I am not sure if this is the best place to look for help, but I am currently three months behind on my mortgage payments. My husband lost his job and we have been strapped ever since. Our mortgage company, countrywide is just out for blood, they don’t care that we can’t even afford to put food on the table. I am at the public library right now because I can’t afford the internet any more. We owe about 110,000 on our home, and we have considered selling our home…but I just can’t face telling the kids we have to move. I think we have some equity, a house just down the block sold a month ago for around 210,000. I am just so embarassed about this whole thing…I just need some more time. I live in lakewood, CO and i need someone out there who understands all of this to help my family save our home.
Hi Tammyjo
call me. I live in Denver 720-341-8203
John
I think this is definitely the right place to ask the question. Ideally you’d want to refinance, but that’s going to be extremely difficult to do while unemployed.
Another option is to have an investor buy your house and lease/option it back to you. You’d be able to stay in the house, and buy it back down the road when you’re financially stable again. Of course, you’d still need to make payments in the mean time, but you may be able to work out something that will work for you - especially if you have a good amount of equity in the property.
If you were in Utah, I might be able to help you. But, I think you’d be better off working with someone in Colorado, or someone who has experience working out-of-state.
Tammy,
IF you are ready to sell, then I’d suggest calling one of the “we buy houses” type ads in your local paper and see what you can get for your property. It will be cheap. You’ll likely get enough money to move and that’s about it, but you’ll be out from under the payment.
IF you aren’t ready to sell, then look at your options. You need to find out what your home is worth. IF it’s worth the $200K that you think AND you or your husband have decent credit, then you can probably refinance on a no-doc loan. Even a 80% LTV loan will be $160K which would give you about $50K (minus costs) to work with UNTIL you and/or your husband finds a job.
Just a note. If you decide to sell to an investor (the “we buy houses” people), then be prepared to SELL. The majority will NOT allow you to stay in the property, so I’d suggest that you don’t even consider that option.
And I understand that you’re in hard times right now, but I’ve just got to respond to this portion of your post: Our mortgage company, countrywide is just out for blood, they don’t care that we can’t even afford to put food on the table.
No offense meant, but it’s not Countrywide’s fault that you’re not able to put food on the table. Countrywide made a loan to you in good faith that the money would be repaid. I understand that you’re not in the position anymore to pay it. I hope that you understand that all Countrywide is doing is trying to recover what they loaned out.
Good luck,
Raj
Thank you all for the insight into your business practices. The best way to learn how a wolf hunts is to dress like a sheep.
<<Thank you all for the insight into your business practices. The best way to learn how a wolf hunts is to dress like a sheep.>>
Meaning…?
Keith
Wow!
You come here and post a question of help, and respond by calling us wolves that devour the sheep.
Very tactful.
I’m curious, exactly how many “wolves” do you think would work with you to find you EVERY possible alternative to selling BEFORE they would buy from you?
What exactly do you want?
Raj
Little Tammy Bo Peep has lost her sheep and can’t tell where to find them.
Leave them alone, and they’ll come home without any pride, because now they will live with Countrywide.
John $Cash$ Locke
By the tone and content of her post, I’m thinking there’s no real crisis just a thinly veiled venture into “how would you do this?”…
I’m thinking that, if she would have asked soemone would have come right out and told her.
I’m betting she doesn’t come back around either!
Keith