Internet's first get-out-of-debt community - 123,000 members

Posted: Thu Feb 07, 2008 8:32 am Subject: My Story

My story starts 29 years ago in London, England. I met a lovely Brit, fell in love, and married. He came to this country to live the "good life". And, oh boy, did he!! After a number of years, and pure luck, I discovered that he had us in over $110,000 in debt!! My family came to the rescue, bailed us out by giving us quite a bit of money. My husband emptied out his retirement fund, we hired an attorney to assist us in cutting down our credit card debts and managed to pay back the debt. Lo and behold, our attorney never informed us that in reducing our debt we would owe IRS a significant amount of money as taxes on the debt saved. Two years later we receive the tax bill - with two years' interest and we begin again... OK, that off my chest I'll begin where this really begins which is October 2006. Sunday, Buffalo Bills game at home - I follow my spouse to the game (to which I am not invited) and discover he has a new "partner"... I kick him out of the house that day. Thus begins the Divorce saga. He is told to pay all bills except the mortgage, which I am responsible for. He does nothing of the sort, incurring tons more "family debt", and I pay the mortgage in full up until this past October. You ask what else could go wrong - well, my daughter turns up pregnant and I rush to the rescue!! I informed my husband that I would need assistance at this point to pay the mortgage, keep up with other expenses as well as prepare for Christmas. (p.s. my take home pay is $2,000 a month, and the mortgage payment is $1,500 so you can imagine how frugally I've been living up until this point). This brings me to where I become indebted to Wells Fargo - the mortgage holder. I am now three months behind and they will accept full payment only, no partial payments. Each month I fall another $1500 behind and don't know what to do. The house is on the market, has been since October 2007, fairly priced. I do not want to sell my family home, but have agreed to try to do so. No offers up to this point. Does anyone know what I can do? How do I go about trying to negotiate a new mortgage for my home, which includes the past due amount and any closing costs? It doesn't seem right to lose a $170,000 house over a mere $5000 late payment, does it? I don't know what to do - I really need help - Sandy

Posted: Fri Feb 08, 2008 3:12 pm Subject: Things Can only get better

Teedup, I read your story and I am sorry to hear what has happened to you. Have you tried getting a personal loan to help pay the late amount? Have you cleared up the situation regarding the IRS? My mom was in a similar situation with regards to the mortgage being behind and she filed her taxes and did a refund anticipation loan and used that to catch her up.

Posted: Fri Feb 08, 2008 3:54 pm Subject:

That is good advice rmartin I didn't think of that but that would help if she is getting a large amount back would help her tremendously or at least get her started in the right direction.

Posted: Fri Feb 08, 2008 8:11 pm Subject:

It costs a bit of money to do but its worth it. And you can do it right online and have it deposited into your bank account. sometimes we have to do what we have to do. I would hate to do a refund anticipation loan, but I have been in situations where that was my only option. Hope it helps!!

Posted: Sat Feb 09, 2008 7:21 am Subject:

Great advice rmartin, you need to establish a good plan to stay up on the mortgage once you get it current.

You can also visit the mortgage forum, they have a lot of professionals there where you can get advice directly pinpointed to mortgage.

goodluck.

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