I Hate To Even Ask ...
hello all. i have a serious question, i need to know if someone is able to help me financially. i have a multi-edged thing going on here. basically, i have gotten myself in a nice bit of arrears in my mortgage payments. i was flying high until a few big rain clouds hit me. tech stock crash and then split with the lady which meant child support. both have demolished my chances of making up my back payments and have me about $6k down - which unfortunately is not a small amount to me anymore. i'm a classic case of good guy with bad credit now. i've just made myself a great "motivated seller" for any birdoggs out there. 
just kidding, i've done too much in my house to move now. but i'm going into foreclosure shortly unless i get help.
i have a million ways i can work off the small loan and i'd like to share them with anyone who's interested in hearing - or i can just pay it off with money - i just want to get caught up before i go under on my first property. thanks in advance to anyone who can/will help!
Where are you located??
sorry, i should have said that. i'm in philadelphia, pa.
Quote:
On 2003-08-06 13:54, jackman wrote:
hello all. i have a serious question, i need to know if someone is able to help me financially. i have a multi-edged thing going on here. basically, i have gotten myself in a nice bit of arrears in my mortgage payments. i was flying high until a few big rain clouds hit me. tech stock crash and then split with the lady which meant child support. both have demolished my chances of making up my back payments and have me about $6k down - which unfortunately is not a small amount to me anymore. i'm a classic case of good guy with bad credit now. i've just made myself a great "motivated seller" for any birdoggs out there. <IMG SRC="images/forum/smilies/icon_razz.gif"> just kidding, i've done too much in my house to move now. but i'm going into foreclosure shortly unless i get help.
i have a million ways i can work off the small loan and i'd like to share them with anyone who's interested in hearing - or i can just pay it off with money - i just want to get caught up before i go under on my first property. thanks in advance to anyone who can/will help!
Are you basically looking for someone to get you out of your house and if so, what part of Philly is the house located??
birddoggin4u,
sorry it took so long to reply, tci has really been down a lot these past few weeks. geez.
but to answer your question, no. i don't want to get out of my place, i'm looking for a small loan to catch up on my mortgage before they come take it from me. if you know of anything, please let me know. thanks.
you might try paying partial payments until you catch up. if you are having troubl making the morgage now how will you pay back a loan as well?
John
j_owley, good question. i've cut out all my extras (cell phone, satellite, etc...) and sold everything (old jaguar, motorcycle, etc ...) to get everything back to the point where i can pay my mortgage and other bills fine, but it's at the point where i can't pay just the mortgage anymore, i have to play catch up. i'm getting the notices that say, "we accept only payment in full". i don't have that chunk of money to get back close enough to where they'll accept a mortgage payment. the other thing is that i have money "out there" in contract work that i've done, i just have to wait until clients pay me, which lenders don't necessarily care to hear.
that's why, if i had the money to catch up, i could afford the additional loan even with my mortgage payments. kinda like when someone can afford the mortgage if someone could help them with the deposit - that's my situation.
You don't have friends or family that would be willing to help you out? Unless you do and they know you would be a bad risk...
It's just that I fail to see why someone who doesn't even know you would give you a loan if you can't get it from someone who does and personally understands your situation. I don't mean to sound harsh or anything, just stating my first thoughts in response to your message.
i'm way past that idea. they're not in the predicament to do anything for me. they would, in a heartbeat, if they could. it's usually me in that seat - helping others.
call your mortgage company. Ask if they will do ....
A. Forebearance - Sometime the loan company will attach the back payments onto the loan. You will pay a little extra every month. They may have to start the foreclosure process to do this.
B. Loan Modification - this means they will review the interest rate of the loan. If it it high, they will reduce it which will mean reducing your payments and possibly increase the amount of the loan to include your back payments.
Loan companies don't want the home back. If you talk to them, tell them your situation, you may both be able to work something out.
Hope This Helps,
Mrs. Meltzer
What about getting a roomate? or two?
You might try and buy a house subject to and take the 6k there and put towards the arrears.
It is not uncommon for mortgage companies to add arrears to the end of the loan.
If there is any equity at all I would say sell, and sell now. take your equity and start over.
When I divorced 15 years ago I had two kids under age 3 living with me. I rented my house out for 5 years and lived in a $100 per month basement apartment of about 400SF. I got caught up on my debts, paid off the vehicle I had co-signed on for a friend (right before my divorce) that the car company repo'd, saved money, paid off the house early and started over.
I now have a 799 three bureau credit score with a 779 low.
Plenty of people start again, you can too. Mostly people in your predicamant:
A. can't believe it is happening to them & cling to their old lifestyle.
B. Won't do anything until it is too late and they have no options.
Here, you are looking at the self starters, the people that will do whatever it takes to be successful in their fields (hopefully you are one of them).
If I was going to make a loan to a total stranger in your situation I would have it oversecured by collateral "and" a second mortgage with a hefty interest rate. Hopefully you had lots of equity so that I could foreclose and make some serious money when you defaulted on the note.
Depending on state law if you were more than 30 days late I would foreclose on the property.
If you have equity sell now! If you have little equity try and sell your house "subject to" with enough of a down to bring the note current.
Barring that find a local investor that will short sell your house and give you enough Uhaul money to get on to a new life.
"Yesterday doesn't = the future"
_________________
Winners are not afraid of losing. But losers are. Failure is a part of the process of success.
People who avoid failure also avoid success.
Kiyosaki
[ Edited by Stockpro99 on Date 09/02/2003 ]
mz. meltz and stockpro ... very interesting ideas. i have to hurry and get up to snuff on some of these. thanks a bunch. i wish i knew more about "subject to", so i could know how to approach sellling my home that way. if i was on my feet already, i'd have taken john locke's class on that. haha.
u did hit the nail on the head tho, i am in shock wondering how this is happenning to "me". i know i dug my own hole and i'll get out, but in the meanwhile, this sucks!
thanks everyone.
Jackman,
If you want to sell your house sub2, advertise it on this website. I know there are several people doing sub2 in Philly. (I'm not one. I'm in Ohio.) Advertise it and watch your email pile up. You may lose your equity, but you'll save your sanity. That's a whole lot better to have.
The less of a load you have on your back, the better you will be able to move when a new opportunity presents itself.
My advice: Ditch the house (By selling it, not by letting it foreclose), find a nice, cheap apartment and start over.
This time, don't get in over your head; don't take on more load than is absolutely necessary; and always always always get a nullprenup!!!
Good luck, brother
Ronnie