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#1 of 91 Old 05-05-2009, 02:22 PM - Thread Starter
 
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Well, we are losing our house. We are trying our damndest to stay here, but it's just not going to happen. I'm scared, terrified really, because we will have no where to go or live. Our mortgage lender could only cut our payments $50/month, which is absolute BS. We have a bankruptcy on our record now, so we can't get a loan for 2 years. And just where in the heck is a family of 8 supposed to find a place to rent?

Where was the help when we needed it? Why can't the government step in and help us struggling families out? How was I supposed to know I was going to be laid off?

Sorry, just needed to vent .

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#2 of 91 Old 05-05-2009, 02:49 PM
 
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I'm so sorry.
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#3 of 91 Old 05-05-2009, 03:15 PM
 
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#4 of 91 Old 05-05-2009, 03:18 PM
 
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Hugs. I don't know where you are at in the foreclosure process or if you have already done this but I strongly suggest you talk to a HUD housing counselor. They will hopefully be able to help you out with finding a rental and also informing you of your legal right to remain in your house for some time. It depends on what state you are in but here in MI you can be in your house for about a year from your first missed payment. That can give you some time to figure things out. Best of luck to you.
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#5 of 91 Old 05-05-2009, 03:26 PM - Thread Starter
 
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Originally Posted by shelleyd View Post
Hugs. I don't know where you are at in the foreclosure process or if you have already done this but I strongly suggest you talk to a HUD housing counselor. They will hopefully be able to help you out with finding a rental and also informing you of your legal right to remain in your house for some time. It depends on what state you are in but here in MI you can be in your house for about a year from your first missed payment. That can give you some time to figure things out. Best of luck to you.
Thank you, I'll do that. We figured we have about a year left here at the very most.

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#6 of 91 Old 05-05-2009, 03:29 PM
 
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I'm so sorry. I really sympathize, we may be in your situation in the next few months.

I hope that you can find a place to live.
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#7 of 91 Old 05-05-2009, 03:34 PM
 
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Couldn't read without posting

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#8 of 91 Old 05-05-2009, 03:41 PM
 
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I don't have anything to offer other than support, but couldn't read without posting a hug to you, too.

:

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#9 of 91 Old 05-05-2009, 03:48 PM
 
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#10 of 91 Old 05-05-2009, 03:49 PM - Thread Starter
 
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Thank you all.

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#11 of 91 Old 05-05-2009, 03:52 PM
 
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have you talked with your mortgage company about forbearance?

Blissful Mama to DD-(5), DS-(6) and someone new due in November!
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#12 of 91 Old 05-05-2009, 03:52 PM
 
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#13 of 91 Old 05-05-2009, 04:10 PM - Thread Starter
 
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have you talked with your mortgage company about forbearance?
It really wouldn't do any good, as our circumstances are permanently changed.

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#14 of 91 Old 05-05-2009, 04:19 PM
 
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No advice but

Kirsten, mama to Monkey since May 2007 and Bean born 11/7/09
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#15 of 91 Old 05-05-2009, 06:21 PM
 
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The sheriff in our county is advising people to take advantage of squatter's rights. I think he said that last year there were around 4000 foreclosures but only 81 evictions. It's something to look into anyhow. I am sorry that your lender wouldn't work with you more.

Erin, mom to Amelia Rose:, 6/15/06 and Lily Grace, 6/7/09; wife to Phil since 10/9/04
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#16 of 91 Old 05-05-2009, 06:40 PM
 
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I'm sorry to hear this. I am in the same situation and working to try to find a solution before our house is sold on June 1. We were able to get the sale delayed last fall, but our situation took a turn for the worse and now we are back again. We have the same worries about finding a place to live, etc that you have so know that you are not alone.

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#17 of 91 Old 05-05-2009, 07:16 PM
 
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The sheriff in our county is advising people to take advantage of squatter's rights. I think he said that last year there were around 4000 foreclosures but only 81 evictions. It's something to look into anyhow. I am sorry that your lender wouldn't work with you more.
I'd be careful of this as the mortgage company can sue you for back rent in some states.

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#18 of 91 Old 05-05-2009, 07:59 PM - Thread Starter
 
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Quote:
Originally Posted by Miasmamma View Post
The sheriff in our county is advising people to take advantage of squatter's rights. I think he said that last year there were around 4000 foreclosures but only 81 evictions. It's something to look into anyhow. I am sorry that your lender wouldn't work with you more.
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I'd be careful of this as the mortgage company can sue you for back rent in some states.
Yeah, we don't need more trouble.

