Financing in Louisville>Question Details

Naynay, Home Buyer in Louisville, KY

I am recently widowed and unable to afford the payments on my home. Where can I get good advice on what to do in my situation? Can anyone help me?

Asked by Naynay, Louisville, KY Thu Jun 2, 2011

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8
Debra Rood’s answer
Hi Naynay,

My sincere condolences on your loss.

If I were in your position I would first talk to the lender. You may be able to walk into where you got the loan ( best case scenerio) and talk to someone there or you might have to find out who is servicing the loan and call them.

I recently represented a client whose lender had local offices but no one who would talk to them on the same subject you are describing. We called their call center and dealt with numerous people who could not make a decision, lost faxed paperwork several times and on and on. What finally got us an answer was internet research to locate decision makers. Once we got to that level we got both answers and guidance. Point being, don't get discouraged with the hoops you may have to jump through. Hopefully your resolution will be more like the first scenerio.

So, start at the beginning. There are many variables after that but they would all be assuming until you get an answer from the lender. Best of luck to you and know that being proactive is the best route.
1 vote Thank Flag Link Fri Jun 3, 2011
If you are currently delinquent on your home loan or in danger of becoming delinquent, do not risk losing your home. Options are available. Click on the Get Help button or call the toll free number to schedule an appointment.

http://www.kyhousing.org/protect/

Get Help or call (866) 830-7868 toll-free in Kentucky!
0 votes Thank Flag Link Tue May 7, 2013
Sorry to hear of your loss
As others have mentioned call your lender about a loan modification, if you don't qualify call me and I can explain many other options
Would welcome the opportunity to help you

Sue Moody
Raeltor/Broker
Re/Max Associates
HRC (Housing Retention Consultant)
soldbysue2@aol.com
502-693-3443
0 votes Thank Flag Link Fri Jun 3, 2011
Hi Naynay, So sorry for your loss. In addition to the others advise, not only do you need to figure out where you currently are with your finances and whether there is equity in your home, but you also should figure out what you really want to do. Do you want to move? Do you want to stay? etc. Then make a plan on how you are going to achieve that. A good realtor can give you an idea of what your house is worth. Of course you will only know exactly what it is worth when you get an offer - your house is worth what someone is willing to pay for it. If you would like a market analysis, you can call me at 502 689 2449. If you think you already know that you may owe more than your house is worth, you can visit my web site at SaveMyHomePro.com. which shows you all your options or my other web site WeBuyHousesLouKy.com. Hope to hear from you soon. Simone
0 votes Thank Flag Link Fri Jun 3, 2011
First allow yourself time to grieve. Then take a look at your budget and see if there is a way to reduce monthly expense or increase income . Next figure out how much equity you have and what options you may have as far as a place to live.The main question should be : is it less expensive to move or stay where you at ? If you have equity you may consider a reverse mortgage . You can also look at selling and see how much money that will give you to live on. You can turn to : Your Minster, a family member or friend, Life Coach, a trusted Realtor or Mortgage Loan officer also hud.gov would have information for counseling services on how to afford you current home. Also know there are people who are willing to help don;t be afraid to ask. You will get through this if have taken the first step by taking action. Feel free to contact me if you have other questions or if I can help.
0 votes Thank Flag Link Fri Jun 3, 2011
Naynay,
I'm sorry for your loss. I'm going to suggest you get advice from a variety of sources. As Real Estate agents, our general advice is to sell. This is how we make our living and for many people it is the best advice. For your situation it may be, but you should hear other voices that have nothing to gain from your decision.
Family, attorneys or wise friends may help you walk through the various decisions you need to make. If you do decide to sell, interview a few agents and find the one who has current success in this market and listens to you needs. This one may not suggest the highest price, and that may be the best advice.
0 votes Thank Flag Link Thu Jun 2, 2011
Hi Naynay,

Contact your lender and see if they will do a loan modification. If that isn't a viable solution, you can sell your home. If you owe more on your home than what it's market value, you would attempt a Short Sale. You could also see if your lender would do a Deed In Lieu Of Foreclosure if there is a possibility of Foreclosure. Last resort would be your lender foreclosing on you.

So, first contact your lender - see if they will do a loan modification or Deed In Lieu Of Foreclosure. If they won't, contact a Realtor in your area to see about doing a Short Sale.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Thu Jun 2, 2011
Feel free to visit my website http://(www.BenCoxHomes.com) and click on the FACING FORECLOSURE tab at the top.
0 votes Thank Flag Link Thu Jun 2, 2011
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