I am about to loose my house,car....Please help

devonparsons

I do not now of a letter that will stop foreclosure. I would recommend calling your mortgage company immediatley and asking for the Loss Mitigation department. When you get on the line with them, explain that you have the money, but you want to make sure that you make the payment correctly to avoid acclerration of the loan or foreclosure. Take notes of whom you spoke with, their phone number or extention and then ask that they notate their records, and then make the payment! That's the only way to stop the foreclosure or accelleration process. Also, make sure that you retian a reciept for your payment and ask that they send you a letter confiming your payment.

Have you recieved anything in writing from your lender stating that your home was being foreclosed upon? You should be informed when the foreclosure process has begun, it won't be a mystery.

Hi devonparsons

Welcome to the forums.

Do not ignore any letters sent to you by your lenders. Write to them in simple language explaining your financial situation. Do not delay in writing this letter to them. Explain your monthly income and expenses. If you supply this information accurately, it might be of great help.

Do not leave your home now otherwise it will be tough for you to qualify for any kind of assistance.

You can also contact a HUD approved housing counseling agency nearest to your place. They must be having some information about the programs run by the government as well as the private organizations. You may also get credit counseling from these agencies free of charge.

Regards
Roxette

Hi my name is mailyn, My boyfriend and I bought a house two years ago and things were o.k since then we have had two kids work has slowed down and we are finding it impossible to make our house and car payment.Are credit has become very bad, and we owe more than what are house and truck are worth. We dont know what to do!

Marilyn, register for the free credit counseling, and share your story in a brand new thread. Upon signing up, you aren't obligated to use the company that contacts you. Do your proper research so you don't get screwed.

me and my wife bought a house together 3 years ago. for a while it was going pretty easy. since then we have accumulated a substantial amount of debt in credit cards, charge cards, 2 new cars, hospital bills, and a loan i had to get to get my roof done. All this on top of our usual bills (mortgage, utilities, cell phone, etc.) we enrolled in Credit Solutions and they took the credit card, charge cards, and larget hospital bill and combined them into one monthly payment. This still left us with hospital bills(and it seems like we get a new one every day), roof loan, and everything else. It has gotten to the point where we hold every bill in order to get the house and car payments in on time. Now everything has a late fee on it and i have bill collectors calling me 4-5 times a day. I have been pondering bankruptcy because we can't afford to eat and all this stress is affecting us mentally and physically. If it wasn't for the cars(which total close to $1000 a month) and mortgage(which is close to $900 a month) we would be able to get caught up and get some things paid off. I know we got in over our heads and i wish i knew then what i do now, but i'm too young to file bankruptcy. I just wish I could start over.

First thing you should do is sell those cars. I do not mean to be disrepectful but you simply can not afford them. Once they are sold buy one cheap car and make due. Cheap means 1000 or less that runs add oddly enough equals one month car payment. Hopefully you are not upside down in the car loans but I suspect you are. I would try to get the bank to let you have a signature loan for the difference owed once you sell them. Next thing you need to do is set priortiy on what gets paid. Food and shelter is first. This means pay your mortgage, utilities and grocery bill. If you have cable cancel it. If you have cell phones cancel them. If you have a home phone you might consider closing it too so collectors cant nag you. Do not eat out and spend money on friviolous crap. Any signature loans like credit cards I would let go deliquent until you are current on the mortgage and utilities. Next list your debts smallest to largest. When you have free cash pay one of the cards. I prefer to do a settled in full method so I would save the cash and contact the cheapest card and arrange a full settlement. Make sure you get the settlement in writing and it should list out the date, amount and say it will be settled in full. If you are making regular payments they will not do this so the card has to go deliquent. This will have a negative impact on your credit. The other option is you make all the minimum payments after shelter, food and utilities and throw extra cash at the smallest one.

As far as the hospital bills...contact the hospitals financial dept they can send you papers to fill out for financial hardship that you send back to them and they look at and they will usually discount the bill or wipe the bill clean..I had to do that once upon a time and it worked for me