Tying my walking shoes in FL - BB&T/Fannie Mae Mortgage

[medwards7028]

I have been reading all the posts for 2 days now and wanted to say "hi" to all. I live in Florida and purchased an old ranch home in August of 2007 with high hopes of upgrading it and watching our investment grow. We were pre-approved for $135,000 through a conservative estimate. The loan was through BB&T and insured by Fannie Mae. Mid 2008 my husband and I were both laid off from our jobs. It took my husband 4 months to get a job that pays 1/3 less than his last job and I have yet to get one. We are currently living on 1/2 what we were originally. As soon as I knew that we were being laid off, I contacted my mortgage company and let them know that there would probably be a problem down the road paying the mortgage. BB&T immediately sent me the paperwork and gave us a 3 month forbearance to find a job and get back on track. 3 months went by and neither of us had any prospects for work. In addition, the transmission went in my car and had to be replaced at a cost of 3500. We finally borrowed from relatives to get it fixed in October. BB&T again granted us a forbearance for 3 months. I was told to contact them the end of December which I did. By this time my husband was working but I was still unemployed. BB&T told me there was a new program coming down the pike that they would be participating in. Previous to this, they said they had no plans to do any loan modifications because Fannie Mae didn't participate in them. So I waited. I'm now 8 months behind on payments. After a couple of weeks of calling to find out if we qualified for the modification program, BB&T informed me yesterday that we did not qualify. Seems we are in a catch 22 position. Because I get $275/wk for unemployment, it puts us over the required 38% income to loan ratio. And, because I'm on unemployment and it's not considered steady employment and will run out, we don't qualify to refinance. So, BB&T said they would give me until the end of May to get a job that pays more than $10.00 an hour or they will start foreclosure proceedings. This is a joke. I've applied for every job that I think there is any possiblility I can do and haven't gotten hired yet. Not even for the $8.00/hour jobs. The loan mitigation rep from BB&T also suggested that we be "pro active" and list the house for whatever we can get for it. Another joke. We paid $135,000 and like houses are selling in this area for $60 to $70K if they sell at all. I've seen new, never lived in houses of the same size sitting vacant for more than a year. I don't want to walk away, but at this point I can see no alternative. Does anyone have any suggestions? I could certainly use a clear perspective.

[The Professor]

From a long term perspective, I'd recommend that you consider going back to school, specifically for training for a vocational position that qualifies you in a group we characterize as special populations. That is a higher paying field where something like 90 percent of the people employed in it are males. That opens you up for a variety of grants and other financial help. I further suggest you go to a public community college rather than one of those private trade schools. Look for a career that has the potential of stability and is a necessary service even during tough economic times.

Daniel

[medwards7028]

Thank you for your input, it's really appreciated. I'm 55 and have worked as a graphic designer for 25 years. I also have a real estate license and I'm a licensed CNA (although I've never worked as one). Your suggestion sounds like it would fit into my interests. I would like to work around people in a servicing capacity and I'm very good on a computer. Also, I am partially deaf and have medical problems that prevent me from taking a job that is very physical. I have been accepted into St. Petersburg CC but I'm having problems getting the money/loans to pay for it. Still working on that one. Can you please advise me as to which courses/degree would be the best for this field? Again, thank you for your help.

[kymburley]

Hi - I'm in the same situation. Computer programmer who moves all the time due to military transfers. Always worked for the government, and then moved to Seattle where it's high tech. Can't compete and keep getting laid off. This last time I finally discovered that the community colleges have a pot of money for people on unemployment or have been on it in the last 24 months. It depends on the college, but they can assist in paying for your school. One CC here pays books/fees/tuition for 1 quarter (not nearly enough for me), and the other which requires me to commute pays tuition/fees (not books) for the entire length of your program, as long as funding doesn't run out (which is usually the spring quarter, they get new funds in the summer quarter for the year).

In Washington it's called Worker Retraining.

[medwards7028]

Thank you for the reply. I contacted one of the local schools about worker retraining and they basically told me to forget it. With the unemployment rate as high as it is, the waiting list is years long. I'm currently working with another school and I'll see what they have to say. I don't mind taking out a student loan if I can qualify for it. My only worry about that is making enough money once I graduate to live on and still pay back the loans. My husband, a computer programmer, is currently enrolled in school and his tuition is extremely high. So, I have to take that into consideration. I wish you much luck!