Posted on: 07th Apr, 2009 06:19 am
our home was built 5 years ago for $2.8 million. It appraised one year later at $3.5. Now, it is worth much less...perhaps it would sell for $2.2. We had an interest only loand that is up in one year. My husband has been self employed for 13 years and the industry in which he works is in a huge downward spiral. His business' revenues have declined by 60% over the past few months. We are in big trouble and will soon be unable to make payments. My husband and I are both looking for jobs. We are not sure how much longer his business will stay afloat.
We have approached the bank that holds our mortgage and they seem unwilling to assist us. They talked about reducing our mortgage rate to prime which would help, but now it sounds as if they don't want to do that until we are delinquent.
We're worried about having a place to live. Should we stop making payements and find a place to rent? If the bank won't work with us until we are DQ, our credit is going to be messed up anyway. They say they might agree to a short sale, but that sounds like a crap-shoot...if the offer we get is $800K less than we owe, how likely are they to agree to the short sale? Should we stop paying the morgage and pay off credit cards so that we have some available credit? We are taking steps to sell anything we have that is of some value...but we don't have many resources. This has happened so quickly.
We have approached the bank that holds our mortgage and they seem unwilling to assist us. They talked about reducing our mortgage rate to prime which would help, but now it sounds as if they don't want to do that until we are delinquent.
We're worried about having a place to live. Should we stop making payements and find a place to rent? If the bank won't work with us until we are DQ, our credit is going to be messed up anyway. They say they might agree to a short sale, but that sounds like a crap-shoot...if the offer we get is $800K less than we owe, how likely are they to agree to the short sale? Should we stop paying the morgage and pay off credit cards so that we have some available credit? We are taking steps to sell anything we have that is of some value...but we don't have many resources. This has happened so quickly.
Hey Listen to me,
Don't stop making Payment. If you Stopped to make payment to them they will will charge you for late payment this is not legal.
Don't stop making Payment. If you Stopped to make payment to them they will will charge you for late payment this is not legal.