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@Anonymous wrote:
Hi there, in alittle bit of a hard place and need some guidance/advice. My home recently went into Forclosure, long story we fell behind with our mortgage mainly due to my Wife lost her job(my income is half of the payment) and then she was hospitalized for a few months due to illness and couldn’t make it bad to work for a solid year up until a few months ago. My mortgage company did give us alittle forebearance but that has ended and now we are stuck with a 27K balance to catch up and save my home.
We have managed to save up $10,000 but can not come up with the rest in time, the mortgage company wants the 27k in full and not with payments. We have been trying to get a modification but they have been giving us the run around since October saying they need more documents..etc but after looking at their company reviews I have a bad feeling we won’t get it and will lose our home. Our credit is pretty bad(no bankruptcy) but from medical bills and a credit card charge off, student loans. We both have full time jobs with decent income, do you think there is a chance a bank or credit union or lender could give us a emergency loan of that amount and have the 10k down payment to offset the bad credit? Or have any ideas/help, even something high interest is totally okay. Her last car loan was paid in full and we currently own both of our vehicles(nothing super valuable maybe 15K-19k equity in that).
Thanks in advance everyone for reading.
The bad news is that I don't believe any lender is going to help you right now.
The good news is that you listed your own solution. If you've got $10k in the bank and $17kish worth of an automobile, sell the car. Save your house.
Buy cheap car.
Yes, I know that sucks. No, I don't have a better answer.
Good luck!
Tcbo and Sweeper made some respectable recommendations. However, should those prove unfruitful you may want to seriously consider the bankruptcy filling.
BK7 won't save your house i believe unless your house is basically worth nothing otherwise that is gone. BK13 I believe your house can be saved. You also might make to much for a bk7 as well so might not even be an option. I am no expert in bk, but how i understand them. One thing that is certain the longer you wait for the solution the worse it will get. Look at tapping into 401k as other mentioned possibly a loan from family members or sell your cars to save your house. Best of luck
What CC stated is right, you're looking for a Chapter 13: basically that's the consumer redress to have a judge force a payment plan on a lender that's being unreasonable.
In addition to what has already been suggested, I would talk to a couple of lenders about something like a HELOC: might not be feasible, but there's not a lot of rules around those and if you have non-trivial equity in the house and you've re-established income, you might be able to do that to get a lump sum. Spin your story to a local credit union or two that you have or can get access to and see what they say would be my recommendation, ideally you have this conversation in person.
Beyond that, absolutely look up what the foreclosure timeline is for your state and know where you are on that timeline.
There's also some foreclosure relief services which I think are free, that wouldn't be a bad route to investigate too. I would probably talk to a lawyer too FWIW.
@Anonymous wrote:
Hi there, in alittle bit of a hard place and need some guidance/advice. My home recently went into Forclosure, long story we fell behind with our mortgage mainly due to my Wife lost her job(my income is half of the payment) and then she was hospitalized for a few months due to illness and couldn’t make it bad to work for a solid year up until a few months ago. My mortgage company did give us alittle forebearance but that has ended and now we are stuck with a 27K balance to catch up and save my home.
We have managed to save up $10,000 but can not come up with the rest in time, the mortgage company wants the 27k in full and not with payments. We have been trying to get a modification but they have been giving us the run around since October saying they need more documents..etc but after looking at their company reviews I have a bad feeling we won’t get it and will lose our home. Our credit is pretty bad(no bankruptcy) but from medical bills and a credit card charge off, student loans. We both have full time jobs with decent income, do you think there is a chance a bank or credit union or lender could give us a emergency loan of that amount and have the 10k down payment to offset the bad credit? Or have any ideas/help, even something high interest is totally okay. Her last car loan was paid in full and we currently own both of our vehicles(nothing super valuable maybe 15K-19k equity in that).
Thanks in advance everyone for reading.
DCU will do a vehicle equity loan for up to 120% of the vehicles value. I know because they offered me one when I was looking at personal loans a few months ago.