go to www.equifax.com and you can access the report and print it for 30 days. It costs about $12 for the basic report. Fico scores will cost a bit more but not much more. www.annualcreditreport.com is printable too and i believe that one is free.
I’m very sorry to hear about your situation. And there’s no need to be embarrassed. Everybody runs into hardships in life. The difference is how we deal with them.
Hopefully others on this site will add some of their insight and knowledge, but here are a few thoughts I had.
If I’m reading correctly, your lender has not yet filed a Notice of Default or Notice of Sale – correct? If not, you still have some time. No one is going to just show up at your door and throw you out without going through the proper procedures.
But you have to move fast, and DO NOT abandon the property. And don’t ignore any correspondence from your lender. In fact, oftentimes they will work with you, if they know you’re trying to resolve the situation. Talk to them and see if they are willing to work something out for you. Or, at least buy a little more time to get your house sold. And you need to sell it fast.
You say it’s been for sale since Thanksgiving. Is it listed with a realtor? Have you discounted the asking price from the $217k for a quicker sale? Talk to your agent as see what they suggest for moving it as fast as possible.
Another option… you could offer it for as a Lease Option or sell it with owner financing. You would need to charge enough of an option fee or down payment to cover your back payments and default amount, and then make sure the tenant/buyer’s monthly payments are at least cover your loan payments.
Still another option is to forget the realtor and sell directly to an investor. There are many that will step in, get the loan caught up, take over your payments, and keep you out of foreclosure. But don’t expect to see a lot of equity. When you deduct everything, there may not be that much left.
I don’t know what your payments are, but based on the information you provided, I’m guessing you could easily be $7,500 - $10,000 behind in back payments – not counting penalties and fees. And as you point out, that is growing every month.
These are just a couple of thoughts I had. But again, hopefully others will add some of their input.
In the meantime, here are a few links that might be of help. And I hope everything works out for you.
If I may read between the lines a little and speculate as I read....
BEFORE your husband leaves to his new job have him sign over the house to you as your sole and separate property..
You will want this done before he files for divorce as it seems as though he is setting himself up for that action.. Now is your best opportunity to get this document...
If he isn’t than nothing wasted and it will make the transaction of selling easier in the long run.. If he is than at least you have more control of those equity funds...
At a payoff of 160k and a value of 217k you may want to consider asking the lender to put the back payments on the end of the loan or spread them arrearage amount over the next 24 months if they wont then get a hard money loan for the arrearages.
Since you probably wont want to move just yet put a room renter in with you to help with the monthly mortgage payments.. Use a rental agreement on a month-to-month tenancy arrangement. A friend would be best.
Most of all set yourself up so you can start making the mortgage payments... Get a first job second job something…. But you are going to have to stand on your own before you will have the confidence to stand-up to him next time there is a tragedy..
Then take a deep breath of air and start rebuilding your life.... And confront everyone in your life who does something you don’t agree with ... if you don’t you will be back here asking similar questions next time...
I like the selling bonus idea!! Thank you! We started at $219,900 ....then we lowered it to $214,900 and as of yesterday......we lowered it to $209,900 (to get it sold faster....we hope). We have had 6 showings..... and we get updates every 2 weeks.... One said they wanted a bigger yard (our yard is fair sized.....)...one said they went with a house in a totally different area....one in the beginning did say she felt the price was a little high considering the market..... etc.. I did ask if there was any negative feedback.....about the house itself (or our job with it)....... so far...none.
Thanks so much! I will call the agent today.
If you guys know of anyone that wants a 1752 sq ft home (3 bedrooms 2 baths...bsmt..fireplace..office...)...for less than its true value......... let me know!
Hlsrom (MI)
Yet another great idea. Thank you so much. Its good to hear from someone who has actually "been there/done that"....and knowing it worked. I will keep you posted. We will try this on Monday.
Well.... no real progress. The price as been dropped 3 times now.....and is now at $199,900. Sigh. The agent says he doesnt "believe in" buyer concessions etc...??? He did lower his commission from 6% to 5%. No word from the mortgage co........NO idea why......or how............its a miracle....... I pray every night thanking whomever.