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I'm sorry to hear this. I am in the same situation and working to try to find a solution before our house is sold on June 1. We were able to get the sale delayed last fall, but our situation took a turn for the worse and now we are back again. We have the same worries about finding a place to live, etc that you have so know that you are not alone.
So sorry you are in the same spot too.

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#19 of 91 Old 05-05-2009, 08:18 PM
 
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I hear widely varying accounts of what actually happens when you start missing payments - including some of people who have packed up, left, and then found out a year later that the place was still "theirs" bc the bank had not proceeded with the foreclosure and they were still responsible for taxes etc.!

I would try to talk (calmly and cheerfully) with a mortgage company rep about what the plan is for your house, what notifications you can expect to get in the mail, etc. etc. Try to get a sense of what they plan to do (which may very well be jack squat for the foreseeable future). If they don't proceed with the foreclosure, then I don't think that staying in the house runs a huge risk of incurring back rent. If you ARE officially foreclosed upon, then obviously it gets riskier to sit around waiting to be evicted, but at least you've had that time to try and save up some $$$ to live elsewhere.
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#20 of 91 Old 05-05-2009, 08:46 PM
 
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oh yes I definitely mean in "squatting" AFTER the house has been sold.

stay in the house until the auction! Some banks (through a real estate company usually) will also offer you cash to get out by a certain date after the auction ,so they don't have to go through the eviction process but that varies widely of course.

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#21 of 91 Old 05-05-2009, 10:01 PM - Thread Starter
 
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I hear widely varying accounts of what actually happens when you start missing payments - including some of people who have packed up, left, and then found out a year later that the place was still "theirs" bc the bank had not proceeded with the foreclosure and they were still responsible for taxes etc.!

I would try to talk (calmly and cheerfully) with a mortgage company rep about what the plan is for your house, what notifications you can expect to get in the mail, etc. etc. Try to get a sense of what they plan to do (which may very well be jack squat for the foreseeable future). If they don't proceed with the foreclosure, then I don't think that staying in the house runs a huge risk of incurring back rent. If you ARE officially foreclosed upon, then obviously it gets riskier to sit around waiting to be evicted, but at least you've had that time to try and save up some $$$ to live elsewhere.
We're keeping in contact with a Loan Officer at the mortgage company, and they are explaining everything to us.

Quote:
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oh yes I definitely mean in "squatting" AFTER the house has been sold.

stay in the house until the auction! Some banks (through a real estate company usually) will also offer you cash to get out by a certain date after the auction ,so they don't have to go through the eviction process but that varies widely of course.
Oh, OK, thanks for clairifying that! We haven't got that far yet, thank goodness!

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#22 of 91 Old 05-06-2009, 01:29 AM
 
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No judgement here, but it puzzles me that people do not safe when the times are good. Than they expect help for their bad choices.
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#23 of 91 Old 05-06-2009, 01:54 AM
 
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No judgement here, but it puzzles me that people do not safe when the times are good. Than they expect help for their bad choices.
wow. sure sounds like judgement

op- I'm sorry for what you're going through. I understand that sometimes times are never good enough for saving. Hang in there!
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#24 of 91 Old 05-06-2009, 01:56 AM
 
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No judgement here, but it puzzles me that people do not safe when the times are good. Than they expect help for their bad choices.

This I cannot let go. I'm sorry. but do you knwo that sometimes people's bad luck has nothing whatsoever to do with their own "choices"?? things like illness or job loss or death?? What would you say to my friend whose husband died unexpectedly??? Whose bad choice was that????
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#25 of 91 Old 05-06-2009, 01:57 AM
 
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I'm so sorry, mama. *hugs*

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#26 of 91 Old 05-06-2009, 02:00 AM
 
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I'm so sorry. I hope you land somewhere good.

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#27 of 91 Old 05-06-2009, 03:23 AM
 
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Here's what I think I would do in your situation.

Assuming you have stopped paying the mortgage, figure out exactly what amount you will realistically be able to afford for housing once you DO have to leave your current house.

Start putting that money somewhere safe. I'd avoid a bank account of any kind in either of your names. Depending on how paranoid I was, I might be OK with putting it in a lock box at the bank. Another option is a fire proof lock box hidden very well somewhere on your property/in your home.

