found out that we were upside down in our Mortgage. The first thing I did was called the bank that held our mortgage and asked what my options were. They told me that I could put it on the Market below the Mortgage price a short sell. The other thing that I could do was a deed in lieu. That is where you sign over the deed and they accept it. The short sell does the least damage to your credit rating and the deed in lieu does a little bit more damage but not as much as a foreclosure. So call your bank and work with them now.
I've never been through foreclosure. I have heard that there are ways to draw the process out, sometimes for years. Because the world of finance is so convoluted, it's sometimes possible to challenge the ownership of the mortgage. That might buy you some time to figure out how to land on your feet.
Good luck -- you definitely need it.
When life hands you sh*t, make fertilizer.