California home owner can no longer make payment?
Steve asked:
I have exhausted all my savings to pay my mortgage and other monthly basics on time for the past 28 months. Originally I paid off all my consumer debt of debt of 50k to reduce my monthly out go. I waited one year to file for unemployment benefits since I thought business would return and the fact I had saved a lot of money for a worst case senario (rainy day) however they told me all I could expect was $138 dollars per month becuase I waited to long so I passed. I just received my first commission of $7K in two years which I used to pay last months mortgage since our savings are gone now. Since April I have used my strong credit and available lines to supplement my savings and make them last longer for my mortgage and other monthly requirements such as insurance utilities, gas food etc over the past year however I simply cannot rob Peter to pay Paul any longer. This will be the 1st payment of any kind I have ever missed in 27 years. I am a certified planner and understand 120 days until NOD however in this financial climate and the amount of distressed home inventory can I expect to be able to stay in the home longer? I always hear about people in there homes for a year or two before they must leave? Can I hope for the same?
I have exhausted all my savings to pay my mortgage and other monthly basics on time for the past 28 months. Originally I paid off all my consumer debt of debt of 50k to reduce my monthly out go. I waited one year to file for unemployment benefits since I thought business would return and the fact I had saved a lot of money for a worst case senario (rainy day) however they told me all I could expect was $138 dollars per month becuase I waited to long so I passed. I just received my first commission of $7K in two years which I used to pay last months mortgage since our savings are gone now. Since April I have used my strong credit and available lines to supplement my savings and make them last longer for my mortgage and other monthly requirements such as insurance utilities, gas food etc over the past year however I simply cannot rob Peter to pay Paul any longer. This will be the 1st payment of any kind I have ever missed in 27 years. I am a certified planner and understand 120 days until NOD however in this financial climate and the amount of distressed home inventory can I expect to be able to stay in the home longer? I always hear about people in there homes for a year or two before they must leave? Can I hope for the same?
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sounds to me like you need to find a job to pay bills rather than wait for commission checks that might never get to you
with your good standing you might be able to refi your house, that might help tro
You need to either refinance (depending on your home’s value), or once you miss a payment, contact your lender and see if they will let you do a short sale. A short sale will look better then a foreclosure with regards to your credit score. spalmer