Posted on: 29th May, 2007 03:48 pm
i have a first and second mortgage and i am currently going through some financial difficulties (bankruptcy). i am current on both, however the possibility of having to throw in the towel and walk away from my home has become very real. i have no equity. my interest rates are very much on the high side and because of the negative equity no one will or can refinance me. is it possible for the current mortgage companies to refinance/lower the interest rate for me rather than have me walk away from my home? a more reasonable rate just might make the difference in me being able to keep the house rather than loose it. i've had many companies think they have something they can do only to be told after look into it they can't. any ideas/comments? thank you.
Dad,
Please don't be so depressed. It happens at times when things don't work out the way you want them to. But have you posted as guest above? And what about the bankruptcy? have you already filed it? is there a possibility that you sell the home to pay off the debts and stay in a rented place. I don't want to hurt you by saying this but if there's no way out by which you can get rid off the debts, then this would be a better option; you can avoid bankruptcy at least. You would have a rented place and your credit won't be damaged further.
Take care
Please don't be so depressed. It happens at times when things don't work out the way you want them to. But have you posted as guest above? And what about the bankruptcy? have you already filed it? is there a possibility that you sell the home to pay off the debts and stay in a rented place. I don't want to hurt you by saying this but if there's no way out by which you can get rid off the debts, then this would be a better option; you can avoid bankruptcy at least. You would have a rented place and your credit won't be damaged further.
Take care
I don't think I can sell as I owe more than the house is worth. Bankruptcy has been started. It's hard to believe I may have to pack up and walk away from my home, but it's looking like the only option I have. (I will contact ACORN as mentioned above,but I have my doubts now)That's why I would like to hear from someone who has gone through it. When do you shut off the utilities, do you stay in the house until the new owner contacts you and tells you to leave,questions,many questions.
I can very well feel what you're going through. Indeed it is the time when you can consult people who've actually gone through it. Well, you can send a private message to Motomom. But for that, you need to join the community and only then can you send the message.
You know, when I first came to know of this community, I was skeptical but took a chance and joined it. And, was able to interact with the people here through messages and it really worked.
Hope everything goes well for now.
You know, when I first came to know of this community, I was skeptical but took a chance and joined it. And, was able to interact with the people here through messages and it really worked.
Hope everything goes well for now.
Ok dad, so it were you posting as guest. Well, you can contact ACORN; that's a renowned organization doing something great to help people in problems. As far as staying in the home is concerned, usually after foreclosure, one gets to stay only for 3 days during which the new owner sends a notice to abandon the property. You mentioned the bankruptcy? Is that chapter 7?
I don't think I can sell as I owe more than the house is worth. Bankruptcy has been started. It's hard to believe I may have to pack up and walk away from my home, but it's looking like the only option I have. (I will contact ACORN as mentioned above,but I have my doubts now)That's why I would like to hear from someone who has gone through it. When do you shut off the utilities, do you stay in the house until the new owner contacts you and tells you to leave,questions,many questions.
unfortunately, for all the good that ACORN has done over the years, they're taking serious hits these days. what would have been called "entrapment" not too long ago is now simply the way of the world, what with youtube, etc.
you'll probably have to divert your queries to another similar kind of organization. they're getting funds cut off from a wide variety of sources, and their overall credibility has taken a most unfortunate beating.
you'll probably have to divert your queries to another similar kind of organization. they're getting funds cut off from a wide variety of sources, and their overall credibility has taken a most unfortunate beating.
If you have made your Mortgage Payments on time but have problems with credit then you might qualify for several Home Mortgages. Contact your Mortgage Professional today.
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