Assuming you have 6-12 months before you are actually evicted, you can rent something for CASH if you start putting back rent money right now. Your credit won't matter if you're offering cash money upfront for the term of the lease.

Then, once you've paid your rent forward, continue to save every month so you can do it again when your lease is up if they still don't want to rent to you with a bankruptcy on your report.
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#28 of 91 Old 05-06-2009, 08:23 AM
 
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There is some very good advice in this last post.

My friend and I (we were never roommates) had similar things happen- young, no real credit, the credit we did have was fair to poor, so renting had been difficult. We both adopted the same strategy: we took our tax returns, and, in my case, a financial aid refund check (grants/scholarships for college), talked to the leasing office at apartment complexes, and paid surety, first and last month's rent, and several months in advance. In both our cases, leasing offices lept at this opportunity. Of 12 months of rent, I paid 6 months plus surety in a lump sum, and she paid 7. What this did, in effect, was halve my rent- I paid $300 every month instead of $600 for the entire lease term.

I did this in a place where gas (heat and cooking fuel), water, and trash were included, so my only bills every month were my $300 in rent, about $60 in electric, and my phone and car payments. It allowed me to actually save some money and get ahead, even though I was in school at the time.

When I moved, I had an excellent reference and got my $600 surety back with no problems. Similar ending for my friend. After that, renting got WAAAY easier. Actually, life got way easier after that.

So please, don't despair. Take advantage of at least a few months that you don't have to make a house payment, sock as much money away as you can (I would agree, in a lockbox) and go to rent with cash in hand. It will make a world of difference.

And talk to HUD. They are overwhelmed right now, but I have heard lots of positive things about what a good agency they are. The fact that you have children will probably help to make you a priority.

Sending you big hugs and good vibes.

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#29 of 91 Old 05-06-2009, 09:04 AM - Thread Starter
 
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No judgement here, but it puzzles me that people do not safe when the times are good. Than they expect help for their bad choices.
Your post has me puzzled as well. Exactly what "bad choices" have we made? We were not expecting me to lose my job.

Thanks for the encouragement though.

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#30 of 91 Old 05-06-2009, 09:08 AM - Thread Starter
 
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Originally Posted by wifeandmom View Post
Here's what I think I would do in your situation.

Assuming you have stopped paying the mortgage, figure out exactly what amount you will realistically be able to afford for housing once you DO have to leave your current house.

Start putting that money somewhere safe. I'd avoid a bank account of any kind in either of your names. Depending on how paranoid I was, I might be OK with putting it in a lock box at the bank. Another option is a fire proof lock box hidden very well somewhere on your property/in your home.

Assuming you have 6-12 months before you are actually evicted, you can rent something for CASH if you start putting back rent money right now. Your credit won't matter if you're offering cash money upfront for the term of the lease.

Then, once you've paid your rent forward, continue to save every month so you can do it again when your lease is up if they still don't want to rent to you with a bankruptcy on your report.

Quote:
Originally Posted by Leta View Post
There is some very good advice in this last post.

My friend and I (we were never roommates) had similar things happen- young, no real credit, the credit we did have was fair to poor, so renting had been difficult. We both adopted the same strategy: we took our tax returns, and, in my case, a financial aid refund check (grants/scholarships for college), talked to the leasing office at apartment complexes, and paid surety, first and last month's rent, and several months in advance. In both our cases, leasing offices lept at this opportunity. Of 12 months of rent, I paid 6 months plus surety in a lump sum, and she paid 7. What this did, in effect, was halve my rent- I paid $300 every month instead of $600 for the entire lease term.

I did this in a place where gas (heat and cooking fuel), water, and trash were included, so my only bills every month were my $300 in rent, about $60 in electric, and my phone and car payments. It allowed me to actually save some money and get ahead, even though I was in school at the time.

When I moved, I had an excellent reference and got my $600 surety back with no problems. Similar ending for my friend. After that, renting got WAAAY easier. Actually, life got way easier after that.

So please, don't despair. Take advantage of at least a few months that you don't have to make a house payment, sock as much money away as you can (I would agree, in a lockbox) and go to rent with cash in hand. It will make a world of difference.

And talk to HUD. They are overwhelmed right now, but I have heard lots of positive things about what a good agency they are. The fact that you have children will probably help to make you a priority.

Sending you big hugs and good vibes.
That is wonderful advice! Thank you both so very much!

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