Cannot pay mortgage anymore....job lowered my salary

winderst · Joined: 08 Feb 2008 Posts: 1 1.34 Dollars($)

My job just recently informed me that I am taking a huge paycut and now I am unable to pay my mortgage.
I do not want a foreclosure to be in my credit. What are my options?
thank you

gmakerley · Posted: Fri Feb 08, 2008 9:06 am Post subject:

immediately contact your mortgage lender to advise them of your situation. in that way, you may be able to avoid penalties for late payments, etc.

of course, you always have the option of selling your home; finding a new place of employment which will restore your salary to the old level; finding a second job that will supplement your current income; just plain old giving up.

although the last one mentioned is not a good thought, it is what many people do - i don't advise it.

but as you can see, you do have options - all hope is not necessarily gone.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi winderst.

Welcome to the forum.

George has given you sound suggestions. Contact with your lender ASAP and inform him about your situation.

Finding a new job also is a good option so that you can make your payments.

The process which can help you to avoid foreclosure is known as Loss Mitigation. You can check out this article - http://www.mortgagefit.com/loss-mitigation.html

Hope this will help you.

Feel free to ask if you have any further questions.

Best of luck,
Larry

adonis · Posted: Sat Feb 09, 2008 2:21 am Post subject:

Winderst,

The first thing that you should do is to talk to your lender and find out what options he has to offer so that you can get current on the loan.

To kno what to do if you are unable to pay the mortgage, refer to http://www.mortgagefit.com/refinance/lowscore-assistance.html .

girlndebt · Joined: 02 Feb 2008 Posts: 11 5.69 Dollars($)

I went through a similar situation last year. Call your lender. See what they can offer you. They do not want that house back. If they do not work with you, consider a short sale. You will need to find someone who is experienced and someone you can trust to help you if you do go that route.

Best of luck to you. Believe me, I have been there. I know how stressful it can be.

michelle · Posted: Sat Feb 09, 2008 2:21 pm Post subject:

Welcome to the forum winderst,

I am sorry to hear that you are dealing with such a difficult situation.

As George said, it is important that you don't just give up. Explore the options you have. Contacting your current lender is a must. Tell them exactly what happened, what you are trying to do to solve the problem and about how long you think it might take. As girlndebt said, the lender really does not want your house.

I would also encourage you to visit the links adonis and larry provided. You will find a wealth of information on those posts.

You may also want to contact one of your local HUD housing counselors. They can often assist you with contacting your lender and assessing your financial position. I believe they are extremely busy at this time, but they do have a wealth of resources to help you as well.

Keep your chin up. You are not alone. Please come back and let us know if you have any other questions and how things are progressing. We will help in any way we can.

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