Question by Thao Y: Need help with mortgage problem!!!? So I am in a little situation here. I had posted my house up for sale for the past 6 months and it's not selling due to this F@C# up economy. My wife just took a pay cut at her job to work first shift so we don't have to deal with day care and transporting the kids back and fourth (I work 3rd shift). The reason why I had put my house up for sell was because we had a newborn 4 months ago and our hospital bill cost more than our mortgage. (NOTE: It was a complicated birth. We went to the emergency room 8 times during the pregnancy.) Anyways, we are not behind on our mortgage because we been charging almost everything on a credit card to stay alive and the paychecks are paying the mortgage and doctor' BILLS. Now, our credit card are getting close to max out and our house is still not selling. Our house only have $ 2,000 in equity. I am close to doing a Deed-in-lien but I'm not sure if it's the right thing. I had contacted the mortgated company to see if we can skip 2 months of payment but they decline and sent me a letter to either foreclosure or do a Deed-in-lien. I had made fliers in color and posted in stores, gas stations, laundry mats, at work and friends work, and all the free posting website. All I got are these people who do short sale to gain profit for themselves and I end up paying for the leftover. Can some help me or link me to some info about DIL? I live in Milwaukee, Wisconsin. I can't rent out my home because the rent will be too high. I have health insurance but it doesn't cover all the cost. FYI, I'm paying $ 1,200 a month on medical bills and that's all total up on a payment plan with different medical groups. Best answer for Need help with mortgage problem!!!?:
Answer by A D
Sorry to hear of your problems. Not that it's much consolation, but you are in good company. :( I "googled" and found what appear to be several places that might be a help: http://www.google.com/search?hl=en&q=credit+counseling+milwaukee+wi&aq=2&oq=credit+counseling%2Cmilw How about ACORN: http://www.acornhousing.org/TEXT/offices.php?reg=3 Here's a link to some information about the foreclosure process in Wisconsin (right side of the page), it might help you feel a little less stress about your immediate future: http://articles.directorym.net/Foreclosure_Prevention_Programs_Milwaukee_WI-r944078-Milwaukee_WI.html I'm not sure about Wisconsin, but many time medical expenses can be worked out. If you are members of a religious organization, many have assistance they can provide. You might want to check on that. Good luck
Answer by Steve L
Go talk to your local Banker. He maybe able to come up with a plan to help. The letter you received from the mortgage company sounds a lot like a form letter. It is standard operating procedure for Hospital to turn over unpaid accounts to collection agencies within 90 days. Collection agencies make all kinds of threats but the fact is they are empty. Hang in there what we have is a Chinese Fire Drill in the Financial Markets today and until every one rock back and studies the situation we will not get any better. There is not a one shoe fit all solution to the problem.
Answer by I Buy And Sell Houses
You're referring to a "deed in lieu," not a "deed in lien." A deed in lieu means you deed the property over to the lender in order to avoid foreclosure. It's somewhat better for your credit history than a foreclosure. If you've only got $ 2,000 in equity, you're effectively upside down. Various transactions costs will eliminate that, especially if you're using a real estate agent. Even if you're not, you'll still have to bring money to closing. If your house would rent for whatever your mortgage payment is (or more), you might consider renting it. In most areas of the country, that doesn't work, but in some (some urban areas and certain areas of the Midwest), you might be able to rent out your property for a positive cash flow. If you're close on the rent-mortgage equation, you probably can boost the rent up a few hundred dollars by offering a lease-option. Meanwhile, contact the mortgage company again. Be persistent. Ask for forebearance or a restructuring. Keep after them. Hope that helps.
Answer by Real Estate Guy
Did you have health insurance?
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