Foreclosure University Forum

How do I buy a little extra time?

by dialing, Friday, August 14, 2009, 15:40 (3686 days ago) @ foreclosureuniversity

� � 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!!!
� Have you tried to borrow the money from a good friend or relative> Have
� you tried to take out a cash advance from credit cards> Sell personal
� belongings to people you know who will sell them back to you later or just
� sell them because they can be replaced later. 65% equity is much harder to
� replace and something you don't want to lose.

Most of my friends and relatives are just barely keeping their heads above water. My remaining available credit has shrunken, and my credit cards APR's have jumped up to nightmarish levels. Even if I could get together a decent sum of money, my lender has "accelerated" the note, and are now demanding the entire remaining amount of the mortgage. When I spoke with them last, they indicated that they had no interest in working out any kind of deal with me. I suggested both a loan modification, or a forbearance, but they said no to both. I think that I'd be in a better position if I was upside down, if my lender thought they would lose money on the sale of the house, I think that they would be more likely to work with me.

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