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Guest

A friend of mine knows I am going through a tough time in these economic times. Lost a job in 06 and trying to recoup. I am doing ok now but have just about exhausted all reserves. My house I have 225,000 in, I owe 200,000 and now the market is bringing 140,000. I would keep the house but thats the problem, I am struggling financially. My question is (he said he did it once and it was better than a forclosure by far. He made up a Quitclaim deed and basically gave his interest back to the bank. Can this really be done in Maryland?

It sounds real enough as that is the contract anyway. If I cannot pay for whatever reason they get the property back. I could remove my contents and get it in really good shape and give it back. I am certainly not attached to the house.

Help!?!

dipaligopale · Joined: 25 May 2010 Posts: 790 22.70 Dollars($)

Hi toughtimes,

Welcome to mortgagefit,

It was really sorry to hear about your current situation.I think you should take help of new Obama government's plan for those who are underwater.In my opinion if you could get the results with all legal plans why unnecessarily scratch our head to bend the system? I think this plan could surely help you because it is specially meant for the people like you.for more information on this plan you can go through this link
http://www.mortgagefit.com/news/aid-homeowners.html

DIPA

Guest

Thanks DIPA,
I read the link and then the sub link. I am current but could slip any minute as I have about 1500 in unsuspected bills (vehicle) that came up. I see the plan is looking to go into effect but I have talked to Wells Fargo who I have a first and a HELOC with. They will not consider me as I am current. I talked to them about an adjustment, a short sale, refinance to bring my rate down to make my payments lower. And all it has gotten me is on their radar screen. I am trying to make good but there is no good help out there. I have had to run my credit cards up to stay afloat which hurts even that much more. I have a townhouse, same as mine across the street that just sold in foreclosure for 105,000. I am at a 50% decline. I am considering (crown financial ministries recommended) CCCS to start with my credit cards. I have a small simple IRA I could cash in and pay off two of the 3 credit cards but that still leaves me 135,000 to the red. Any recommendations and or who do I reach to discuss these aid to homeowners?

smithsussane · Posted: Wed Sep 08, 2010 10:09 pm Post subject:

Hi Guest!

Welcome to forums!

I can understand that you're going through a tough situation. If you want to take advantage of various aids offered by the Obama Government, you'll have to contact your lender for the same. If your lender participates in those aid program, then you'll be able to take advantage of them.

Feel free to ask if you've further queries.

Sussane

dipaligopale · Joined: 25 May 2010 Posts: 790 22.70 Dollars($)

Hi toughtimes,

This is really not a good practice to pay the mortgage bills from credit cards as all of us know that how expensive is the credit card debt.

If you have done so till this time then please do not go for it again as it will just worsen your problem.

My advice is .............1. Minimize your expenses..........

2.Cash in IRA and pay off the credit card debt as it will also improve your credit score.(keep some cash with you always in handy do not pay the full amount from IRA to CC)

3.If you can miss some of the payments on the mortgage then only they will hear your plea to refinance.

Feel free to ask any further query if you have......

DIPA

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