Foreclosure University Forum

How do I buy a little extra time?

by dialing, Thursday, August 13, 2009, 08:34 (3687 days ago)

After losing my job 2 years ago, and my wife's salary at her work being reduced by almost 50% last month, things are not good. We are significantly behind on our mortgage, and we have received a foreclosure notice. I have been in constant touch with our lender, and their attitude is "we can't do anything, just get yourself current on your payments!". We have significant equity in our home, and I have a rental property which I have placed on the market. When the rental property sells, there will be sufficient funds to get current on the mortgage, and pay down a large chunk of the remaining principle. I have communicated that with the lender, but they refuse to offer any solutions. The best they were able to do was offer me a "deed in lieu", but with the remaining principle on the mortgage only about 35% of the home's current value,(65% equity) that was nothing more than an insult. I have considered a Chapter 13, but that hinges on having income to repay the current debt within 5 years. I have several prospects for employment as of this writing, but even in the best case scenario, I wouldn't start work until mid October at the earliest. I have talked to a credit consular, and they told me that without a job and source of income, there was little they could do. Does anyone have any suggestions to delay the foreclosure proceedings for a few months, until my rental property sells and closes, and I begin working again> Thanks!!!

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