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Forclosure

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Anonymous
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Forclosure

OK. We are going to have to let the house go into forclosure. What do you think would be better, to save the money we would have spent on the mortgage so as to have a little bit of cash, or to try to pay down all of the credit cards, bills, etc. We would like to damage the credit as little as possible, but my husbands, job has cut way down on hours and we just can't continue the payments.
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Forclosure

Have you checked into the programs available to help ppl save their homes? The government has an 800 number, I'll see if I can find it.
 
Some lenders are increasingly working with borrowers to get them through and help them keep their homes.
 
Are you already behind?
Message 2 of 5
Anonymous
Not applicable

Re: Forclosure

No we are not behind yet, but I don't see how we can continue to pay it and still feed our children.
Message 3 of 5
Anonymous
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Re: Forclosure



Cocoa wrote:
No we are not behind yet, but I don't see how we can continue to pay it and still feed our children.



I feel for your situation and the many others who are facing it today.
 
I do not personally know what lenders are doing to help, but I do know that some are helping those who contact them.
 
The government supposedly(I say this, b/c I haven't followed it closely, just headlines and here and there) pumped some money into FHA for people to refinance at lower payments to help them avoid foreclosures. I am not sure what other things the government is doing.
 
I found one phone number 1-888-995-HOPE.
Message 4 of 5
fishbjc
Senior Contributor

Re: Forclosure

Sorry to hear this.  You've got to feed the family, of course!  Have you put the home on the market?  Tried it as a rental?  Short sale?
 
Look into those avenues first.  Times are difficult, hang in there!
Message 5 of 5
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