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dl0405 · Joined: 01 Oct 2009 Posts: 1 1.51 Dollars($)

The only way to save my house right now from foreclosure is to continue pulling money from my retirement which WAS $300k and now is $90,000.00. I am 47 years old and currently in the mortgage industry with a huge reduction in income. I want to keep my home but I have always heard never to touch retirement. I see my retirement dwindle because I have touched those funds to make house payments. Should I just quit dipping into retirement and let my beautiful home go to foreclosure or see about a short sale. Or do I hope I can replenish that retirement account someday????

Currently I am in the middle of a loan modification but Chase has taken 4 months so far and I am hanging, barely making payments. I am currenly current on mtg.

Thank you.

gmakerley · Posted: Thu Oct 01, 2009 6:24 am Post subject:

dl, as you know, this is a very personal decision you need to make. frankly, the advice you may get here will be so generic as to not necessarily fit your needs.

for some of us, maintaining our home equates to maintaining our dignity. as a result, we'll stop at next to nothing to ensure that monthly mortgage payments get made no matter what. if that means grabbing retirement funds to do so, then that's what happens. that you have a modification in process has to be a favorable thing, i'd think, with positive longer-term ramifications.

i can honestly say i feel your pain. i wish i could simply tell you the way to go, but it's not something that i'd dare to do in this sort of situation. follow your heart. i will say that one favorable item is that you've got a chance, at the young, robust age of 47, to replenish your retirement funds.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Try to save money as you can to make payments to your lender after your retirement & as gmakerly says if you want your home after your retirment you have to pay off your lender from your retirement fund. Try to foud best retirement Plans.

Thanks & Regards.
gunz.ijjistaff.

gmakerley · Posted: Thu Oct 01, 2009 6:37 am Post subject:

as i said initially...

Guest

I may be checking on this post incorrectly so I am sorry if I keep sending the same information out George. Are you receiving more messages from me????I received your last message re........as I said initially, but I don't know if I emailed you again by mistake. If so, sorry Smile

gmakerley · Posted: Thu Oct 01, 2009 6:47 am Post subject:

denise, i take it that you are dl0405. is that right? my last post concerned what i had stated in the earlier post, and was in reference to the generic nature of the advice you might receive on this forum.

i've only seen the original post asking the questions...have you also posted other similar requests for advice?

Guest

No, I have not posted anything more. I have received two posts from you so I thought everytime I was hitting refresh that maybe I was re-sending information. Sounds like I am okay and not resending though. By the way, thank you for your advise. I am also in the same line of work but sometimes we get soooo close to a situation, and emotionally involved, I just can't think straight about it. Thanks,!

Deni

gmakerley · Posted: Thu Oct 01, 2009 6:58 am Post subject:

if we could loans to closing, instead of having them processed for 4, 5 or 6 weeks before going to underwriting, where they sit for a month or more...we'd be making a living. i don't know if it's the people we work with, or if it's us who create the problem...i do know that management needs to step up (in every case, with every company) and make things work more efficiently. how can we go on like we've been doing? i wish i really had that answer.

and, as you said...you are okay.

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Should I deplete my retirement to pay my mortgage payments avoiding foreclosure at all costs?