Deed in Lieu or Short Sale
One of the ways to avoid foreclosure, apparently is called the "deed-in-lieu", where you turn the keys over to your mortgage holder. Apparently, this only serves when there is no other lienholder on the property.
I have another lien holder on the property.
A Short Sale is also an option, but you have to sell the property yourself, and the banks have to agree. Kind of means you need to be there, I should think. Also, you would have to get both of the lienholders to agree - which means a ton of phone calls with angry debt collectors.
Well, wow.
I've had 7 calls and 3 letters from the 1st lienholder this week. I'm only 2 months behind. I don't have any money to give them.
I find it funny that they don't take your debts into consideration when they determine if you are eligible for assistance. Really, hilarious!
When I first got sick I had to go on Welfare. They gave me food stamps, medical coverage (which covered absolutely everything), heating assistance and help with the utilities, I could utilize the food bank, etc. I expected to have shortfalls, and there were some. While I was sick, I got my house insulated to the tune of $12K+ and had Christmas presents delivered to the house. My brother was working, and (although he wasn't earning much or contributing his fair share) he was contributing some towards the utilities.
Then my disability claim came through, and I got a lump sum payment, which covered all but $10K of the debt accumulated during my illness. But I needed to catch up on home repairs, and another $33K went out soon after.
It wasn't enough. And my calculations were incorrect regarding whether or not I would be able to afford it, because I had assumed that my brother would continue to contribute to at least the utilities.
I was wrong. As soon as my social security started to come in, he stopped contributing. I lost all the assistance: no more food stamps, heating assistance, utility assistance, and the medical assistance, which was the last to go, cut out at the end of August. I also made "too much" to go to the food bank any more.
It wasn't long before I realized that I wasn't going to make it. One winter having to pay for all the heat by myself, as well as paying for all the food and all the utilities by myself, put me so deep in debt (again) that there was no way that I was going to be able to dig out.
And my brother stuck me with his car repair bill from last year, as well. $1.1K at 15% interest.
I live in fear that they will freeze my bank accounts and leave me with no way to feed my kid or pay the utilities at my mother's house. Even worse - they are most certainly going to make me go before a judge, so I'll have to hire a lawyer and I can't come up with the money for that.
My mother will be bankrupt soon. She'll probably never be coming home from that nursing home, much as both of us would like it. I do not believe that she has enough of her mind left to make the effort to prove to them that she can take care of herself enough that someone like me could take care of her properly.
This is going to be hell to get through. And, I only owe $65K total on a property that should be worth more than that.
I have another lien holder on the property.
A Short Sale is also an option, but you have to sell the property yourself, and the banks have to agree. Kind of means you need to be there, I should think. Also, you would have to get both of the lienholders to agree - which means a ton of phone calls with angry debt collectors.
Well, wow.
I've had 7 calls and 3 letters from the 1st lienholder this week. I'm only 2 months behind. I don't have any money to give them.
I find it funny that they don't take your debts into consideration when they determine if you are eligible for assistance. Really, hilarious!
When I first got sick I had to go on Welfare. They gave me food stamps, medical coverage (which covered absolutely everything), heating assistance and help with the utilities, I could utilize the food bank, etc. I expected to have shortfalls, and there were some. While I was sick, I got my house insulated to the tune of $12K+ and had Christmas presents delivered to the house. My brother was working, and (although he wasn't earning much or contributing his fair share) he was contributing some towards the utilities.
Then my disability claim came through, and I got a lump sum payment, which covered all but $10K of the debt accumulated during my illness. But I needed to catch up on home repairs, and another $33K went out soon after.
It wasn't enough. And my calculations were incorrect regarding whether or not I would be able to afford it, because I had assumed that my brother would continue to contribute to at least the utilities.
I was wrong. As soon as my social security started to come in, he stopped contributing. I lost all the assistance: no more food stamps, heating assistance, utility assistance, and the medical assistance, which was the last to go, cut out at the end of August. I also made "too much" to go to the food bank any more.
It wasn't long before I realized that I wasn't going to make it. One winter having to pay for all the heat by myself, as well as paying for all the food and all the utilities by myself, put me so deep in debt (again) that there was no way that I was going to be able to dig out.
And my brother stuck me with his car repair bill from last year, as well. $1.1K at 15% interest.
I live in fear that they will freeze my bank accounts and leave me with no way to feed my kid or pay the utilities at my mother's house. Even worse - they are most certainly going to make me go before a judge, so I'll have to hire a lawyer and I can't come up with the money for that.
My mother will be bankrupt soon. She'll probably never be coming home from that nursing home, much as both of us would like it. I do not believe that she has enough of her mind left to make the effort to prove to them that she can take care of herself enough that someone like me could take care of her properly.
This is going to be hell to get through. And, I only owe $65K total on a property that should be worth more than that.
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