Foreclosure University Forum

need help with financial/home foreclosure situation

by Georgia, Wednesday, May 06, 2009, 12:52 (3671 days ago) @ James113

� I was laid off 2 years ago and am unemployed. I will not be able to make
� my mortgage payment after May. I have one of those interest only
� mortgages. My house value from what I can tell by looking at recent sale
� prices to similar houses is about 200 to 210k. My current mortgage is
� total of 225k (180k first, 45k second). I have been looking for a job but
� it has been very difficult and I do not think I will be able to find one
� soon enough. I used all of my 401k and maxed out my CC (40k) debt mainly
� to pay my mortgage. Looking back I should have just let go of the house a
� long time ago, I guess I was too proud to do it.
� I need advice on what to do now. If I can find any job I would take it. I
� am willing to work 3 or 4 jobs if I can. But I don't think its gonna be
� possible. Not only will I not be able to pay my mortage after may, I will
� not be able to pay anything else, including my car loan (10k left on it).
� So my car will be repossed shortly after.
� I am considering filing for chapter 7 bankruptcy. If my house forecloses,
� am I liable for the difference in price of the home and mortgage> I read
� somewhere about trying to do a shortsale, will that help any given my
� situation>

Why not contact you mortgage or note holder and tell them the circumstances. There is a great possibility that they will be able to give you an idea of what they are able to do. You could also talk to an attorney, maybe one that specializes in real estate or bankruptcy and they would have current info on how you could protect your assets. From what I understand the short sale is when you sell to a buyer and the bank takes less that what is owed on the property.If I'm not mistaken you would be selling the home. I've also heard that there is a plan that some lenders offer that allow you to restructure or modify your loan. The worst thing to do though is nothing. Hope things work out.

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