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 jimbeckpt
Joined: 21 Oct 2009
Posts: 1
1.39 Dollars($)
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 Posted: Wed Oct 21, 2009 12:14 pm Post subject: Best Course of action? |
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Our son is about to lose his home through foreclosure. He has a stable job with Intel (10+yrs) but has fallen behind on morgage, car and credit card payments. He has four children (ages 16-1yr) and his wife is unable to find a job. Unfortunately, he is falling into depression compounding the issue.
After reading your web site, we were going to advise him to seek help through a Credit Counseling Agency (like Edward Jones or Dun & Bradstreet). We think he should also file Chapter 13 to avoid losing his home and property. Would this be the correct course of action for him?
Thank you for this site and for your advice. |
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chrisburns
Community Experts
Joined: 13 Nov 2007
Posts: 372
Location: Florida
64.35 Dollars($)
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| Posted: Wed Oct 21, 2009 2:13 pm Post subject: |
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is the reason he fell behind because his wife lost her job?
Did his income decrease as well?
Has he tried to do a loan modification on his home yet?
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Chris Burns
Five Stars Mortgage, LLC
Office: 800-871-2636 ext. 200
Cell: 407-456-3697
Florida Mortgage
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Jim Beck
Guest
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| Posted: Wed Oct 21, 2009 3:06 pm Post subject: Loan Modification |
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| Yes, the wife becme pregnant and lost her job (they were okay with two salaries). His income has not decreased. They are dealing with two morgage lenders and have tried to do a loan modification. Their morgage payments are $1800.mo. They are paying their morgage but have no money left to live on. The loan modification only lowered their payments $200. which does not help. The IRS also said they owe $2500. in back taxes (which they do not have). Last week they had a total of $20. to live on for the week. I suggested they contact a HUD counciler. |
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thewretched02
Joined: 21 Oct 2009
Posts: 18
3.29 Dollars($)
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| Posted: Wed Oct 21, 2009 6:57 pm Post subject: |
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Jim, sounds like your son is facing some hard time - my sympathies.
you mentioned that he has other debts that are also weighing on him. Has he looked at consolidating or settling them?
also, to build his income, could he look at renting out a room of his house? I know thats not ideal with his wife pregnant but it's one way he could look at getting in some more cash.
Alternatively he could look at selling the house preemtively rathert han waiting for a foreclsure and moving to somewhere a little smaller or more affordable or perhaps renting?
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