5 responses to “My home loan is in default again, what should I do?”

• 

  leaptad March 29th, 2009 at 15:19

  CHASE

  First of all, you need to talk to your mortgage company. If your daughter’s name is on the mortgage, she needs to pay her share. If not, well, that wasn’t very smart. Time to move out and cut your losses.

• 

  Taneal B March 31st, 2009 at 06:18

  JEFFERSON

  Sorry to hear about this. I think your best bet might be to sell your house to someone who will in turn lease option it back to you. This way, you can avoid going into foreclosure, try and salvage your credit history, and avoid having to get evicted.

  Plus, seeing when you lease option your house, you might have to pay a higher rate, but you can get better terms, which is something you might have to consider seeing as how you’re going into surgery and are currently unemployed.

• 

  enchanted fairy April 2nd, 2009 at 20:07

  ARIEL

  The length of time has nothing to do with refinancing – you can refi anytime. The problem is that there are closing costs involved in refinancing. Now, you can refinance and have them include all closing costs, but your mortgage will go up which kind of negates the whole thing.

  The problem you are going to have is that you are unemployed. Unless you have impeccable credit and can get pre-approved on a mortgage where they don’t require supporting documentation (Countrywide offers this), they aren’t going to loan any money to someone with no income.

  Advise: put the house on the market FAST. Price it to sell FAST and rent somewhere until you get back on your feet.

• 

  c21bucks April 4th, 2009 at 05:33

  CLARENCE

  Talk to your mortgage company TODAY. If you have medical issues that are preventing you from working, your mortgage company will probably work with you to re-schedule payments. If you go to the HUD website, they have good information on how you can work with some lenders and there are phone numbers for HUD approved counselors.

  You could try to refinance, but if you are in default for the second time, it might not be easy to do. You will probably have a better chance if your credit score is good.

  If all else fails, you could try to sell the house. Since you have not been there very long, you might break even, but it might save you from having a foreclosure attached to your credit.
  Hope this helps.

• 

  Jay S April 6th, 2009 at 07:42

  BART

  We find people in this situation fairly regularly. We call this a “distressed home owner” situation. Since you’re out of work, and likely unable to refinance, you have two basic options: 1. Sell quickly and move or 2. find an investor who will work out a “subject to” investment agreement with you, allowing you to stay in the home for either a defined period of time or until a financial agreement can be met.

  I feel for you and wish you the best of luck.