Loan Modification Forum - LoanSafe.org - View Single Post - Injured, subprime, and falling behind! HELP!

D and J · 01-19-2009, 04:46 PM

Hi all. This is my first post but I've been an occasional lurker for the last few weeks. I need some advice. I'm having a bit of trouble and I just don't know what to do next to keep my home out of foreclosure!

Here's the story: I lost my job. I'm a teacher in California so getting another position has been impossible. I had taken on some small work but I quickly blew through my savings and retirement making my house payments. I made my December payment and then got hit with a head injury! Now, with absolutely NO money coming in and an exhausted savings account (and medical bills), I am out of ways to come up with the cash for this month's house payment. I am actively seeking any work I can do but it's hard with the injury, so it's taking some time. Time is the one thing I don't have as I haven't made January's payment!

I have my first mortgage with CW. It's approximately $174,000 at 7.375% fixed. It's a subprime B an C type loan (I think that's what the guy on the phone said) and it does qualify for the special modifications CW is doing now but I DON'T qualify right now on the basis of my lack of income. I also have a HELOC with my local credit union maxed out at $110,000 but the current market value of my house couldn't be any higher than $180,000 right now! Also, my credit has been terrible for well over a decade so I know that's not going to help.

What I want is to buy myself and my family a little time until we get back on our feet. I absolutely want to keep my house and I will do anything I have to to keep me and my daughter in our home. The problem is that I must have half a dozen numbers to call, no idea what to tell them, no idea what to ask for, and I'm too afraid that someone will try to push me into the wrong thing and I'll miss or mess up any opportunities available to me (now or later) to save my home. I am paralyzed with indecision and I would be grateful for a hint of clarity. I don't know if there are any options open to someone in my position and I'm too scared to ask CW in case they make some note in my file after hearing my story and then refuse to work with me! I know I'm not 30 days behind yet, but this will escalate so quickly if I'm not careful! HELP PLEASE!

01-19-2009, 04:46 PM	#1 (permalink)
D and J Member Join Date: Jan 2009 Posts: 19 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Injured, subprime, and falling behind! HELP! Hi all. This is my first post but I've been an occasional lurker for the last few weeks. I need some advice. I'm having a bit of trouble and I just don't know what to do next to keep my home out of foreclosure! Here's the story: I lost my job. I'm a teacher in California so getting another position has been impossible. I had taken on some small work but I quickly blew through my savings and retirement making my house payments. I made my December payment and then got hit with a head injury! Now, with absolutely NO money coming in and an exhausted savings account (and medical bills), I am out of ways to come up with the cash for this month's house payment. I am actively seeking any work I can do but it's hard with the injury, so it's taking some time. Time is the one thing I don't have as I haven't made January's payment! I have my first mortgage with CW. It's approximately $174,000 at 7.375% fixed. It's a subprime B an C type loan (I think that's what the guy on the phone said) and it does qualify for the special modifications CW is doing now but I DON'T qualify right now on the basis of my lack of income. I also have a HELOC with my local credit union maxed out at $110,000 but the current market value of my house couldn't be any higher than $180,000 right now! Also, my credit has been terrible for well over a decade so I know that's not going to help. What I want is to buy myself and my family a little time until we get back on our feet. I absolutely want to keep my house and I will do anything I have to to keep me and my daughter in our home. The problem is that I must have half a dozen numbers to call, no idea what to tell them, no idea what to ask for, and I'm too afraid that someone will try to push me into the wrong thing and I'll miss or mess up any opportunities available to me (now or later) to save my home. I am paralyzed with indecision and I would be grateful for a hint of clarity. I don't know if there are any options open to someone in my position and I'm too scared to ask CW in case they make some note in my file after hearing my story and then refuse to work with me! I know I'm not 30 days behind yet, but this will escalate so quickly if I'm not careful! HELP PLEASE!