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Posted: Wed Jun 20, 2007 3:09 pm Subject: Mortgage payments

Can you offer advice on dealing with loan companies when you are default? I had a co-borrower who left me high and dry with the entire bills and now I'm trying to play catch up, but I don't want them to foreclose because me and my child still live there. Any suggestions? (BTW - we live in MS - if that helps)

Posted: Wed Jun 20, 2007 3:36 pm Subject:

Do you intend to take any legal actions against the person who jointly signed with you? Sine you both are equally responsible for the payments, you should get the other person take care of his/her responsibilities.

Posted: Wed Jun 20, 2007 4:28 pm Subject:

Yes, I would think that you could take some kind of legal action against the co-borrower for their responsibility in the debt. I would call a lawyer and find out what your rights are in that area. How far behind are you on the mortgage?

Posted: Wed Jun 20, 2007 8:30 pm Subject: loans

I do think you might be able to get some help. Many of the mortgage companies are trying to help people from going into foreclosure. I would call and discuss my options with them. Best Wishes KYSIDE38

Posted: Thu Jun 21, 2007 1:41 pm Subject: mortgage payments

my co-borrower just happens to be my father. We were astranged for many years. I moved to this state to reestablish our relationship. He said he was so wanting us to have a place of our own together; I fell for it! Now I can't find him. He moved out on January 1st while I was at church and I have not heard from him since. So I wouldn't know where to even begin to serve him court papers. I just started working two jobs to catch up; I'm behind now three payments.

Posted: Thu Jun 21, 2007 2:02 pm Subject:

If I may offer some advice, being I've been where you are. You don't have to own a house to have a home. Three payments behind = impending foreclosure. When they start the process there will be huge attorney fees added on top of what you are already behind. Ask yourself is it worth working two jobs and taking that time away from your child just to save a house when you may be able to find more affordable housing elsewhere? Look into selling or doing a deed in lieu of foreclosure. Also check out debtcc sister site. mortgagefit.com for more options.

Peace to you.

Posted: Thu Jun 21, 2007 3:57 pm Subject: mortgage payments

Thank you pollyandsay. I will check out that site. I am using my computer at work and will have to sign off now until tomorrow. But I will let you guys know if I was able to get any assistance. I just hate to have a foreclosure on my already-poor credit. BTW I am mailing in one payment tomorrow (I just got my paycheck). That will take care of April's payment. May and June are late and July is fast-approaching. Do you think I should send this or hang onto and look for a rental? I will log back on tomorrow - anxious to hear your advice. Again thanks for listening and responding. I am glad I came across this site.

Posted: Thu Jun 21, 2007 3:58 pm Subject:

If they have already started the foreclosure process they will send the payment back to you and they will not accept anymore until payment arrangements (in writing) are made. You may want to call them to enquire the status of your loan before you send any money. A foreclosure takes a good years sometimes, so you can put it up for sale and hope for the best. Giving them the deed in lieu of foreclosure is much easier on your credit than an actual foreclosure. Hang in there. You can make a home anywhere. Believe me I was just there last year. I cried my eyes out and sunk into a horrible depression. I felt like a total failure. I'm still alive and my kids are surviving. It's been a tough year but we are together and that is all that really matters in the grand scheme of things, ya know?

Posted: Thu Jun 21, 2007 5:58 pm Subject: mortgage

I just sold my house in January and moved into a condo. For the first time in a long time I have money. Just got a newer vehicle paying my bills and my credit score has jumped almost 70 points. A home is where your family is and as long as everybody is happy I agree with Polly you can live anywhere. KYSIDE38

Posted: Fri Jun 22, 2007 12:51 pm Subject: Mortgage payments

pollyandsay mentioned giving the lender the deed in lieu of foreclosure. My father is also on this deed...can I do that? How do I go about the process (with or without him)? Do I have to get an attorney for that?

Posted: Fri Jun 22, 2007 3:14 pm Subject: mortgage payments

I spoke with a moderator on the site http://www.mortgagefit.com/ and was advised to send the payment. Also I should contact my lender and inform them of my situation and see if there would be any loss mitigation program I could get into to resolve my problem.

Unfortunately, I've tried that with them since February and March. I was only given the option of sending in my past due and current payment, which I did in March. Doubling up on that payment through me behind in my other bills: car payment, car insurance, home owner's insurance, electric, water and gas. I just paid two car payments to catch up on that two weeks ago, but I couldn't prevent my lights, gas, and water from being disconnected or losing my insurance coverages.

Now I back full circle with this "Robbing Peter to pay Paul" scenario.

I am anxiously awaiting the next post from the moderator of mortgagefit.com to see what I should do next.

Posted: Fri Jun 22, 2007 3:25 pm Subject:

Your mortgage company can tell you if deed in lieu of foreclosure is an option for you.

Whatever you do, DO NOT GET A PAYDAY LOAN! Trust me when I tell you that robbing peter to pay paul via a payday loan will only make your situation worse...

Posted: Fri Jun 22, 2007 4:03 pm Subject: Mortgage payments

Too late...dumb, dumb, dumb. I know! Now I have a new monkey on my back. Being scared I jumped the gun...now I trying to make them stop calling me at work--leaving voicemails on job's answering machine--telling my supervisor about my late payment...another nightmare, but keeping my home right now is my priority.