bad divorce must sell or refinance- i dont own land- please help

aprildawn_2008

16 years ago

hi everyone,

ok i got divorced like a year ago- my home is about 6 years old (turning 7 this april or many- dont rememebr) Any way my ex is taking me back to court to get his name off the loan. I am totally upside down in this house and my credit is not good- not even close. when we bought this ting we were having our first baby and we were in a hurry to get out of our smll appartment.. so like a dumb A** i put the thing on my parents property. dont ask m what i was thinking. to this day i dont know, but i need some advice.. My paretns are tellign to let them forclose on it.. i cant do that- i mean i can but i dont want to. Is there a way out? and please i have seen some of those spammers out there replying to othet peoplres posts and then noone else helps out- dont screw this up for me ok? this is serious- i have two kids and i can barely afford the house payments- we want to move back in with my paretns to get my finances under control and get back on our feet again. Each year im getting further and further behind- right now im not too bad im only two months behind- and im trying to catch up.. but i can feel it- the end is near for me- i either need to get this thing sold -moved- refinanced.. or im going to have to let it go....against the little voice in my heart saying dont give up.. please help guys.. any suggestions will be much appriciated. ANY (as long as it isnt spam) :)- thanks - april

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Comments (5)

adirondackgardener
16 years ago
Hello, AprilDawn,

Speaking from experience, don't walk away from assets and don't try to do this alone. Letting someone foreclose on your main asset seems to be something only done when all else fails. Holding on to your home seems to be you goal and so it should be.

First thing you should do, if you haven't already, is approach the lending institution before they begin to make threatening phone calls. Explain your situation and see if they are in a position to work with you. The fact that you are making a good-faith effort to resolve this (and continue being a paying customer of theirs) may convince them to work out a financing plan. If they refuse, you are in no worse a position than you are now.

If moving in with your parents for a while is an option as you suggest, would it be possible to find a renter for your home to cover expenses while you get back on your feet? Continuing to make regular payments will be a big help in finding refinancing for your loan, or at the very least, avoiding foreclosure and holding on to an asset.

Another thing you should do is contact a credit counseling agency as soon as possible. If you connect with the right agency, they would be able to look at your current situation and perhaps help develop realistic goals and strategies. You have to be careful there though, since like in most things, there are those who prey on the people who can least afford it. Avoid any that says they will "wipe out all your debt" because they won't. They are the bottom-feeders of the industry. A link below may help you find one that isn't out to take what little you have. You may also get a referral for a reputable service or agency from your bank or an attorney.

There are probably forums that focus on situations like yours and you might find better info there, but I hope you find help in saving your home.

Best of luck.

Wayne

Here is a link that might be useful: Department of Justice list of approved credit counseling agencies
adirondackgardener
16 years ago
Aprildawn,

I remembered a link to the Better Business Bureau's page on finding a credit counseling service. Hope it helps.

Wayne

Here is a link that might be useful: Better Business Bureau
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jackofalltrades_1956
16 years ago
I don't know what direction your spiritual compass points, but there is a group http://www.crown.org/ that has a lot of resources. It is a Christian ministry and they may have someone who could work with you and give you some good sound advice. I think the guy above who suggested you rent it out has a good idea. Don't even consider a "quick sell" with one of these companies that promise to buy your home in 24 hours. They are a bunch of rip off artists...for the most part anyway. I suppose there are a few good ones out there, but not from my experience.
bus_driver
16 years ago
Do contact the financing agency now. I can tell you that the VERY LAST THING they want is to "own" that mobile home. They would have to pay rent to your Mom while they try to sell it where it is or pay to have it towed to a sales lot. It will be slow to resell and the actual selling price will not be high. Talk to them- be absolutely truthful. BS will be discovered eventually and will really hurt YOU. Ask them to accept a lower price and to refinance it. I suspect that it can be resolved.
adirondackgardener
16 years ago
I wonder whatever happened to aprildawn?

Oh, well. Whatever.

Wayne