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My Parent Were Helping Me With My Mortgage But They Can’t Anymore. – Sandy

“Dear Steve,

I tried to lower my mortgage payments. Got bad advice from a remod company that I thought was reputable company. I got foreclosure papers. Tried another company to help me but again nothin happened. I tried my mortgage company but my payments went up. So I filed a chapter 13, so I thought. The lawyer filed a chapter 7, but amended it. I was making payments as best I could. After a couple of months, ny bankruptcy was dismissed. I finally spoke to my parents, and found a different lawyer. I was able to refile. My parents helped me with my payments, but they aren’t goin to be able to help.

My question to you is is there something I can do to refinance or get one loan to pay my mortgages and my truck? I work 5 jobs, some are part-time, I’m divorced with a special needs child. Ideally I want to stay in my home. My Fiancee’s hours are up and down. Any ideas on what I can do? I do not have any credit cards, just trying to keep my house and truck. Any suggestions?

Sandy”

Dear Sandy,

Now that you have a recent bankruptcy I think it will a couple of years before you’ll find a mortgage lender that will qualify you for a new mortgage.

It seems the underlying issue is if the home is affordable for you at all. Now that you’ve lost your payment help it might be time to consider a quick sale of the home to avoid a foreclosure and a possible deficiency judgment, depending on what state you live in.

You may have to do what thousands and thousands of others have had to do, sell and rent for less.

I know of no lender that would be suitable. The only lenders that might be able to help would be LendingClub.com or Prosper.com but even then I think their loan limit would be $30,000 and the interest rate, based on your current credit, would still be pretty high I imagine.

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Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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