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touchemup · Joined: 13 Jul 2009 Posts: 1 1.38 Dollars($)

I have become disabled since nov of last year. my buisness of 20 years I amunable to work inanymore to provide income needed for loan payments. I went fron 15k a month to 5500a month and my first pymt is $2320.00 and second is $1141.00 property taxes are 425.00,ins.125.00 and electricity 250-300.
obiviously i dont have the income to pay any more tried working with both but they say they cant help lower payments. My buisness with husband is auto paint touch up and painting bumpers for dealers. the car buisness as you know has suffered greatly in the ressession and that is the other reason for dramatic income loss. our buisness went from 45k gross sells to about 8k gross sales. im thinking deed inlieu of foreclosure, what do you think. I'm upside down in home 300k, dropped in value from 1.2million to 375,000.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

You have multiple options

You can ask for Loan mdofication (Assumign you will have better incoem in the future) or

You cna go for short sale or

You cna go for Deed in lieu of foreclosure

If none ofthose work, you cna go for foreclosure

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I have had a 75% pay cut and cant afford my mortgage paymt