I’m Stressed, On Depression Medication, And Losing My House. – Jab

“Dear Steve,

I work as a mortgage loan officer. I feel like I am treading water and still sinking. I am in the process of filing bankruptcy but cannot even afford to pay the attorney. I have a first and second on my house that total 2600. per month. I have 7 years left to pay on the first and am 3 months behind. I make payments sporadically to them the last being the end of August. To bring the account current I need about $4900.

My second I am paying August’s payment on the 15th and will owe again for Sept. by the 24th. The second is 135,000. for 20 years at 6% and first is at down to 116,000. at 4.24% (15 yr). I want to keep my house.

What can I do to keep my home and get the creditors to quit calling me the stress is killing me. I already have seizures and am on anti depression meds. Any help is appreciated


Dear Jab,

I’m so sorry to hear you are suffering under the debt. At least you are able to get depression medication. Many are not.

It is tragic you are so close to paying off the first mortgage and struggling with money troubles. If you want the creditors to stop calling you you’ll have to complete the bankruptcy process. My concern is that even in bankruptcy you will still need to make some or all of mortgage payments to keep the house.

Once you complete your bankruptcy filing, if the value of your home is less than what you owe the second mortgage may be reduced or stripped. That might be very helpful to you in your situation.

If yours can’t be because you have a tremendous amount of equity in your home the best approach may be to sell the house rather than lose it at foreclosure.

I suggest you fully discuss this situation with your bankruptcy attorney and talk about if modifying or removing the second mortgage is possible in your bankruptcy filing. Call the attorney right away and get the facts so you don’t have to stress over assumptions.

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You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Steve Rhode

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