We are about to go into foreclosure and we really want to keep our house but due to unfortunate circumstances we are not able to afford it at the current payments. We have tried to get the modification loan but have been given the run-around. We have a second mortgage and just come out of chapter 13. My husband has been contacted by Nationwide Finacial Consulting out of California and has agreed to let them try to help us at a $600.00 dollar fee to be paid in 2 installments of $300.00. Our Mortgage is with Citi Mortgage and 2nd with Chase. Citi Mortgage has sent us a default letter and given us 20 days to catch up whcih would be over $5000.00 and we just can’t come up with that kind of money.
What should we do? Do we have any options whatsoever or do we just walk away and make a new start at 50 years of age?
You are certainly free to do whatever you want to do. But keep in mind that any mortgage modification program offered will have to be through your current lender. You can always contact them for free and ask them if you qualify for their internal programs.
No lender is required to modify a mortgage.
Here are a bunch of free mortgage modification links you may want to investigate.
If you can’t afford the mortgage then you can always consider a Chapter 13 bankruptcy to let you stay in the house and make the regular mortgage payment plus a bit to get caught up. That probably doesn’t help since it won’t lower your payments.
And many have had to start over again as the result of the bad economy. People much older than you. It’s a tragic and unfortunate situation but it is what it is.
You may decide that the stress and strain of trying to make an impossible situation work is just too much for you. In that case you may want to consider handing the house back to the bank and following up with a bankruptcy to get a fresh start and build a better financial future.
Your life isn’t over at 50 and things can get better even after facing this adversity.
Ultimately it’s up to you to decide if the $600 is better invested in bankruptcy and starting over or putting it down with Nationwide Financial Consulting and betting you get the solution you need.
Please post your responses and follow-up messages to me on this in the comments section below.
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.