If it doesnt sell soon and at a decent price.........I dont know what we will do...... Well........I guess I do eh? Suffer.
p.s.....the bonus is specified to be "paid to the selling agent"...that should not include the broker unless the broker is the selling agent...check on it...regards, CWal
p.s.....the bonus is specified to be "paid to the selling agent"...that should not include the broker unless the broker is the selling agent...check on it...regards, CWal
Hey Mary,
Is the home in disrepair? You say you purchased it for $187k 6 years ago but cannot get $200k for it now. Appreciation should be much more than that by now. Does your agent know your situation? You would be best to tell him if you have not so he knows the seriousness of the situation. Also as far as them putting you on the street, they will set a date ahead of time so it should not be a "surprise", and at least in Iowa, you get about 2 months notice. My best suggestion would be to wait until your husband gets the bonus, take that $14k with the $11k in 401k for a total of $25k. Bring back the $17k(by then) arrears, save the rest of the $ to make continuing payments while the home sells.
Thank you. I will discuss your suggestion with my husband. (again we cannot get the 401K money until the mortgage co sends us something staying we have a sheriffs sale....... and that has not happened).
The market is very slow here. Our home does have normal wear and tear from kids....pets...but nothing major. The home down the street took about a year to sell.......she got $211,000 and was asking $239,900 originally. Our home has only been on the market since right after Thanksgiving.....and with the holidays etc... Seeing more activitity in recent weeks. The price was lowered to $199,900 for a quick sale. So our family can be together. And to avoid losing the home completely.
Thanks again,
Mary
Yes but its like 6 months. And of course he was a friend of a friend. But yes......we are getting to the point where we need to fire him and get another.........or..........try to sell it ourselves.......or start calling those "we buy houses" 1-800 numbers....
Anyone know which ones are more legit??
THANKS!
Mary
1. You really need to know the specifics of the listing ... if the buyers agent is only getting 2.5 when the market pays 3% you are loosing valuable time.
2. Offer something to the buyer. Raise your price back up and offer closing help /carpet/ landscaping = whatever makes sense for your house.
3. See if your agent will get aggressive or find another. Sounds like you have not talked to other agents to know what is reasonable. Talk to them.
4. Did you de-clutter the house? Are you keeping it in tiptop condition? You mentioned pets:
?smelling good?
5. Has your agent held an open house for agents?
6. Spring is here, time to get aggressive for a family looking for a good house/decent deal.
Good luck. I feel for you. Keep your strength up.
That is just WONDERFUL ....that you had such help. Makes my heart feel good to hear that.
Unfortunately.......we have no family around and very few friends..... I am rather shy and my husband works a lot. We just........never extended ourselves......hence never made many friends.
But thanks for the advice. We are learning from this.......in many areas.
Well I think we are going to try another realtor. This one is OK but he just is not doing much to push the house and as you know...... time is of the essense. Sigh. I hate to do that....but...... I hate to have any realtor at this point........due to the fees etc...... but.........I dont know how else to get it exposure.
No one did reply........ are there any reputable "we buy houses now" places??? Like ... "we buy ugly houses" or something?? Anyone have any dealings with any of them? How much do they typically give you? like 20% less?
Thanks again. With the transfer money...we are not starving or anything like that right now. Thank you.
Mary
Your husband has moved out and is working in his new job? For how long? Is he sending you money? Has he found a new place for family to move to yet?
Are you thinking of moving before the house is sold?
--- How do you owe 160K if you put 50% down on 187K? Did you post your house on this site w/pictures? On any other sites?
go to www.equifax.com and you can access the report and print it for 30 days. It costs about $12 for the basic report. Fico scores will cost a bit more but not much more. www.annualcreditreport.com is printable too and i believe that one is free.
You can print each credit bureau from www.Myfico.com and there is a charge for one bureau or if you want all three, with and without fico scores
Greetings hlsrom,
I’m very sorry to hear about your situation. And there’s no need to be embarrassed. Everybody runs into hardships in life. The difference is how we deal with them.
Hopefully others on this site will add some of their insight and knowledge, but here are a few thoughts I had.
If I’m reading correctly, your lender has not yet filed a Notice of Default or Notice of Sale – correct? If not, you still have some time. No one is going to just show up at your door and throw you out without going through the proper procedures.
