I am out of work, can't find a job, and I'm worried about losing my home when I have it nearly paid off. What can I do to keep this from happening? I don't want my family to suffer if I can avoid it. I'm an American.
by 
Tracey
ANSWERS: 8
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Umm well you can always keep trying for a job. Dont skip the so not good ones. Those always get you out of trouble. Oh and i dont think that comment "Im an American" was really needed. I mean for what?
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Get a job... in this case, just try getting any old job. Working at McDonald's isn't very glamorous, but it might help you pay the bills and keep your mortgage company thinking you're going to keep paying them. They're very reasonable if you keep in touch and keep TRYING to pay them. They sell off loans at pennies on the dollar and if they think they can get quarters on the dollar from you over time, they'll keep you.
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One option you may consider is a "reverse mortgage". If you have a large amount of equity in your home, you can have a mortgage lender send you cash every month in exchange for them getting a steadily increasing share of the equity. This might tide you over until your situation improves. Good luck.
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Yes, that is the reason I stated that I am an American. One in 10 people in the USA are now foreign born and many are not able to access jobs, or programs,etc.
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I am so sorry to hear that! I am glad someone is trying to savage their home instead of buying a new one and letting the old one foreclosed on. Do you have credit cards with low interest or able to get a HELOC loan? Try to liquate other assets you have. or Try to look into other sectors of the market. I am in banking and is getting lay off for the 3rd time. I am getting out of this industry and looking into other sectors at the moment and I am an American too. I do not think reverse mortage is a good option if you are nearly paid off. You will end up paying more if you want the deeds to your house.
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Talk to your bank. They would rather work with you and get the money out of you eventually than foreclose and get little money back. My take on things has always been to pay the mortgage with whatever money I could rustle up (deliver pizza if you have too) and pay a little on everything else. The mortgage gets paid first.
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As someone said, thy to work with your lender. Many people are going trough this and the banks are trying to work with people. The last thing they want is to own a lot of houses that they can only sell for half of what is owed. I don't know if it still works that way, but it used to be if you filed for bankruptcy, they protected your house from foreclosure. Call a law firm that does bankrupcy and see what they can do.
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The Stimilus package is for this purpose. contact your lender and explain the situation. A judge in S.Carolina has placed all forclosed homes on hold, until the effects of the StimulusPackage can be used to save foreclosured houses. Call your mortgage company. under the law, the have no choice but to assist you. If they deny you, contact the Federal Housing Authority.
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