HELP...I HAVE FALLEN BEHIND AND DONT KNOW WHAT TO DO!

WHEELINGWOMAN79 · Joined: 28 Mar 2008 Posts: 1 1.40 Dollars($)

I RECENTLY BOUGHT A HOME IN JANUARY THAT I HAD BEEN RENTING FOR OVER A YEAR. WHEN I RECIEVED THE FIRST MORTGAGE BILL, IT WAS DOUBLE WHAT I WAS PAYING IN RENT, AND NEEDLESS TO SAY, I CAN'T AFFORD A 3000.00+ PAYMENT. I HAD TO BORROW MONEY FOR THE JAN PAYMENT, AND HAVENT BEEN ABLE TO PAY FEB OR MAR. I AM A COMMISION BASED EMPLOYEE AND WILL NOT BE ABLE TO MAKE THESE PAYMENTS UNTIL NEXT MONTH OR SO. WHAT ARE MY OPTIONS? HOW SOON CAN I REFINANCE? HOW DO I DO ANYTHING WITH SUCH POOR CREDIT?

sara

Hi Wheelingwoman,

Welcome to the forums.

I'm surprized that your lender possible didn't evaluate your financial strength before offering the loan. I guess it may have been a better decision not to go for a mortgage right at the moment. Moreover, lenders often work with borrowers to repair their credit and then they offer programs. But it's different in your situation.

You've just taken out a mortgage, so you cannot refinance at least within the next 6-12 months. Please talk to your lender asap, tell him you won't be able to continue with the current repayment plan. Let's hope that he suggest a plan which you can follow for at least a year which will give you enough time to organize your finances and repair your credit. And then you can refinance.

As for improving your credit, check out the Steps to self-help credit repair .

Take Care

Niicss · Joined: 03 Oct 2005 Posts: 1039 154.84 Dollars($)

Welcome Wheelingwoman,

Agree with Sara that you may not be able to refinance now. Inform your lender as soon as possible and try out some repayment plans.

gmakerley · Posted: Mon Apr 07, 2008 10:31 am Post subject:

i have to wonder who arranged for this mortgage to be granted in the first place.

wheelingwoman, did you not advise your lender that you were unlikely to have the funds to repay on a regular basis? were not the terms of this loan, such as payments twice as high as your rent, disclosed to you initially?

by all means, contact the lender immediately to try to iron out a plan for you to make repayment.

jnmteal · Joined: 20 May 2008 Posts: 16 6.11 Dollars($)

maybe you couls ask for a loan modification, or think about selling the home, or maybe getting a different job? good luck

brian1 · Posted: Sat Jun 21, 2008 6:57 pm Post subject:

I agree with everyone above. Doing something has to be priority because doing nothing will not make this problem go away. I am surprised that you did not know how much the new payment was going to be? It had to be in the paperwork you signed.

Good Luck
Brian

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