But you have to move fast, and DO NOT abandon the property. And don’t ignore any correspondence from your lender. In fact, oftentimes they will work with you, if they know you’re trying to resolve the situation. Talk to them and see if they are willing to work something out for you. Or, at least buy a little more time to get your house sold. And you need to sell it fast.
You say it’s been for sale since Thanksgiving. Is it listed with a realtor? Have you discounted the asking price from the $217k for a quicker sale? Talk to your agent as see what they suggest for moving it as fast as possible.
Another option… you could offer it for as a Lease Option or sell it with owner financing. You would need to charge enough of an option fee or down payment to cover your back payments and default amount, and then make sure the tenant/buyer’s monthly payments are at least cover your loan payments.
Still another option is to forget the realtor and sell directly to an investor. There are many that will step in, get the loan caught up, take over your payments, and keep you out of foreclosure. But don’t expect to see a lot of equity. When you deduct everything, there may not be that much left.
I don’t know what your payments are, but based on the information you provided, I’m guessing you could easily be $7,500 - $10,000 behind in back payments – not counting penalties and fees. And as you point out, that is growing every month.
These are just a couple of thoughts I had. But again, hopefully others will add some of their input.
In the meantime, here are a few links that might be of help. And I hope everything works out for you.
http://www.hud.gov/foreclosure/index.cfm
http://www.uslossmitigation.com/foreclosure_listing.php?state=MI
http://www.realtytrac.com/foreclosure_laws.asp?strState=Michigan
http://www.foreclosures.com/www/pages/state_laws2.asp?state=MI
http://www.stopforeclosure.com/Michigan_Foreclosure_Law.htm
Great advice Mike....
If I may read between the lines a little and speculate as I read....
BEFORE your husband leaves to his new job have him sign over the house to you as your sole and separate property..
You will want this done before he files for divorce as it seems as though he is setting himself up for that action.. Now is your best opportunity to get this document...
If he isn’t than nothing wasted and it will make the transaction of selling easier in the long run.. If he is than at least you have more control of those equity funds...
At a payoff of 160k and a value of 217k you may want to consider asking the lender to put the back payments on the end of the loan or spread them arrearage amount over the next 24 months if they wont then get a hard money loan for the arrearages.
Since you probably wont want to move just yet put a room renter in with you to help with the monthly mortgage payments.. Use a rental agreement on a month-to-month tenancy arrangement. A friend would be best.
Most of all set yourself up so you can start making the mortgage payments... Get a first job second job something…. But you are going to have to stand on your own before you will have the confidence to stand-up to him next time there is a tragedy..
Then take a deep breath of air and start rebuilding your life.... And confront everyone in your life who does something you don’t agree with ... if you don’t you will be back here asking similar questions next time...
I wish you well... You can do this...
[addsig]
bump
what does "bump" mean?
It is method that is used to bring a particular topic back to the top of the forum to increase its visibility to others
[addsig]
Oh ok. Thank you. Everyone has been very helpful and kind. I really appreciate it.
Btw....Happy New Years to all.
Hlsrom (MI)
I like the selling bonus idea!! Thank you! We started at $219,900 ....then we lowered it to $214,900 and as of yesterday......we lowered it to $209,900 (to get it sold faster....we hope). We have had 6 showings..... and we get updates every 2 weeks.... One said they wanted a bigger yard (our yard is fair sized.....)...one said they went with a house in a totally different area....one in the beginning did say she felt the price was a little high considering the market..... etc.. I did ask if there was any negative feedback.....about the house itself (or our job with it)....... so far...none.
Thanks so much! I will call the agent today.
If you guys know of anyone that wants a 1752 sq ft home (3 bedrooms 2 baths...bsmt..fireplace..office...)...for less than its true value......... let me know!
Hlsrom (MI)
Yet another great idea. Thank you so much. Its good to hear from someone who has actually "been there/done that"....and knowing it worked. I will keep you posted. We will try this on Monday.
