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Forbearance period almost over

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TXPocohontas
Regular Contributor

Forbearance period almost over

Hi Everyone.

 

I am here with humble pie.  I was doing so well 2 years ago.  I had a house in Texas I sold and made $100k profit.  I built a house in Las Vegas area and moved in everything was going so well.  I was making six figures and hubby was doing as well.  Credit scores in the 800s at the height.  All credit cards has a zero balance at the end of the statement end dates.  My car loan has paid up by 2 years (interest under 2% so I keep the loan active for credit history). 

 

Closed on the house end of November 2022.  By February 2023, hubby lost his 1099 contract. By April 2023, my company abruptly closed their doors and I lost my job (without any warning).  I had just gotten dental implants surgery that I got a personal medical loan for $25k literally two days before losing my job (yes all employees were terminated) 

 

We had that savings from the Texas house sale so we used it thinking we would be able to find other jobs quickly.  Nope.  The jobs hubby found ended up being ones that paid very little or did not turn out to be legitimate.  I missed the opportunity to file unemployment (yeah, I was dumb).  I was overqualified or too old for just about everything.  The one job I got an offer for to start January 3, 2024 dissappeared over the holidays (they may have closed down as my emails were returned undeliverable and calls are met with disconnect tones) I finally dummy'd down my resume and my Linkedin page and then found something in mid January 2024 that is paying under $100k.

 

I had to start using my credit cards to live on a few months ago until I maxed them out.  I ran out of savings August 2023 and I got a forbearance on my mortgage until April 1, 2024.  I have tried side hustles, etc.  

 

I have never been in this situation.  I think I am going to put my house up for sale.  The mortgage co wants me to fill out anther forbearance loan application but I don't see how that would help me afford my house.   On my salary, I cannot afford $3645 mortgage payment each month along with utilities and basic needs.  Hubby found another job but has yet to get steady income.  He is not on the mortgage anyhow.  I have only paid two of my credit cards.    I am at my wits end.  I took so much time decorating the inside of the house, getting the backyard landscaped, all to lose it.  

 

Any solid advise, especially from a mortgage professional would be appreciated.

 

Be Blessed Ya'll.

Starting Fico 8 Score Dec 2019: 469 TU 501 EQ 453 EX
Current Score: 819 TU 795 EQ 796 EX
Goal Score: 820 Across the board
First Premier CL $600 BAL $0, Lane Bryant CL $750 BAL $0, Credit One AMEX CL $600 BAL $0, NFCU Visa CL $11,100 BAL $0, Capital One QuickSilver CL $2000 BAL $0,Capital One Savor CL $3000 BAL $0,Discover CL $10,000 BAL $0,Ashleys Homestore CL $3500 BAL $0,
Bobs Furniture AKA Wells Fargo CL $3100 BAL $0,LATE PAYS/COLLECTIONS/BANKRUPTCIES/CHARGEOFFS/JUDGEMENTS 0
Message 1 of 6
5 REPLIES 5
pizzadude
Credit Mentor

Re: Forbearance period almost over

Sorry to hear about your situation, I hope that others can offer some additional advice but I'm wondering about your house - how much equity do you have and would you be able to pay off all or most of your credit cards if you sold and moved somewhere less expensive ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 6
TXPocohontas
Regular Contributor

Re: Forbearance period almost over

@pizzadude

 

Thank you.  Yes, I have a Realtor coming over tomorrow night to give me comps to then put the house on the market.  I have no choice but to sell the house.  I believe that I will be able to make a small profit off it after the mortgage is paid off and the Realtor commissions.  I will be forced to rent again.  😞

Starting Fico 8 Score Dec 2019: 469 TU 501 EQ 453 EX
Current Score: 819 TU 795 EQ 796 EX
Goal Score: 820 Across the board
First Premier CL $600 BAL $0, Lane Bryant CL $750 BAL $0, Credit One AMEX CL $600 BAL $0, NFCU Visa CL $11,100 BAL $0, Capital One QuickSilver CL $2000 BAL $0,Capital One Savor CL $3000 BAL $0,Discover CL $10,000 BAL $0,Ashleys Homestore CL $3500 BAL $0,
Bobs Furniture AKA Wells Fargo CL $3100 BAL $0,LATE PAYS/COLLECTIONS/BANKRUPTCIES/CHARGEOFFS/JUDGEMENTS 0
Message 3 of 6
Horseshoez
Senior Contributor

Re: Forbearance period almost over


@TXPocohontas wrote:

@pizzadude

 

Thank you.  Yes, I have a Realtor coming over tomorrow night to give me comps to then put the house on the market.  I have no choice but to sell the house.  I believe that I will be able to make a small profit off it after the mortgage is paid off and the Realtor commissions.  I will be forced to rent again.  😞


We went through a similar situation as you during/after the recession; my wife, a director at a Fortune 100 company lost her job after the CEO retired and the new CEO decided to "change direction" and sold off the divisions like someone was holding a gun to his head.  I was a 1099 contractor and my contract was abruptly terminated, along with all other contractors at that company, and suddenly we went from being well off, to poor.  We were forced to sell our house in 2013 at a huge loss, ended up separating when the house sold, and went our separate ways, son into the Navy, high school aged daughter with my wife, and me to a tiny rental on a working farm where part of the deal was for me to put in anywhere from two to four hours three mornings per week before work, and something between one and three hours in the evening those same three days.  About six-months after we separated, she filed for a Chapter 7 bankruptcy, and a year later I filed for a Chapter 13; yeah, ain't none of us were happy campers.

 

I told you the above to say this, keep your spirits up, take care of yourselves, and better days will come; my wife and I are now back together and are in the market for a new home.  Smiley Happy

I categorically refuse to do AZEO!
Message 4 of 6
TXPocohontas
Regular Contributor

Re: Forbearance period almost over

@Horseshoez Thank you for telling your story.   I think the bottom line is you, meaning each individual, can only be prepared so much in life.  It is surely a humbling experience.   Not that we were snobs.  But its a kick in the pants.  I am working with most of my credit cards that I owe so I will still have some good credit.   As far as the house is concerned, we will just have to do better next time.

 

So glad to hear you and your wife are back together. Wishing you many blessings.

Starting Fico 8 Score Dec 2019: 469 TU 501 EQ 453 EX
Current Score: 819 TU 795 EQ 796 EX
Goal Score: 820 Across the board
First Premier CL $600 BAL $0, Lane Bryant CL $750 BAL $0, Credit One AMEX CL $600 BAL $0, NFCU Visa CL $11,100 BAL $0, Capital One QuickSilver CL $2000 BAL $0,Capital One Savor CL $3000 BAL $0,Discover CL $10,000 BAL $0,Ashleys Homestore CL $3500 BAL $0,
Bobs Furniture AKA Wells Fargo CL $3100 BAL $0,LATE PAYS/COLLECTIONS/BANKRUPTCIES/CHARGEOFFS/JUDGEMENTS 0
Message 5 of 6
keekers556
Established Contributor

Re: Forbearance period almost over

Nothing to add here about your situation but just want to tell you to keep your head up and working hard and you'll get through this.


Message 6 of 6
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