I need financial advice -- help!!

[rachel132]

Okay, my DH just told me he lost his job. His job was a fluke and the chances of finding a similar job with anything close to the pay is pretty much nil. He's been there 6 years - but was considered self employed, so no unemployment or package or anything at all.

We will not be able to keep the house. I don't see how its possible. How do you get out of a mortgage without ruining your credit? Is there a right way to deal with this? The worst thing is my 18 month old has finally adjusted to her day care and loves it there. And now we'll have to take her out.

Sonja.

 

[JoanC]

I would try and sell house if at all possible. If your house is worth less than the mortgage, your lender would have to agree to "short sale".
A short sale will hurt fico score. It will be on your credit report for seven years.

I'm so sorry. There is no way to avoid hurting your credit. I would talk to lender sooner rather than later. There are programs to reduce monthly payments and maybe you qualify.

You may want to check out Suze Orman's book 2009 Action Plan from library.

According to her if you also have trouble with credit card debt, the National Foundation for Consumer Credit Counseling is one of the "good guys". They are at www.nfcc.org or 800-388-2227. I have not personally used this so no guarantees. This organization can also put you in touch with a housing counselor in your area. There are lots of foreclosure scams out there now. The web site to see scams is www.housinghelp.now.org.

I hope this helps.

Joan

 

[JoanC]

Second link did not work but first one should be enough to get started.
Good Luck.

Joan

 

[Connie1]

sonja,I feel for you so much. it is happening to so many of us right now! even those who had a lot put away are coming to the end of their savings. I don't know what to tell you other than if you have a financial planner, call and let him / her know your situation and act fast if you need to... connie

 

[rachel132]

We have worked through our savings for the last six months when DH took a 40% pay cut. We should have been more frugel...now the savings are all gone. We've only been in the house 2 years. Oh boy. I'll check out the websites. What wont kill you will only make you stronger and we are all healthy and happy. I'm especially happy with my STS which will keep my occupied for the next few months and help me burn of negative emotions about this situation. Cathe probably helps us all out more than she knows.

Sonja.

 

[jacqued]

Sonja- I don't have any advice for you. I just wanted to tell you how sorry I am you're having to go through this. Don't give up hope. There may be a way you can keep your home. Hang in there. ((((HUGS))))

 

[morningstar]

Okay, my DH just told me he lost his job. His job was a fluke and the chances of finding a similar job with anything close to the pay is pretty much nil. He's been there 6 years - but was considered self employed, so no unemployment or package or anything at all.

We will not be able to keep the house. I don't see how its possible. How do you get out of a mortgage without ruining your credit? Is there a right way to deal with this? The worst thing is my 18 month old has finally adjusted to her day care and loves it there. And now we'll have to take her out.

Sonja.

Talk to your bank. Tell them the situation honestly. They want you as a customer and they want their money - they can help you. At least, that is how it used to work before the economy tanked, but it's worth a try.