Take care,
Hlsrom (MI)
[ Edited by FIProgress on Date 03/16/2006 ]
Well.... no real progress. The price as been dropped 3 times now.....and is now at $199,900. Sigh. The agent says he doesnt "believe in" buyer concessions etc...??? He did lower his commission from 6% to 5%. No word from the mortgage co........NO idea why......or how............its a miracle....... I pray every night thanking whomever.
If it doesnt sell soon and at a decent price.........I dont know what we will do...... Well........I guess I do eh? Suffer.
Thanks for asking!
Mary (MI)
p.s.....the bonus is specified to be "paid to the selling agent"...that should not include the broker unless the broker is the selling agent...check on it...regards, CWal
p.s.....the bonus is specified to be "paid to the selling agent"...that should not include the broker unless the broker is the selling agent...check on it...regards, CWal
Hey Mary,
Is the home in disrepair? You say you purchased it for $187k 6 years ago but cannot get $200k for it now. Appreciation should be much more than that by now. Does your agent know your situation? You would be best to tell him if you have not so he knows the seriousness of the situation. Also as far as them putting you on the street, they will set a date ahead of time so it should not be a "surprise", and at least in Iowa, you get about 2 months notice. My best suggestion would be to wait until your husband gets the bonus, take that $14k with the $11k in 401k for a total of $25k. Bring back the $17k(by then) arrears, save the rest of the $ to make continuing payments while the home sells.
Thats my suggestion,
Chase
Thank you. I will discuss your suggestion with my husband. (again we cannot get the 401K money until the mortgage co sends us something staying we have a sheriffs sale....... and that has not happened).
The market is very slow here. Our home does have normal wear and tear from kids....pets...but nothing major. The home down the street took about a year to sell.......she got $211,000 and was asking $239,900 originally. Our home has only been on the market since right after Thanksgiving.....and with the holidays etc... Seeing more activitity in recent weeks. The price was lowered to $199,900 for a quick sale. So our family can be together. And to avoid losing the home completely.
Thanks again,
Mary
Well, Thank God.
Does your contract with your agent have an expiration date?
Yes but its like 6 months. And of course he was a friend of a friend. But yes......we are getting to the point where we need to fire him and get another.........or..........try to sell it ourselves.......or start calling those "we buy houses" 1-800 numbers....
Anyone know which ones are more legit??
THANKS!
Mary
1. You really need to know the specifics of the listing ... if the buyers agent is only getting 2.5 when the market pays 3% you are loosing valuable time.
2. Offer something to the buyer. Raise your price back up and offer closing help /carpet/ landscaping = whatever makes sense for your house.
3. See if your agent will get aggressive or find another. Sounds like you have not talked to other agents to know what is reasonable. Talk to them.
4. Did you de-clutter the house? Are you keeping it in tiptop condition? You mentioned pets:
?smelling good?
5. Has your agent held an open house for agents?
6. Spring is here, time to get aggressive for a family looking for a good house/decent deal.
Good luck. I feel for you. Keep your strength up.
That is just WONDERFUL ....that you had such help. Makes my heart feel good to hear that.
Unfortunately.......we have no family around and very few friends..... I am rather shy and my husband works a lot. We just........never extended ourselves......hence never made many friends.
But thanks for the advice. We are learning from this.......in many areas.
Yes, well stated, and thank you.
-CF
Well I think we are going to try another realtor. This one is OK but he just is not doing much to push the house and as you know...... time is of the essense. Sigh. I hate to do that....but...... I hate to have any realtor at this point........due to the fees etc...... but.........I dont know how else to get it exposure.
No one did reply........ are there any reputable "we buy houses now" places??? Like ... "we buy ugly houses" or something?? Anyone have any dealings with any of them? How much do they typically give you? like 20% less?
Thanks again. With the transfer money...we are not starving or anything like that right now. Thank you.
Mary
Your husband has moved out and is working in his new job? For how long? Is he sending you money? Has he found a new place for family to move to yet?
Are you thinking of moving before the house is sold?
--- How do you owe 160K if you put 50% down on 187K? Did you post your house on this site w/pictures? On any other sites?
We refinanced a couple of times plus then the amount behind tacked on all together.....makes the $160,000.
Yes we were very very dumb. We made some mistakes..........obviously....... but now.......we want to do right.
I plan on teaching my kids what I have learned (the hard way).