I need some financial advice please?

Question

My husband and I both lost our jobs at the end of 2008. Since then my husband has regained his employment, but they are paying him half of his original pay. He's working for the same company and they gave him more responsibility, but with less pay. We are happy just to have one job right now. I've been unemployed now for 1 year. I have been applying like crazy, but still nothing. The jobs I was able to get paid only enough to pay for day care and I would bring nothing to help us survive.

The really bad news is that our house is about to be foreclosed on. We tried to have Bank of America rework our loan, but they refuse to help us. We are on a VA loan and they said we don't qualify for the making home affordable plan. I guess if you don't serve your country and take out a fanny or freddy loan you qualify, but not if you serve your country you don't.

Anyway we have taken out our 401K and it's not much and we are scared to spend any of it, but we are thinking it's the only way to save our home.

Does anyone have any advice for us on another way we can save our home?

Thank you!

Answer 1

There are a couple of things you can try. First, contact your local consumer credit counseling office and make an appointment right away with a credit counselor. They are paid by the federal government to help negotiate foreclosure relief with lenders. They might have better results than you can get on your own. And, BOA has a bad reputation for not complying with the Making Home Affordable program. If you cannot locate a consumer credit counseling office in your community, contact the National Foundation for Credit Counseling (www.nfcc.org) at Call 1-800-388-2227 for a referral to a local NFCC-accredited counselor. Stay away from debt settlement companies, debt consolidation firms, and foreclosure relief firms. They will take your money and not help you.



Another thing you can try is to contact your state's Attorney General's Office. Several states sued BOA and under the terms of the settlement you might qualify for foreclosure relief, especially if your original mortgage was with Countrywide.



Finally, if all else fails, consult with an attorney that specializes in bankruptcy cases and see if a Chapter 13 or 7 bankruptcy might make it possible to save your home. It's a last resort, but it's worth trying.



I'm so sorry to hear about your situation. It's not right. This should not be happening in America.

Answer 2

I have been there, and it sucks.

Last gasp ideas. You mentioned day care. Have you thought of doing in home day care. By opening your home to some one elses kids, you can make $100 to $200 a week.

Take a look at your budget, and how you spend your money. Some people have the knack to streaching a dollar. Learn how.



Can you sell your house and find a cheaper rent?



If your house is under water like mine, the bank refused to refinance your balloon mortgage like mine, there is only one thing.



Stop paying the mortgages, both of them. Pay your other bills and build an emergency fund. Wells fargo took 8 monthes before I had to move out. We spent thousands trying to fix the house up to sell, but no luck. In the end, you just hand over the keys and move on.

Answer 3

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Answer 4

i thought there was a new bill to help these situations but i could be wrong, google it and see what comes up i hope it all works our for you i am sorry that sucks

Answer 5

If it saves your home go for it.