New, where do I start?

[jennyanne]

Hi,

Just discovered this forum and it's already been very helpful just by reading others posts. I'm looking for advice on what I should do or if there is anything I can do. Here's my situation. My husband and I have a mtg loan through Chase, fixed rate of 6.5%. My husband lost his job in July and is still currently unemployed. I was laid off a year ago but have been at my new for 4 months making 37k/yr. My income is the only household income. We also just had a baby last Feb. We have had out home for right at a year now and despite hubby losing his job have managed to stay current up until this month. We have not made Oct pymnt and do not think we will be able to before it goes 30 days past due and don't know when or if we will be able to make Nov paymnt either when it comes due. My husband is looking for a job and interviewing and is appealing his unemployment benfits. So, my questions is should we let the mtg go past due in hopes for a loan mod through Chase or should we take out a payday loan (which we won't be able to pay back) to make Oct pymnt keeping the acct current and try to refi under Obama's plan (we have an FHA conv fixed rate 6.5 loan and have had it for right at a year). Our paymnts are around 1112.00/month. Principle balance is 117588.00 and it originally appraised for 119500.00, original loan amnt was 118732.00. Just need to know what I should do. I tried calling Chase but they couldn't give me any advise other than to keep making pymnts if I can and to fill out an application and fax it in. Just not sure if I should get into the mess of taking out loans I can't pay back in order to make a mtg paymnt that may or may not help my situation.

[cleach]

I'm sure there's someone here who can give you specific advice for your situation - copy & paste your post into the CHASE section, and you'll probably get a greater response.

Personally, I WOULD NOT take out a payday loan for this. That puts you into a bad cycle; there are worse things than having 1 30-day late payment on your mortgage.

Good luck!

[darlyj]

Whatever you do, DO NOT TAKE OUT A PAYDAY LOAN! Those companies are nothing but a swarm of circling vultures, and you will wind up worse off than you already are. Even if you could afford to pay it back, my suggestion would be to avoid those places like the plague (or swine flu nowadays). There are FAR worse things than taking a ding on a credit score which can be brought back up.

You might have to look into a forebearance. I believe that since the house appraised for more than what the mortgage is for you are out of luck for a mod. Your credit will still take a ding but they should be able to come up with something to help you out. And it will beat the Hell out of a payday loan. Whether or not you need to get far enough behind to deal with loss mitigation I do not know. What I do know is that you need to be careful when dealing with the collections department. Half of the time they do not have accurate information and what they tell you is not always accurate, either.

[jennyanne]

Thanks for the response. I have made up my mind to take ya'lls advise and not take out a payday loan. It does make sense that if our credit is going to take a hit either way, then may as well take the hit on having a 30 day late hit rather than a new debt. I'll also repost my thread in the Chase section to see about the possibility of getting a loan mod or paymnt deferment. Thanks!

[St.LouisBlues]

dont give em another nickel until they make a deal